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  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "The slide uses a stacked bar chart to distinguish between secured and unsecured debt, with callouts explaining specific debt obligations.",
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      "kind": "callout",
      "text": "With ~$11bn of debt maturities coming due by 2012, we note that Simon has meaningful liquidity risk. We believe that Simon’s current valuation reflects a downward adjustment for liquidity risk and the likelihood of future equity dilution",
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      "kind": "chart",
      "text": "Debt Maturities (in millions) by quarter from 2009 to 2012",
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      "text": "debt maturities: $11bn",
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      "text": "Source: Green Street (May 14, 2009).",
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      "text": "Simon Debt Maturity Schedule",
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