{
  "docId": "019dd923-622c-750b-8b9b-f01208f020ff",
  "docSlug": "02ebfca8ede5",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 48,
  "pageCount": 62,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-f01208f020ff/48",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff#slide-48",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "In December 2019, PSH sold its total return swap position in HHC and acquired common stock and equity forward contracts. Pershing Square now has a 15% beneficial ownership interest in HHC",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fee0d286-2bd7-47b6-b872-75191d017224",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.89,
        "x": 0.07,
        "y": 0.49
      },
      "kind": "list",
      "text": "Converting our position to voting securities will eliminate financing costs and result in a FIRPTA (Foreign Investment in Real Property Tax Act) tax for PSH equal to 21%¹ of the gain upon our eventual disposition of the position",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5398cda3-47f1-4ad6-bd61-e78b05620e6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.85,
        "x": 0.11,
        "y": 0.62
      },
      "kind": "list",
      "text": "While the gain (using our $115 share price basis at the conversion date) is only taxed upon the disposition of the position, PSH will accrue the tax in its NAV calculations",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c310a290-0afb-4a0a-b82b-16c734ae3a0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.89,
        "x": 0.07,
        "y": 0.38
      },
      "kind": "list",
      "text": "Previously, PSH’s HHC position was held through total return swaps that created structural complexities and incurred substantial ongoing financing costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c879db5b-7c46-4650-83f4-d99d9109d83c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.89,
        "x": 0.07,
        "y": 0.76
      },
      "kind": "list",
      "text": "In light of our intended long-term holding period, direct stock ownership, with potential future FIRPTA tax at eventual disposition, is likely to be less costly than ownership through total return swaps",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da5c5df1-884b-4070-b27c-d526c7a3253b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "beneficial ownership interest: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8b-a7a33f425561",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Current U.S. corporate tax rate",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9cb230a-a568-4501-b517-a551fb7810cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Pershing Square Increased its Ownership in HHC",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d21381ce-bcf5-4de5-a13e-44592ad9b5b5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "d6e66287-2de9-4067-9a7f-d3a11217f363",
      "evidence": "In light of our intended long-term holding period",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 36,
      "beatId": "fee6afa2-b432-4fee-84ea-3a5ba4491f22",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "The document concludes with a portfolio update, new investments, and exits, encouraging action from investors.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}