{
  "docId": "019dd923-622c-750b-8b97-8456188f4be9",
  "docSlug": "3112e2e7b808",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 13,
  "pageCount": 50,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "Uses external realtor data (Colliers, CBRE) to challenge internal management report figures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/13",
  "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Listings by Colliers and CBRE for these properties in November 2023 indicate significant vacancies of ~14.3% across its key building, or ~128% higher than those reported in CPI's 2023 Interim Management Report.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b070-f8649ef54373",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "vacancy rate: 14.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b070-ffa1779f144f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.03,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Listings at CPI PG's key Prague office properties account for 73% and 78% of the Prague office GLA and PP value, respectively. Listings by Colliers and CBRE for these properties in November 2023 indicate significant vacancies of ~14.3% across its key building, or ~128% higher than those reported in CPI's 2023 Interim Management Report. We believe the realtor listings more accurately reflect current and near-term office occupancy levels in Prague, which CPI appears to overstate significantly.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18978b74-5149-4cab-9dfd-9cf5541fb476",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.63,
        "x": 0.34,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Sources: CPI PG 1H 2023 Management Report, Pp. 17, 27. Vacancy information calculated from advertised office space for lease at Colliers & CBRE Czech websites.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d55c10e8-7a1b-4430-a9fc-ff1f3727cb09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.63,
        "x": 0.34,
        "y": 0.16
      },
      "kind": "table",
      "text": "CPI PG - Key Office Properties in Prague table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "122c60ad-cf52-4542-8c38-12ec9a4dbcbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Prague Office Vacancies — Calculations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f053b6c0-dfb3-498d-9cdc-0ccd97b8cbcb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6846391b-96af-48cb-ba7a-172999443f5f",
      "evidence": "Contrasting internal management reports with external market data to identify potential misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 18,
      "from": 6,
      "beatId": "5d32f2fb-1829-44ae-8b5a-9e7907b653f2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents detailed critiques of specific assets, including Reuchlinstraße 10-11, Prague & Warsaw Office Vacancies, and Berlin's Vacancy Issues.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}