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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 a counter-seasonal improvement in cash flow 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": "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": "Cash Flow from Operations: 156%",
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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 (Cont'd)",
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