{
  "docId": "019dd923-622c-750b-8b9c-195693638bae",
  "docSlug": "3146e5bb17d2",
  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3341458,
  "pageNumber": 10,
  "pageCount": 55,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses the Pershing Square 13D filing date as the baseline for outperformance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/10",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-195693638bae.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "$90.00 per share represents a 46.4% premium to the $61.46 unaffected price on August 5th(1) and a 25.4% premium to the $71.78 price on January 10th(2)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79b1e859-c577-496b-9a88-6ad5081c5bdd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Expectations of a potential transaction announcement have contributed to HHH's substantial share price outperformance relative to peer benchmarks since August 5, 2024 (the day prior to Pershing Square's 13D filing)",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07a-7b523148b731",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.92,
        "x": 0.04,
        "y": 0.29
      },
      "kind": "chart",
      "text": "Total Shareholder Return from 8/5/2024 to 2/12/2025 | HHH vs Real Estate Benchmarks",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6264420e-97d3-4b1d-a6ab-cdc025d23e78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: 46.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07a-7e00a415a275",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "Expectations of a potential transaction announcement have contributed to HHH's substantial share price outperformance relative to peer benchmarks since August 5, 2024 (the day prior to Pershing Square's 13D filing)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d76d295-04e8-4c74-b45a-9e88c723c75e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "(1) The closing price on August 5, 2024, prior to the public disclosure of Pershing Square's August 6 amendment of its Schedule 13D with respect to the company's common stock\n(2) The closing price on January 10, 2025, the trading day prior to our initial proposal to the company",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8f3c489-74dc-465b-b26e-07c90f2af8eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Premium to Unaffected Share Price",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cde3af0c-d9dd-46d3-846b-24da1359f1dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "9348cb8f-467c-49a5-b6e8-2d0cccdae484",
      "evidence": "The slide features a line chart showing the share price performance of HHH.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "evidence-matrix",
      "slug": null,
      "matchId": "04e0e410-5574-48f0-9dd5-70aca5ac1290",
      "evidence": "Uses historical stock performance data to justify a premium valuation.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 6,
      "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides valuation tables and data to support the proposal.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}