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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2025-02-01 00:00:00",
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      "text": "Supported the company's evolution since 2010, including a comprehensive strategic review in 2019. In June 2019, the company hired Centerview Partners to advise on a range of strategic alternatives, including a sale of the company. The company concluded the strategic review by embarking on a transformation plan to simplify the business, reduce overhead expenses and enhance the management team.",
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      "text": "Pershing Square's involvement with HHH dates back to its spin-off from GGP in 2010. In November 2010, Pershing Square received 7.8 million shares from the spin-off and, along with other investors, initially capitalized the company with a $250 million rights offering at $47.62 per share.",
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      "text": "Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP. When we filed our 13D on August 6, 2024, HHH's closing share price the previous day was $61.46. Including the market value of the Seaport Entertainment spinoff, the $16.62 increase from the company's 2010 rights offering price represents a 35% total return over the prior 14 years, or a 2.2% compound annual return.",
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      "text": "(1) Includes 2.4mm shares in stock and 5.4mm shares from equity swap exposure.",
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      "text": "HHH Transaction Background",
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