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  "documentTitle": "General Growth Properties (GGWPQ)",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "The slide uses a peer benchmark (CB Richard Ellis) to justify the valuation multiple range.",
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      "text": "CB Richard Ellis trades at ~15x NTM EBIT",
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      "text": "GGMI is one of the few national platforms capable of providing management and leasing services to regional retail centers. We estimate its value to be between $1 and $2 per share",
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      "text": "per share value: $1.02 - $1.87",
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      "text": "(1) Pershing Square estimate.",
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      "text": "LTM Management Income & other fees: $100 / $100; EBIT Margin: 25.0% / 35.0%; LTM EBIT: $25 / $35; Multiple: 13.0x / 17.0x; Value of GGMI: $326 / $596; Per Share: $1.02 / $1.87",
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