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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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      "text": "Because the NOI from GGP’s highest quality malls should be valued at materially lower cap rates than its lower quality malls, a substantial majority of GGP’s equity value is in the Company’s best assets",
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      "text": "NOI: $648",
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      "kind": "paragraph",
      "text": "—John Bucksbaum, Chairman and Former CEO, July 31, 2008",
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      "text": "Indicative of the strength within our portfolio is the performance of our 50 most productive United States centers. These properties generated average sales per square foot of approximately $648. Not only do these 50 centers produce tremendous sales per square foot, they also represent approximately 50% of our total mall NOI. This is one more example of the quality of our portfolio, and quality will be more important than ever as we move forward in 2008 and 2009.",
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      "text": "“Indicative of the strength within our portfolio is the performance of our 50 most productive United States centers. These properties generated average sales per square foot of approximately $648. Not only do these 50 centers produce tremendous sales per square foot, they also represent approximately 50% of our total mall NOI. This is one more example of the quality of our portfolio, and quality will be more important than ever as we move forward in 2008 and 2009.” — John Bucksbaum, Chairman and Former CEO, July 31, 2008",
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      "text": "High Quality Assets (Cont'd)",
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