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Pershing Square's Latest Presentation on General Growth Properties

Pershing Square's Latest Presentation on General Growth Properties

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Published by DealBook
Pershing Square Capital Management's presentation on General Growth Properties, which argues shares of the bankrupt mall operator are worth four times what they are now trading at.
Pershing Square Capital Management's presentation on General Growth Properties, which argues shares of the bankrupt mall operator are worth four times what they are now trading at.

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Published by: DealBook on Dec 23, 2009
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11/05/2012

 
A Detailed Response to Hovde’sShortThesis on General Growth Properties
December 22, 2009 
Pershing Square Capital Management, L.P.
 
1
Disclaimer 
The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained inthis presentation are based on publicly available information. Pershing Square recognizes that there may beconfidential information in the possession of the companies discussed in the presentation that could leadthese companies to disagree with Pershing Square’s conclusions. This presentation and the informationcontained herein is not a recommendation or solicitation to buy or sell any securities.The analyses provided may include certain statements, estimates and projections prepared with respect to,among other things, the historical and anticipated operating performance of the companies, access to capitalmarkets and the values of assets and liabilities. Such statements, estimates, and projections reflect variousassumptions by Pershing Square concerning anticipated results that are inherently subject to significanteconomic, competitive, and other uncertainties and contingenciesand have been included solely forillustrative purposes. No representations, express or implied, are made as to the accuracy or completeness ofsuch statements, estimates or projections or with respect to anyother materials herein. Actual results mayvary materially from the estimates and projected results contained herein.Funds managed by Pershing Square and its affiliates have invested in long and short positions of certain mallREITs, including long positions in General Growth Properties Inc. Pershing Square manages funds that are inthe business of actively trading –buying and selling –securities and financial instruments. Pershing Squaremay currently or in the future change its position regarding anyof the securities it owns. Pershing Squarereserves the right to buy, sell, cover or otherwise change the form of its investment in any company for anyreason. Pershing Square hereby disclaims any duty to provide anyupdates or changes to the analysescontained here including, without limitation, the manner or typeof any Pershing Square investment.
 
22
On December 14
th
, 2009, HovdeCapital Advisors LLC(“Hovde”) published a bearish report on GGP entitled “Fool’sGold”
Hovdedisclosed that the funds it advises and one of itsprincipals hold short positions in the equity of GGP
Pershing Square believes that contrary points of view can behelpful in elucidating the relative merits of an investmentopportunity
A number of our investors have asked for our thoughts on theHovdepresentation. On the pages that follow we havesummarized Hovde’spresentation as well as our responses tothe issues it has raised
Introduction

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