{
  "docId": "019dd923-622c-750b-8b9b-56a436c869d8",
  "docSlug": "4a661a4b5e99",
  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 89,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "ceo_quote",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 120,
  "notes": "The chart uses a combination of solid and dashed lines to represent different sectors and the market average.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/15",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Supply peaked across all sectors in the 1999-2000 period, with average supply as % of stock at 2.5%... and supply levels are modestly lower heading into this commercial real estate down cycle.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea3-3203da9e6d2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.74,
        "x": 0.13,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Exhibit 12: Supply levels have been lower heading into this downturn",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f310a8c1-9e83-443b-9e29-f806b287fe8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "supply as % of stock: 20-year low",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea3-399a44ab03ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.75
      },
      "kind": "quote",
      "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",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10f234e5-c4e0-4b6d-9403-7184fa5bb6dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "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",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea3-3708e633b91b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.1,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Goldman Sachs equity research November 2009.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6075ab05-d2b2-460d-9b37-9b1c9bfd8783",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Retail Construction Remains at a 20-Year Low",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08b7e175-106d-4771-bb0f-fb0720b85fcb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "CEO quote contradiction",
      "slug": "ceo-quote-contradiction",
      "agent": null,
      "layer": "slide",
      "matchId": "5e296c07-a65e-432e-a281-079bf93ba731",
      "evidence": "quote: “And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 15,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "2c1d0be5-5de1-4d4b-a67e-0f85722f1aa3",
      "evidence": "The presentation discusses the risks of not taking action and the benefits of GGP's proposed solution.",
      "position": 0,
      "objective": "Highlight the cost of inaction for GGP",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}