Pershing Square Activist Presentation Deck
HHC's Three Pillar Transformation Plan
I. Streamlined Organizational Structure
$50mm per annum reduction in overhead expenses
Decentralized regional management supported by a lean corporate footprint
Overhead expense savings increase free-cash-flow generation and reduce reliance on
land sales in the event of a potential downturn in the economy
II. Sale of Non-Core Assets
-$2bn of non-core asset sales, expected to generate net proceeds of ~$600mm
Proceeds will be redeployed into MPC development and share buybacks
III. Accelerated growth in core MPC business
Extensive, unexploited demand for near- to intermediate-term developments
Recently announced $565mm acquisition of premium office space and commercial
land for development in The Woodlands
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