Pershing Square Investor Presentation Deck
Howard Hughes Corporation ("HHC")
Howard Hughes.
THE HOWARD HUGHES
HHC's transformation into a leaner and more focused organization
enabled the company to successfully navigate the impact of COVID
Acted quickly and decisively to stabilize the business
Raised $600mm of equity in March 2020 to strengthen the balance sheet
Pershing Square funds invested $500mm
► Decentralized operating model reduced overhead expenses and allowed
the MPCs to react more nimbly to a challenging environment
HHC is on a path towards a strong recovery in 2021
MPC land sales benefit from move to suburbs and open spaces in lower-tax
states like Texas and Nevada
✓ Retail and hospitality fundamentals are improving while office and multi-
family rent collections remain highly resilient
✓ Appointed David O'Reilly, formerly CFO and President, as new CEO
Appointed Jay Cross, formerly President of Hudson Yards, as new President
Refinanced near-term debt maturities and maintained strong liquidity position
Source: Company filings
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