{
  "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": 16,
  "pageCount": 89,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 9,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/16",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Macerich raised $1.23bn in equity at a ~7.0% cap rate, more than 25% of its market cap, representing the largest secondary stock offering by a REIT on record",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea2-51d385b902b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.59
      },
      "kind": "list",
      "text": "Macerich Equity Issuance: Raised $1.23bn (largest on record), 62% over-subscribed.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a23fba5d-40b4-44ed-91b7-503126a4bf92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.23
      },
      "kind": "list",
      "text": "Simon Debt Issuances: $650mm at 10.35% (2009); $2.25bn total including $400mm at 4.25% and $1.25bn at 5.70% (2010).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7587bfd-dc0e-4d6b-b8c2-00b59c2ec8e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "capital raised: $2.25bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea2-5b1309e635db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Macerich Issues Biggest Share Offer On Record — WSJ 4/15/10",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea2-57d0bf99ad3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.07,
        "y": 0.915
      },
      "kind": "source-note",
      "text": "Source: The Wall Street Journal, 4/15/10.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7905838a-0959-44ad-b360-f174e228f91f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Mall REITs Have Regained Access to Capital",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "500c4644-9552-4a91-9d2b-f21c6344bdc7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "5fecd2fb-8ce1-4ba7-b626-44ed85cf86fb",
      "evidence": "list/bullet: Simon Debt Issuances: $650mm at 10.35% (2009); $2.25bn total including $400mm at 4.25% and $1.25bn at 5.70% (2010).",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}