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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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  "notes": "The chart illustrates the 'virtuous cycle' of supply constraints helping demand for existing products.",
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      "kind": "chart",
      "text": "Exhibit 12: Supply levels have been lower heading into this downturn",
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      "text": "supply as % of stock: 2.5%",
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      "text": "And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low. We certainly anticipate it will remain there, and the lack of new supply can only hopefully help the demand side for the existing product.",
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      "text": "\"And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low. We certainly anticipate it will remain there, and the lack of new supply can only hopefully help the demand side for the existing product.\" — Rick Sokolov, COO of Simon Property Group, December 4, 2009",
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      "text": "Source: Goldman Sachs equity research November 2009.",
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