UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2009

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Pershing Square Capital Management, L.P.
Address: 888 Seventh Avenue
         42nd Floor
         New York, New York  10019

13F File Number:  28-11694

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      William A Ackman
Title:     Managing Member of PS Management GP, LLC, the General Partner of the
	   Institutional Investment Manager filing this report
Phone:     212-813-3700

Signature, Place, and Date of Signing:

     William A Ackman     New York, NY/USA     February 16, 2010


Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.







                              FORM 13F SUMMARY PAGE


Report Summary:


Confidential information has been omitted from this Form 13F report and
filed separately with the Commission.

Number of Other Included Managers:         2

Form13F Information Table Entry Total:     13

Form13F Information Table Value Total:     $1,413,026 (thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

No.  13F File Number               Name


1    28-11695                      Pershing Square GP, LLC
2    28-11926                      Pershing Square Holdings GP, LLC




             
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AUTOMATIC DATA PROCESSING IN   COM              053015103     4902   114482 SH       SHARED  1                   0   114482        0
BORDERS GROUP INC              COM              099709107    12412 10518447 SH       SOLE                 10518447        0        0
BORDERS GROUP INC              COM              099709107       94    79533 SH       SHARED  1                   0    79533        0
CORRECTIONS CORP AMER NEW      COM NEW          22025y407   132920  5414237 SH       SOLE                  5414237        0        0
CORRECTIONS CORP AMER NEW      COM NEW          22025y407   135576  5522435 SH       SHARED  1                   0  5522435        0
GREENLIGHT CAPITAL RE LTD      CLASS A          G4095J109     3747   158856 SH       SOLE                   158856        0        0
GREENLIGHT CAPITAL RE LTD      CLASS A          G4095J109     2150    91144 SH       SHARED  1                   0    91144        0
HYATT HOTELS CORP              COM CL A         448579102    46983  1576078 SH       SOLE                  1576078        0        0
HYATT HOTELS CORP              COM CL A         448579102    35500  1190880 SH       SHARED  1                   0  1190880        0
LANDRYS RESTAURANTS INC        COM              51508L103    16393   770000 SH       SOLE                   770000        0        0
LANDRYS RESTAURANTS INC        COM              51508L103    16697   784255 SH       SHARED  1                   0   784255        0
TARGET CORP                    COM              87612E106   642245 13277747 SH       SOLE                 13277747        0        0
TARGET CORP                    COM              87612E106   363407  7513068 SH       SHARED  2                   0  7513068        0