Quarter Ending 9/30/2011			Back to the Enlightened American Website
Pershing Square Capital Management, L.P.
		*****  NEW POSITIONS TAKEN
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value	Capital Invested
N/A	N/A		CANADIAN PAC RY LTD	4,040,235		$48.09		$194,294,000		($194,294,000)
N/A	N/A		LOWES COS INC	21,240,301		$19.34		$410,787,000		($410,787,000)
N/A	N/A		PENNEY J C INC CALL	360,200		$26.78		$9,646,000		($9,646,000)
		*****  SOLD OFF
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
N/A	N/A		GREENLIGHT CAPITAL RE LTD		250,000		$26.29		$6,572,000	$6,572,000
		*****  HOLD POSITIONS
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
0.00%	-24.15%		ALEXANDER & BALDWIN INC	3,561,943	3,561,943	$36.53	$48.16	$130,117,000	$171,543,000	$0
0.00%	-27.50%		GENERAL GROWTH PPTYS INC NEW	72,233,712	72,233,712	$12.10	$16.69	$874,028,000	$1,205,581,000	$0
0.00%	-35.27%		HOWARD HUGHES CORP	3,568,017	3,568,017	$42.10	$65.04	$150,214,000	$232,064,000	$0
		*****  AUGMENTED POSITIONS
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
11.07%	-38.47%	2,603,500	CITIGROUP INC	26,124,241	23,520,741	$25.62	$41.64	$669,303,000	$979,404,000	($66,701,665)
2.65%	-3.23%	293,836	FAMILY DLR STORES INC	11,388,329	11,094,493	$50.86	$52.56	$579,210,000	$583,126,000	($14,944,488)
21.25%	-15.20%	3,648,512	FORTUNE BRANDS INC	20,818,545	17,170,033	$54.08	$63.77	$1,125,867,000	$1,094,933,000	($197,311,544)
13.28%	-4.68%	2,952,344	KRAFT FOODS INC	25,183,333	22,230,989	$33.58	$35.23	$845,656,000	$783,198,000	($99,139,674)
		*****  REDUCED POSITIONS
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
-0.92%	-22.47%	-360,200	PENNEY J C INC CALL	38,715,571	39,075,771	$26.78	$34.54	$1,036,803,000	$1,349,677,000	$9,646,156
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