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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Despite significant business progress and record land sales, HHC's share price underperformed in 2018 (like homebuilders) as the market focused on potential housing headwinds",
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      "text": "Strategic Developments: 50 million square fee of development entitlements; sold more than 1,900 condo units with total proceeds of over $2.2 billion at projected 30% gross margins; Nearing completion of vision for the Seaport District",
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      "text": "Master Planned Communities (\"MPC\"): Controlled MPCs in desirable locations create substantial cash flow from ongoing residential land sales; Recently reported the highest MPC residential land sales in HHC's history",
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