{
  "docId": "019dd923-622c-750b-8b9b-38d8804ef6d4",
  "docSlug": "7d738951d1e5",
  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 36,
  "pageCount": 68,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The slide outlines specific adjustments to debt, NOI, dividends, and capex for financial modeling purposes.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-38d8804ef6d4/36",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4#slide-36",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.13,
        "y": 0.75
      },
      "kind": "list",
      "text": "Maintenance capex and TAs in forecast are increased by ~20% to account for unconsolidated segment outlays",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1424dab3-94cc-4965-98a6-b4e080ab9f99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "list",
      "text": "All Debt maturities extended seven years at current interest rates",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1985027a-132d-4b38-b83c-cc84b6d557b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.13,
        "y": 0.34
      },
      "kind": "list",
      "text": "GGMI income declines / grows at 2x Cash NOI",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4cef5315-9004-43a1-8427-cb33ec18b187",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.08,
        "y": 0.27
      },
      "kind": "list",
      "text": "Cash NOI projections per Green Street Same Store Mall NOI Projections",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d3e4c54-87b3-48aa-81a4-fb95fa131742",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.13,
        "y": 0.5
      },
      "kind": "list",
      "text": "10% cash / 90% stock thereafter",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b27f5cc6-8c89-4dac-8d29-c0f5571bdb79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.75,
        "x": 0.08,
        "y": 0.41
      },
      "kind": "list",
      "text": "GGP suspends its cash dividend payment to common shareholders through year-end 2009",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "befda0f4-0788-4bca-bd06-30e2ab4c0384",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.08,
        "y": 0.66
      },
      "kind": "list",
      "text": "GGP maintenance capex, tenant allowances and restructuring costs as outlined in the Company's 2009-2010 Cash Flow Forecast",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3604598-cff2-448c-a1e2-4166cdc63913",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.75,
        "x": 0.08,
        "y": 0.57
      },
      "kind": "list",
      "text": "GGP maintains Future Development Spending as outlined in the Company's Q1'09 supplement",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fae7eb5e-f42c-42b1-ab0e-829385d491db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.07,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "(1) See Mall REITs: May 2009 Update, page 6. Note that Simon is guiding for same store regional mall NOI to be up 0% to 1% in 2009e. Note that this method is conservative in that it does not account for NOI generated by future development spending projects.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c478c93a-acc7-4ffa-9ead-cb29bdf490fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Deleveraging Analysis Assumptions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a5f0768-9f87-4427-ad8b-bc75f198c5c7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 68,
      "from": 35,
      "beatId": "169e941d-9840-4b8e-a722-5cc6448c842f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation proposes a solution for reorganization, providing relief for secured creditors.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 36,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "e2c1c744-9c7e-466a-b9b5-c6482f4a63d4",
      "evidence": "The presentation tests the hypothesis that re-pricing GGP's debt to Till-mandated rates would allow for a more favorable reorganization.",
      "position": 1,
      "objective": "What if GGP's debt were re-priced to Till-mandated rates?",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.7,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}