{
  "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": 57,
  "pageCount": 68,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 22,
  "notes": "Includes detailed footnotes explaining adjustments for debt, cash, and other assets.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-38d8804ef6d4/57",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-38d8804ef6d4#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.085,
        "w": 0.21,
        "x": 0.743,
        "y": 0.365
      },
      "kind": "callout",
      "text": "We believe the market assigns ≥100bp risk premium for Simon’s refinancing risk",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5eb1f7fd-636c-48ff-a0ed-82bb8f3f8c2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.08,
        "y": 0.23
      },
      "kind": "callout",
      "text": "Simon’s cap rate suggests the value of GGP REIT, not including GGMI and MPC, is somewhere between $9 and $22 per share.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a20650d8-ec3e-4f79-a251-7d0c4edf5848",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.21,
        "x": 0.743,
        "y": 0.545
      },
      "kind": "callout",
      "text": "Note that GGP’s 2006 Loan Agreement uses a 6.75% Retail Cap Rate in its calculation for covenant purposes",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d72c0c85-1dd8-4aac-82a5-6cfdb3fad717",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.16,
        "y": 0.8
      },
      "kind": "disclaimer",
      "text": "(1) Excludes mgmt income... (7) 40% discount to book value.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e25130f5-3c17-49b7-88b0-7a11c0213209",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Implied Equity Value: $21.50",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f53-449575868c0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.5,
        "x": 0.17,
        "y": 0.34
      },
      "kind": "table",
      "text": "LTM Cash NOI, Cap Rate, Implied Value, Pro Rata JVs, Total Debt, Preferred Debt, Other Liabilities, Cash, Other Assets, Development Pipeline, Implied Equity Value, Per Share",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2703e2e-c306-485a-8bbd-3c7369e7cb20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Value of GGP REIT",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "454eed39-2a0f-48fd-b5b5-92c07160a044",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation_bridge",
      "slug": null,
      "matchId": "f5a19b8e-8a52-4bad-a457-35cfe77f5fed",
      "evidence": "Table shows starting NOI, adjustments for debt/assets, and final equity value per share.",
      "confidence": 1
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}