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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2010-05-26 00:00:00",
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      "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential information in the possession of the companies discussed in the presentation that could lead these companies to disagree with Pershing Square’s conclusions. This presentation and the information contained herein is not a recommendation or solicitation to buy or sell any securities.\n\nThe analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies, access to capital markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein.\n\nPershing Square manages funds that are in the business of actively trading – buying and selling – securities and financial instruments. In particular, funds managed by Pershing Square and its affiliates have invested in long and short positions of certain mall REITs, including long debt and equity positions in General Growth Properties Inc. and other commitments to recapitalize that company. Pershing Square reserves the right to buy, sell, cover or otherwise change the form of its investment in any company for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.",
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