{
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  "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",
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  "pageCount": 89,
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  "nextPage": 26,
  "slideType": "valuation_reveal",
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  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The slide uses a comparison frame to show the post-split structure of the company.",
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      "kind": "callout",
      "text": "GGP will emerge as two separate companies: General Growth Properties (\"PF GGP\") and General Growth Opportunities (\"GGO\")",
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      "kind": "callout",
      "text": "GGP will emerge as two separate companies: General Growth Properties (“PF GGP”) and General Growth Opportunities (“GGO”)",
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      "text": "PF GGP: Ownership or management of approximately 200 regional malls, Community / strip retail centers, Office properties, GGMI, 13 underperforming malls (\"Special Consideration Properties\" or \"SCPs\") assumed to be transferred to lenders",
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      "kind": "list",
      "text": "GGO: Master Planned Communities (\"MPC\"), Development assets (i.e. Victoria Ward, South St Seaport), Non-income producing assets (i.e. Fashion Show air rights), Other assets",
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      "text": "Estimated Value: ~$5",
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      "text": "Estimated Value: ~$15",
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      "text": "Estimated Value: $20",
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      "kind": "title",
      "text": "What Will GGP Look Like When It Emerges?",
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      "evidence": "The presentation presents a clear solution for GGP's future, including a strong balance sheet and growth potential.",
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