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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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  "presentationDate": "2009-12-07 00:00:00",
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      "text": "The U.S. economy was on the verge of a depression\nThe U.S. consumer had hit the wall\nCredit markets were closed\nMall REIT balance sheets were dangerously leveraged\nCap rates increased and transactions stopped as bid-ask spreads widened\nBankruptcy risk and tenant “right-sizing” initiatives were expected to result in massive store closures\nRent relief was a serious concern\nTenant sales were expected to fall off a cliff",
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      "text": "At the Beginning of 2009, The World was a Very Different Place for Mall REITs",
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