Pershing Square Activist Presentation Deck
Howard Hughes Corporation ("HHC")
HHC is successfully executing on the vast long-term value creation
Howard Hughes opportunity within its core master planned communities (“MPCs”)
THE
Redeployed proceeds from non-core asset sales into an MPC acquisition
▸ Announced $600 million acquisition of Douglas Ranch in Phoenix, Arizona(¹)
▪ Shovel-ready, 37,000-acre MPC entitled for 100,000 residential homes and 55
million square feet of commercial development
▸ Non-core asset sales have generated $376 million in net proceeds
Accelerating growth as an MPC-focused company
MPC land sales continue to benefit from migration to suburbs and open
spaces in lower-tax states like Texas and Nevada
✓ Robust recovery in operating assets with NOI back to pre-COVID levels
Ward Village's eighth condo tower is 64% pre-sold within two months of
launching sales
Announced a $250 million share buyback program
Source: Company filings.
(1) Seller has the option to repurchase an interest for $271mm, which would leave HHC with a net investment of $329mm.
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