{
  "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": 18,
  "pageCount": 50,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a direct comparison to challenge management's transparency regarding portfolio health.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/18",
  "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Commercial realtors currently show key CPI PG's office buildings in Prague with vacancy rates ~14.3%, 128% of the rate indicated in management's 1H23 report.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b071-5ad595687ab1",
      "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-b071-5ca9cf10d4bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "This should be especially troubling because Prague and Warsaw commercial real estate is central to CPI PG's EEC focused business and other large portions of the portfolio remain opaque.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1f18cf3-4b36-4133-bb5d-b20724b3a1a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Commercial realtors currently show key CPI PG's office buildings in Prague with vacancy rates ~14.3%, 128% of the rate indicated in management's 1H23 report. Listings for Warsaw show key CPI PG's office buildings with vacancy rates of ~14.0%, two times that CPI PG reported.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f45aeb89-d7fd-4088-8f1d-2dc7ca9b3ece",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Prague & Warsaw Office Vacancies — Recap",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5cfbc90-7c8f-4a74-92bf-342700acd194",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "47e77df6-3063-4789-bbf2-4b0fcabc8841",
      "evidence": "Contrasting management claims with external market data to suggest 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
}