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  "notes": "The slide highlights both operational success in core MPC business and corporate restructuring via the SEG spin-off.",
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      "text": "HHH’s strong business momentum highlights its uniquely advantaged business model of owning master planned communities (“MPCs”)",
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      "text": "Robust results across every segment in HHH’s high-quality portfolio: Shortage of resale housing, 2024 MPC EBT guide of $330M, Same-store NOI growth, $3.1B contracted future revenue, $700M+ aggregate financings.",
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      "text": "Completed spin-off of Seaport Entertainment Group (“SEG”): Includes Seaport District, Las Vegas Aviators, Jean-Georges stake; Appointed Anton Nikodemus as CEO; $175M rights offering with $73M Pershing Square investment.",
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      "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 Holdings (\"HHH\")",
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