{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-56a436c869d8", "slug": "4a661a4b5e99", "title": "Mall REIT sector (long General Growth Properties) (GGP)", "subtitle": "William Ackman · 2010-05", "author": "William Ackman", "date": "2010-05-26 00:00:00", "pageCount": 89, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Mall REIT sector (long General Growth Properties)", "targetTicker": "GGP", "document": { "id": "019dd923-622c-750b-8b9b-56a436c869d8", "slug": "4a661a4b5e99", "title": "Mall REIT sector (long General Growth Properties) (GGP)", "rawTitle": "General Growth Properties Second Presentation May 2010", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2010-05-Pershing-Square-General-Growth-Properties-Second-Presentation-May-2010.pdf", "sourceUrl": null, "sourceDate": "2010-05-26 00:00:00", "presentationDate": "2010-05-26 00:00:00", "ingestedAt": "2026-04-22 23:57:43+00", "status": "ready", "pageCount": 89, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Mall REIT sector (long General Growth Properties)", "targetTicker": "GGP", "metadata": { "local_root": "/tmp/legacy-images/4a661a4b5e99", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 945.3656139373779 } }, "coverage": { "pageCount": 89, "pagesIndexed": 89, "pagesWithImages": 89, "pagesWithMetadata": 89, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 443, "chartCount": 17, "metricSlides": 0, "toolMatches": 36, "documentToolMatches": 4, "frameworkMatches": 21, "arcMatches": 1, "beatMatches": 5, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "62912070-dc96-4630-b9c1-d051696531c8", "evidence": "The presentation follows a clear structure, starting with an overview of GGP's situation, then discussing the market conditions, and finally presenting a compelling vision for the company's future.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:33.215656+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem", "beatId": "d34261fe-4d87-46c9-b2b8-a61dfda4084b", "matchId": "62912070-dc96-4630-b9c1-d051696531c8", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The presentation starts by discussing GGP's bankruptcy and the challenges faced by the company.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 9, "name": "Market Size", "beatId": "af9ef75b-2e4a-4f61-813a-9078f0f1a549", "matchId": "62912070-dc96-4630-b9c1-d051696531c8", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The presentation discusses the market conditions and the size of the opportunity for GGP.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 68, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 65, "name": "The Ask", "beatId": "b2e9294f-6b6c-442d-ba06-e1bcbc71a06d", "matchId": "62912070-dc96-4630-b9c1-d051696531c8", "beatType": { "name": "The Ask", "slug": "sequoia-pitch-the-ask", "status": "active", "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b", "version": 1, "description": null }, "evidence": "The presentation concludes with a clear call to action and a request for investors to consider GGP's opportunities.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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Hybrid victory-lap + forward-thesis structure: first ~40% recaps the 2009 bankruptcy call playing out (stock +1,000%, creditors paid in full); remainder pivots to the post-emergence sum-of-parts opportunity (PF GGP ~$15 + GGO ~$5 = ~$20 vs $14 price). Strong before/after spine — explicit 'A Little Context...' section (pp.8-22) resolves into 'The World has Improved Dramatically' checklist (p.23). Memorable rhetorical devices: 'a mall is like a trust holding a portfolio of bonds' analogy; four-slide non-recourse-vs-recourse leverage teaching walkthrough with a 'Mr. Bill' clown 'OHH NOOO!!!' image when recourse equity gets wiped out — rare visual humor for a Pershing deck. Simon Crossholdings slide (p.39) is the rhetorical peak: top 25 REIT holders own ~60% of peer REITs but <1% of GGP, implying $9bn of forced demand. Closes with Steve Jobs-style 'And one more thing...' surprise reveal of a new ~150mm-share Citigroup position (p.68) and a plug for Christine Richard's book on Ackman's MBIA battle. No villain — constructive/analytical throughout; Simon/GGP management quotes are used supportively, not as contradiction. Stake in GGP not disclosed as a % in this document, though 190mm clawback shares for Pershing+Fairholme combined are referenced.", "kpisCited": [ { "detail": "Up >1,000% since Ira Sohn 2009 ($1.19 to $14), though TEV up only 12% vs. Simon TEV +29%", "metric": "GGP stock price performance" }, { "detail": "$15bn of GGP property-level secured debt consensually extended at 5.07% WAIR, 6.5-yr weighted average life", "metric": "Secured debt extension" }, { "detail": "$2,290mm pro forma after SCP / GGO / Highland carve-outs", "metric": "PF GGP LTM adjusted cash NOI" }, { "detail": "$424 sales/sqft, 91.3% occupancy, 14.3% occupancy cost — leading Simon ($420 / 91.0% / 15.1%), Westfield, Macerich", "metric": "PF GGP operating metrics vs peers" }, { "detail": "GGP +7.5% vs. Simon +6.6%, Westfield +5.3%, Macerich +3.4%", "metric": "Q1'10 comp tenant sales growth" }, { "detail": "At $15/share PF GGP trades at 6.6% cap rate in line with peers; at $14 implies 8.0% cap rate net of GGO", "metric": "Implied cap rate" }, { "detail": "PF GGP will be 78% non-recourse vs Simon <52%, Westfield <20%, Macerich <89%", "metric": "Non-recourse leverage mix" }, { "detail": "Improves from 1.2x pre-emergence to 2.0x