{
  "docId": "019dd923-622c-750b-8b9b-4832cdb3e662",
  "docSlug": "600406034f02",
  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-12-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 28,
  "pageCount": 68,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "The chart includes a data table at the bottom showing the percentage point difference between the two groups.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_grouped",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-4832cdb3e662/28",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-4832cdb3e662",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-4832cdb3e662.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-4832cdb3e662#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.82,
        "x": 0.09,
        "y": 0.21
      },
      "kind": "callout",
      "text": "Comparing the occupancy performance of Simon & GGP to that of smaller mall REITs shows the benefit of scale in leasing negotiations",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa042a40-2d46-403b-ba79-493ab6f0c580",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.76,
        "x": 0.12,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Large Mall REIT Occupancy vs. Small Mall REIT Occupancy",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8c4541c-092d-4afb-ae54-ce06ef41f1ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "occupancy rate: 3.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9c06-bf660d93d813",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "(1) Average regional mall occupancy. Excludes anchors. Glimcher is excluded from the analysis as its occupancy includes temporary tenants that are excluded from other mall REIT reported occupancy metrics.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f17c3166-ec14-4e15-b9e0-3e31d1ba199c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.82,
        "x": 0.09,
        "y": 0.81
      },
      "kind": "table",
      "text": "Difference row showing 2.4% to 3.6% gap",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a582d5b-f09c-4123-ad65-82115d21462f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Survival of the Largest",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b05dacd2-a3b9-4fbd-baa7-4d77b254a1dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "9e2be388-c95c-4afe-8efe-03818337cdc9",
      "evidence": "Direct comparison of two peer groups over time to demonstrate a competitive advantage (scale).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 29,
      "from": 20,
      "beatId": "e4780398-a584-40f7-98dd-9316e3fd4d34",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The presentation discusses the challenges faced by Mall REITs, such as store closure fears and occupancy rates.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 29,
      "from": 20,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "1ccb8ccc-3ef8-49ae-9982-7c9275903e64",
      "evidence": "The presentation highlights the risks of not investing in Mall REITs, such as missing out on potential growth.",
      "position": 0,
      "objective": "What are the consequences of not investing in Mall REITs?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}