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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 highlights that the improvement is notable given the seasonal cash flow negativity of Q3 for retailers.",
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      "kind": "callout",
      "text": "Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows",
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      "text": "Cash Flow from Operations: 183%",
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      "text": "Tenant cash flows have gone from materially negative to materially positive. This is all the more impressive given that Q3 is usually cash flow negative for retailers as they prepare for the holidays",
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      "text": "Source: Capital IQ. Most Q3 periods ended in October. (1) GGP's top ten tenants as disclosed in its quarterly operating supplement.",
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      "text": "Lower Inventory = Higher Cash Flow",
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