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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Pershing Square purchased an additional 2.3 million shares of HHC in Q4 2022 at an average price of $72 per share and now owns 32% of the company",
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      "text": "HHC’s uniquely advantaged business model of owning master planned communities (“MPCs”) drives resilient, long-term value creation",
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      "text": "Well insulated from the impact of rising interest rates: 86% of debt fixed/swapped; 82% due 2026+; Self-funding capability; MPCs in low-tax/low-cost states.",
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      "text": "Robust performance amidst a challenging macroeconomic backdrop: Land sales supported by supply-demand imbalance; Substantial NOI growth; Strong condo sales; Repurchased ~8% of shares in 2022.",
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      "text": "ownership stake: 32%",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Howard Hughes Corporation (\"HHC\")",
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