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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' logic by contrasting company-reported metrics with third-party market data.",
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      "text": "Listings by JLL, Cushman & Wakefield, and Savill's Poland websites for these properties in November 2023 indicate significant vacancies of ~14% across its key building, or twice that reported in CPI's 2023 Interim Management Report.",
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      "text": "vacancy rate: 14%",
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      "text": "Listings at CPI PG's key Warsaw office properties account for 75% and 85% of the Prague office GLA and PP value, respectively. Listings by JLL, Cushman & Wakefield, and Savill's Poland websites for these properties in November 2023 indicate significant vacancies of ~14% across its key building, or twice that reported in CPI's 2023 Interim Management Report. We believe these realtor listings reflect current and near-term office occupancy levels in Warsaw which are significantly lower than what CPI PG reports to bondholders.",
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      "kind": "source-note",
      "text": "Reference listing websites: https://www.officefinder.pl/offices-for-rent.html, https://www.remobile.pl/en, https://en.savills.pl/, www.hamilton-commercial.com, https://finne.pl/en, https://www.officelist.pl/en, etc.",
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      "kind": "source-note",
      "text": "Sources: CPI PG 1H 2023 Management Report, Pp. 17, 25. Vacancy information calculated from advertised office space for lease at JLL, Cushman & Wakefield, and Savills's Poland websites, etc.",
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      "text": "CPI PG - Key Office Properties in Warsaw table",
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      "kind": "title",
      "text": "Warsaw Office Vacancies — Calculations",
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