{
  "docId": "019dd923-622c-750b-8b9c-07caa22efacf",
  "docSlug": "fa031a974219",
  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William A. Ackman",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-13 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 14,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "frame_problem",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "This is the first page of a formal shareholder letter/proposal.",
  "elementsJson": [
    "paragraph",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/ZxNOjeji3Bf2LC4aMRGLbqvz8mpG18C6fEDqsvC3hQw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYTAzMWE5NzQyMTkvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9c-07caa22efacf/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-07caa22efacf",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-07caa22efacf.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-07caa22efacf#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are therefore hereby proposing a potential merger transaction (the “Transaction”) in which a newly formed merger subsidiary of Pershing Square Holdco, L.P. would merge with and into the Company, with the Company as the surviving corporation in the Merger.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9621-ef14b45c3ddd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.196,
        "x": 0.402,
        "y": 0.074
      },
      "kind": "image",
      "text": "Pershing Square",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4d197e6-e833-46cc-b12b-9d4eed13667c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "compound annual return: 2.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9621-f0793c22d4dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.155,
        "w": 0.67,
        "x": 0.165,
        "y": 0.328
      },
      "kind": "paragraph",
      "text": "While we are pleased with the substantial business progress... the Company has paid no dividends since its inception.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "072d8fb3-f744-4c45-bfc8-57437de601e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.67,
        "x": 0.165,
        "y": 0.588
      },
      "kind": "paragraph",
      "text": "Ultimately, the lack of recognition by the stock market of HHH's accomplishments led to our decision in August of last year to consider taking the Company private.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20277500-fc3d-4242-b5eb-a41e8000d7cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.135,
        "w": 0.67,
        "x": 0.165,
        "y": 0.768
      },
      "kind": "paragraph",
      "text": "We are therefore hereby proposing a potential merger transaction... HHH stockholders would have the option of receiving more than a majority of their Merger consideration in cash at $85.00 per share.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ca702c2-9d94-446f-aea8-bf525710fc4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.333,
        "x": 0.165,
        "y": 0.158
      },
      "kind": "paragraph",
      "text": "January 13, 2025. The Board of Directors, Howard Hughes Holdings Inc.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c62d016e-a185-45a4-bfac-78a596c330f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.67,
        "x": 0.165,
        "y": 0.498
      },
      "kind": "paragraph",
      "text": "The Company's stock price performance is obviously extremely disappointing...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eabeaebf-04d9-48f8-9ed5-bbb30cfd7580",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.165,
        "y": 0.743
      },
      "kind": "title",
      "text": "The Transaction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71c2cd38-b14f-4b1f-8565-e3d8c78fb764",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "32a63154-7e3e-461f-8e5d-faf11ef08a70",
      "evidence": "The slide presents a proposal for a merger transaction, which implies a call to action for the HHH Board.",
      "confidence": 0.7
    },
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "95a1f35d-b081-4e78-9736-f621978fe71b",
      "evidence": "This slide serves as a brief overview of the proposal, making it an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 3,
      "from": 1,
      "beatId": "c25e4058-bd87-4565-b4ae-0d4e850f99b2",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "Introduction to Pershing Square's proposal",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/5Po_jpAADWy44fQfu_wlxhONhxCBeYzEfGAjM2pMPKw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYTAzMWE5NzQyMTkvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/Prd0qIXsagISURz52uSQV9sdHGa5T3C1Sp2an3To5wE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYTAzMWE5NzQyMTkvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/Y_snoQZHjGgr3qFYwER3N4REqH_osEjij8LQ77Nt--c/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYTAzMWE5NzQyMTkvcDAwMS5qcGc"
}