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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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      "kind": "callout",
      "text": "This analysis suggests GGP's 'A' mall assets alone validate GGP's current market cap. When buying the equity at ~$1.19, one is getting the following for free: >130 non 'A' malls, >30 grocery-anchored strip centers, GGMI, MPC, Hidden Asset Value",
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      "text": "This analysis suggests GGP's 'A' mall assets alone validate GGP's current market cap.",
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      "text": "GGP's top 50 assets generate 50% of NOI (see pg. 8)\nWe estimate GGP has >80 'A' caliber assets (see pg. 7)\nTherefore, we assume ~75% of GGP's NOI is derived from 'A' assets",
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      "text": "Net Asset Value: $260",
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      "text": "Assuming that (i) GGP's 'A' caliber assets deserve a 7.0% cap rate and (ii) 75% of GGP's NOI is derived from 'A' assets, GGP's 'A' assets alone are worth more than its liabilities",
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      "text": "(1) See page 56 for details.",
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      "text": "Illustrative Analysis: GGP's 'A' Assets Alone are Greater than its Liabilities",
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      "text": "Why 7.5% -> 8.5% is a Conservative Cap Rate Range",
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