{
  "docId": "019dd923-622c-750b-8b97-5ab109c5e2f7",
  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 39,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "Includes footnotes 16-19 detailing calculation methodology and site visit observations.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/14",
  "deckHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The result was a surprisingly high average of 66%. This is primarily due to two major properties currently marketing substantially all of their NLA for lease.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adbc-d7dec66507fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "vacancy rate: 66%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adbc-dbfa499f64f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "Site Visits Confirm Low Occupancy Rates",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2235bf2a-1e14-4e80-93dc-703cbf6666a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.76,
        "x": 0.12,
        "y": 0.485
      },
      "kind": "paragraph",
      "text": "In 4Q22, our investigators travelled to Berlin twice, visiting current and prior disclosed Top properties...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "353684e9-4c01-4a8e-bbd8-a608ccc7f239",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.79
      },
      "kind": "source-note",
      "text": "Footnotes 16-19 detailing calculations and site visit findings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9674a58-02b4-4b25-bf36-f39b05556751",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.275
      },
      "kind": "table",
      "text": "Table showing property addresses, listing sizes, NLA, and vacancy percentages.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9dec5cb8-d6b6-459e-ba73-c01386c8a0da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.25
      },
      "kind": "title",
      "text": "Vivion Berlin Properties Implied Vacancy Rates - Top Down Approach",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "569e7927-ddf2-4f55-ac63-50a58bd96acb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 24,
      "from": 13,
      "beatId": "bea4294c-3080-472e-b64c-c99fda51274c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents evidence of Vivion's inflated financials",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 11,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "23243b59-1296-49c7-916e-bf0b77c70e79",
      "evidence": "The document presents evidence of Vivion's inflated occupancy rates",
      "position": 1,
      "objective": "Reveal Vivion's inflated occupancy rates",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}