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  "docSlug": "4a661a4b5e99",
  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
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  "pageNumber": 27,
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      "text": "Investors get the benefit of a turnaround opportunity without the risk",
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      "text": "Recent Underperformance Creates Future Upside: Two years of financial distress have caused GGP to underperform its peer group; Investors get the benefit of a turnaround opportunity without the risk",
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      "text": "Low Risk: PF GGP will emerge with much less debt, but similar NOI; PF GGP will be a portfolio of approx. 200 regional malls and other assets; ~80% of its financing will be single-property, non-recourse debt; Removal of SCPs, settlement of Hughes claim, and elimination of deferred tax liabilities",
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      "text": "High Quality: Approximately 100 of PF GGP's malls are high-quality, \"mini-monopolies\" within their respective markets; A disproportionate share of PF GGP's NOI is generated by its top assets; Events of the past two years have further confirmed that high quality mall assets are recession-resistant",
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      "text": "Why is PF GGP a Good Investment?",
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