post-emergence", "metric": "Interest coverage ratio" }, { "detail": "Top 25 REIT holders own ~60% of top five REITs but <1% of GGP — ~$9bn of forced buying to normalize", "metric": "REIT investor crossholdings gap" }, { "detail": "~$3.8bn PF GGP IPO supply (255mm shares at $15) vs. ~$9.7bn anticipated dedicated-REIT demand", "metric": "IPO supply vs demand" }, { "detail": "~$16bn — would be second-largest REIT in the IYR index after Simon", "metric": "PF GGP market cap at $15" } ], "closingAsk": "Own GGP ahead of its year-end bankruptcy emergence — combined PF GGP + GGO intrinsic value of ~$20 implies ~43% upside from the $14 share price, with GGO effectively thrown in for free.", "extraction": { "at": "2026-04-22 23:57:43+00", "model": "unknown-legacy", "runId": null, "seconds": 945.3656, "promptVersion": null }, "scqaReward": "PF GGP's $2.3bn NOI at Simon-equivalent cap rates implies ~$15/share; GGO adds ~$5; combined intrinsic value is ~$20 versus today's $14, implying ~43% upside by year-end emergence with GGO effectively free.", "thesisTypes": [ "undervaluation", "breakup_spinoff", "multiple_rerating" ], "top3Reasons": [ "PF GGP's $2.3bn NOI at Simon's 6.6% peer cap rate supports ~$15/share — alone above today's $14", "GGO (Summerlin, Woodlands, South Street Seaport) adds ~$5/share, implicitly priced at negative $1", "Post-emergence re-indexing drives ~$9bn of forced REIT demand against a ~$3.8bn IPO supply" ], "scqaSituation": "GGP is America's second-largest mall REIT — ~200 class-A regional malls and $2.3bn LTM cash NOI — that filed Chapter 11 in 2009 with its stock at $1.19, when the market assumed equity would be wiped out.", "thesisSummary": "Pershing's 2009 Ira Sohn thesis on GGP has played out: the stock is up more than 1,000% from $1.19 to $14, property-level creditors are getting a 6.5-year extension at 5.07%, and the Brookfield/Fairholme/Pershing-backed recapitalization will pay unsecureds in full. The update argues the rally isn't over. Post-emergence, PF GGP — ~200 class-A regional malls with $2.3bn LTM cash NOI, 78% non-recourse debt, and industry-leading $424 sales-per-square-foot — still trades at an ~8% implied cap rate versus 6.6% for Simon, leaving ~$15/share of intrinsic value. Spinco GGO, holding Summerlin, Woodlands, South Street Seaport, and marquee development land, adds ~$5/share. Combined fair value is ~$20, implying ~43% upside by year-end emergence, with GGO effectively thrown in for negative $1.", "primaryDemands": [ "Back the Brookfield / Fairholme / Pershing Square plan of reorganization, paying unsecured creditors in full and preserving equity", "Emerge GGP as two public companies: PF GGP (class-A mall REIT) and GGO (master-planned communities and development assets)", "Transfer 13 underperforming 'Special Consideration Properties' to lenders to upgrade portfolio quality" ], "scqaResolution": "Support the Brookfield/Fairholme/Pershing-backed plan of reorganization, emerge as two public companies (PF GGP the mall REIT and GGO the development spin), and participate in the IPO-style equity raise at $15/share.", "thesisOneLiner": "At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.", "precedentsCited": [ "Pershing Square's 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See appendix for detail.\n(2) One-time revenue/expense impacts arising due to the bankruptcy. These are non-recurring items.\n(3) One-time additional property upkeep costs. This reflects \"catch-up\" R&M spend.\n(4) Represents drag to GGP NOI from PF GGP development projects. Source: Pershing Square estimate.\n(5) Represents LTM cash NOI attributable to the SCP malls and GGO assets that are assumed to not be included in PF GGP post-emergence. Excludes MPC NOI. 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In order to obtain similar ownership of PF GGP, they must buy 60% or $9bn of PF GGP", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:06.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cafa2da-dd29-4ee9-9506-d65abda10f91", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "institutional ownership: $9bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0394-7243-bea5-719841e400f3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: Capital IQ as of 5/21/10. (1) % of market cap is based on Capital IQ market cap estimates, which tend to rely solely on basic shares outstanding. % of GGP market cap is based on PF GGP market cap at $15 per share.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As a result, rather than be a forced seller, PF GGP can achieve a high value execution", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:06.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3dd5cc3-3f04-40cb-ac2e-0243721453d8", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.833, "x": 0.084, "y": 0.571 }, "kind": "list", "text": "Under the terms of the Brookfield, Fairholme, and Pershing Square agreement, PF GGO can sell up to 255 million shares at prices of $10.50 or greater", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:06.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc40c978-294b-492c-b92a-a4ed0e654d95", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.38, "x": 0.084, "y": 0.892 }, "kind": "source-note", "text": "(1) Assumes full clawback of 190mm Pershing Square and Fairholme shares. Assumes GGP sells full amount of 65mm Liquidity Equity Issuances shares.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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