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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