{
  "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": 16,
  "pageCount": 50,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a list of property listings to demonstrate high vacancy at a specific site, contrasting management's narrative of 'intentional' refurbishment.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/16",
  "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that if all space under refurbishment were listed, that Berlin’s and likely other cities vacancy rates would also jump.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b071-3a20f4f0826e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "vacancy rate: 38%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b071-4358146dea5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "CPI PG's largest office market, Berlin, is not immune from vacancy issues. Listings at CPI PG's German company, GSG, show another key German property Aqua-Höfe with an eye-wateringly high vacancy level of ~38%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2c267dc-2089-48cb-9ad9-0758751deaa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The drop in occupancy in Prague and Berlin was minor and partially reflects our strategy of refurbishing or developing certain properties, which might be vacant or partially vacant for a short period. — CPI PG, 1H 2022 earning call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b071-3e6a661366d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1. https://www.gsg.de/en/gewerbehof/aqua-hoefe/ ... 2. CPI PG, 1H 2023 earning call ... 3. CPI PG, 1H 2022 earning call.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4dfe99da-6204-4500-8afe-b22274f769ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.4,
        "x": 0.55,
        "y": 0.1
      },
      "kind": "table",
      "text": "List of 6 property listings at Aqua-Höfe with images, descriptions, area (m2), and price (€).",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2ac3809-66e2-4cf0-b77e-c09c79530087",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.55,
        "y": 0.05
      },
      "kind": "title",
      "text": "GSG shows Aqua-Höfe Berlin is also 38% Vacant",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2cd89b26-38f8-4e3b-8082-3920d4f96458",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Berlin's Vacancy Issues",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c25d51bb-ce61-4f7e-9606-8a4ee2467fdb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "121652f8-18d0-4b0e-abf7-0c2db6b171a4",
      "evidence": "Contrasts management's claim of 'intentional' refurbishment with evidence of high vacancy listings.",
      "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
}