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  "docSlug": "7d738951d1e5",
  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-27 00:00:00",
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  "pageNumber": 51,
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  "notes": "The slide uses a bar chart to show that GGP's high leverage is common among peers, supporting the argument that liquidation is a bad precedent.",
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      "kind": "callout",
      "text": "GGP is not the exception – many REITs have the same problem",
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      "kind": "chart",
      "text": "Total Leverage of various REITs compared to an average of 75%",
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      "text": "GGP is not the exception – many REITs have the same problem\nA liquidation will lead to a windfall for the secured creditors\nIt will destroy the GGP franchise\nA liquidation will put downward pressure on real estate values impairing other borrowers’ ability to refinance\nNearly all REITs and other leveraged real estate owners will likely suffer the same fate if GGP is forced to liquidate",
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      "text": "Total Leverage: 100%",
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      "kind": "source-note",
      "text": "Source: Green Street estimates (5/14/09).",
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      "kind": "title",
      "text": "What's the Alternative?",
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