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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide uses a table to contrast recent debt issuance rates (6.92% average) against older issuances (9.20% average).",
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      "text": "Over the past three months, REITs have been able to issue large amounts of low-cost debt",
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      "text": "DDR TALF Deal: Closed on Oct 8, 2009; $400mm loan; Five year term; Blended interest of 4.225%",
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      "text": "Based on secondary market trading, if Simon were to issue debt today, an issuance of five year unsecured debt could potentially be completed at a cost of 5% or less",
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      "text": "“Based on secondary market trading, if Simon were to issue debt today, an issuance of five year unsecured debt could potentially be completed at a cost of 5% or less” — Credit Suisse Equity Research, December 4, 2009",
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      "text": "Source: Goldman Sachs Global Investment Research (December 2, 2009).",
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      "text": "REIT Cost of Debt Improving",
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