{
  "docId": "019de06f-fac0-7028-97e9-79b5a868635b",
  "docSlug": "a9dbd2afd8b67eb9b43951ae299ef9e4",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 48,
  "pageCount": 62,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-fac0-7028-97e9-79b5a868635b/48",
  "deckHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b",
  "deckJsonHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b.json",
  "deckAnchorHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b#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": "d054fd9c-daf6-49af-ad4c-1870b5baf4e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "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": "099a9bd2-209a-4146-8435-2691fc2b0fa8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.84,
        "x": 0.12,
        "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": "4699ff42-5c27-45ee-81bd-f45ff48ed4d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.89,
        "x": 0.07,
        "y": 0.73
      },
      "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": "c93818b3-fb3a-4b20-b744-7917e1dd471b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "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": "dbf2bb37-a7b6-458b-bf9c-e763455e9678",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "(1) Current U.S. corporate tax rate",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca00e411-82b2-47b1-bdac-5fbdb66c2d12",
      "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": "d0492bd2-7bbf-419f-b681-de8ca81d2023",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 49,
      "from": 31,
      "beatId": "4844ba62-45b2-49cd-81b4-4377d9c5ba3b",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "The portfolio update section, with its focus on specific investments and their performance, represents a climax in the narrative.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}