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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2009-12-07 00:00:00",
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  "notes": "The slide uses a callout box to highlight the key takeaway that inventory declines exceed sales declines.",
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      "kind": "callout",
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      "text": "Source: Capital IQ. inventory data is most recent as of December 4, 2009. (1) GGP's top ten tenants as disclosed in its quarterly operating supplement.",
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      "text": "Comparing November same-store sales to October inventory levels partially explains why tenant sales were down in November",
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      "text": "It's Hard to Increase Sales when there is Less on the Shelves (Top Ten & Selected Anchor Tenants)",
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