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  "documentTitle": "Howard Hughes Corporation (HHC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-05-08 00:00:00",
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  "notes": "The slide outlines a business strategy focused on long-term value, conservative financing, and controlled development.",
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      "text": "1. He invested in well-located real estate with favorable long-term demographics\n2. He bought into an existing MPC where a significant upfront investment had already been made and the community was already established\n3. He used the growing value of land to minimize the need for outside equity partners over time\n4. He used debt and municipally funded bonds(1) to pay for infrastructure and improvements, minimizing the need for equity\n5. He limited the use of recourse loans and maintained a conservatively funded balance sheet\n6. He carefully controlled the supply of land sold to homebuilders\n7. He carefully controlled the development of apartment buildings and commercial property so that he was never too far ahead of demand\n8. He took a very long-term view",
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      "text": "(1) These are often called municipal utility districts (MUDs) or tax increment financings (TIFs) and are funded by incremental future tax revenues from the residents of an MPC",
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      "text": "What Were the Keys to Bren's Success?",
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