Horizon Kinetics 3Q17 letter gives the following fair value estimates for HHC properties:
South Street Seaport, Manhattan, NY - $2.5B to $3B
Houston Assets, Houston, TX - $4.25
Summerlin, Las Vegas, NV - $2.5B
Columbia, MD - $0.57B
Ward Village, Honolulu, HI - $2.5B
Other properties - $0.48B
Total = $13B
In Pershing Square’s May 2017 Ira Sohn presentation, Bill Ackman values all properties except Summerlin and Ward as approximately equal to the enterprise value of the company. If you assume that Summerlin and Ward are worth $2.5B each, as Horizon Kinetics does, then Ackman’s back of the envelope valuation also yields a $13B intrinsic value.
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