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  "documentTitle": "General Growth Properties (GGWPQ)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "The slide uses a bridge methodology to arrive at a per-share valuation range.",
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      "kind": "callout",
      "text": "As of 12/31/07, management estimated the gross value of these assets to be $3.3bn, more than $10 per share",
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      "kind": "callout",
      "text": "We estimate the net value of GGP's MPC segment to be anywhere between $0.27 and $6.72 per share",
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      "text": "This segment generated ~$150mm of net cash flow in 2005 and ~$190mm in 2006",
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      "text": "We estimate the net value of GGP’s MPC segment to be anywhere between $0.27 and $6.72 per share",
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      "text": "Note: Does not reflect impact of Contingent Stock Agreement... (1) Represents management's valuation... (2) Low case trues up... (3) Assumes Bridgeland is divested... (4) Pershing Square estimate.",
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      "text": "Net Value of MPC: $6.72",
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