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  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses investigative research, including site visits and analysis of third-party listing platforms (Immo Scout 24), to challenge company-reported metrics.",
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      "kind": "callout",
      "text": "We estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%.",
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      "text": "occupancy rate: 60%",
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      "text": "To assess the real occupancy at these and other Vivion Berlin properties, our investigators conducted site visits... we estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%.",
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      "kind": "paragraph",
      "text": "Using this bottom up approach, we gather data on tenants and conditions at nine Vivion Berlin properties... The total net lettable area (NLA) for these properties is approximately 106,000 sqm.",
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      "kind": "paragraph",
      "text": "Lianeo Real Estate GmbH, which is a Dayan-controlled property management company, has posted listings that show a large and increasing number of properties for lease...",
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      "kind": "paragraph",
      "text": "Strong cash flows that can be used to borrow and repay loans. However, Vivion's definitions of occupancy rates, annualized in-place rents, and WAULT come with significant caveats.",
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      "kind": "paragraph",
      "text": "To check Lianeo's property listings we visited Lianeo's website and followed its links to its listings. Lianeo's website redirects visitors to the property website Immo Scout 24.",
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      "kind": "source-note",
      "text": "10-14 Footnotes detailing sources for Vivion FY2021 RTN, Lianeo website, and Immo Scout 24.",
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      "kind": "title",
      "text": "Online Research Indicates Significant Occupancy Rate Overstatements",
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