{
  "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": 39,
  "pageCount": 55,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The slide uses a comparison table to justify a lower fee ratio for the proposed HHH entity.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/39",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-195693638bae.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "callout",
      "text": "As a percentage of equity market capitalization, HHH's proposed \"all-in\" fee ratio of 1.5% is ~120bps lower than BIP's total fee ratio and ~50bps lower than BEP's and BBU's total fee ratios",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1337b8a-4d64-415f-b9eb-bff3de105f75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Fees: 1.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07c-5c490c5f5c09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: BIP, BEP, BBU, BN Quarterly Filings as of December 31, 2024. (1) For BIP, BEP and BBU capitalization figures reflect average quarterly capitalization over 2024. For HHH, capitalization figures assume a $90 share price and $900 million primary issuance of common stock.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86d5eac6-fc8f-4a04-a579-bf7130e83095",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.86,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "table",
      "text": "Capitalization and Fee data for BIP, BEP, BBU, and HHH",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "018263f4-49e3-4ac2-8cc8-72bf84814971",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Fee Comparables: Brookfield's Listed Entities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45ea09a0-c026-4bd5-acae-dc4b7ae2ba3b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "98594db8-c60c-4c37-89bb-2800f25dac8f",
      "evidence": "Compares fee structures of target entities against a benchmark to justify a lower fee.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}