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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "This slide serves as an investment thesis summary for HHC, likely from a Pershing Square investor presentation.",
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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": "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": "Robust performance amidst a challenging macroeconomic backdrop: Land sales supported by supply-demand imbalance; Substantial NOI growth; Strong condo sales; 8% share repurchase in 2022.",
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      "text": "Well insulated from the impact of rising interest rates: 86% fixed/swapped debt; 82% debt due 2026+; Self-funding capability; MPCs in low-tax/low-cost states.",
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      "kind": "source-note",
      "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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