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  "docSlug": "797596405020",
  "documentTitle": "Howard Hughes Corporation (HHC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-08 00:00:00",
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  "pageNumber": 46,
  "pageCount": 50,
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  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a 'back of the envelope' extrapolation method to quantify future value creation potential.",
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      "kind": "callout",
      "text": "The value of HHC's future commercial development opportunity can be estimated by comparing the value created with the 3.9M SF of development since formation and using it to estimate the value creation potential of the remaining 37M SF.",
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      "kind": "callout",
      "text": "HHC's future developments will likely create substantially more value than recent developments because they will occur in more mature, higher density MPCs with higher rents.",
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      "kind": "callout",
      "text": "HHC’s future developments will likely create substantially more value than recent developments because they will occur in more mature, higher density MPCs with higher rents.",
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      "text": "Since 2011, HHC completed 3.9M SF of commercial operating properties with $1.6 billion of development cost (not including condominium development)\nThese projects are projected to generate stabilized NOI of $144 million\nThis implies a greater than 9% yield on cost, which creates meaningful value assuming cap rates of approximately 5% - 7% for these assets",
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      "text": "HHC has nearly 37M of remaining vertical development entitlements at its Summerlin, Columbia, Woodlands and Bridgeland MPCs alone\n~10x the amount of development that HHC has executed since 2011, and an enormous value creation opportunity over time",
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      "text": "yield on cost: 9%",
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      "kind": "title",
      "text": "Back of the Envelope: 37M SF Future Development",
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      "evidence": "The presentation provides a solution by highlighting HHC's approach to land development and its potential for growth.",
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