Howard Hughes Corporation HHC
The three reasons
- 1
HHC owns the best public-market analogue to Donald Bren's $15B Irvine Ranch MPC empire
- 2
37M SF of remaining entitlements equals ~10x the development HHC has already executed since 2011
- 3
Self-funding virtuous cycle of MPC land sales, operating NOI, and strategic developments requires no new equity
Primary demands
- Recognize HHC as a long-duration compounder modeled on the Irvine Ranch playbook
- Credit the 37M SF of remaining vertical entitlements at HHC's MPCs as a massive future value-creation engine
- Consider a REIT conversion for Operating Assets pending tax reform
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (7)
Notes
Long thesis (not short/adversarial) delivered at Ira Sohn 2017. Classic analogical framing: 'SimCities' — HHC is the public-market version of Donald Bren's Irvine Ranch. Pershing has owned HHC since the 2010 GGP spin-off, so this is a follow-up public pitch rather than initial thesis. Uses Bren (positive) quotes, 1976-vs-today land photos, and a clean Irvine/HHC/Most Developers checkmark comparison slide (p17) as the rhetorical spine. Disclosure notes Ackman chairs HHC's board, so the tone is educational/promotional, not adversarial — no villain, no management quote contradictions. No explicit SOTP valuation table, but p45 back-of-envelope yields-on-cost math plays a similar role.