{
  "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": 32,
  "pageCount": 89,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "valuation_buil_buildup",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide uses a simple arithmetic bridge (Value - Debt = Equity) to illustrate leverage.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "other"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/32",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.21
      },
      "kind": "callout",
      "text": "Imagine the same portfolio of malls financed with unsecured, recourse debt",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3560dc3-e971-4848-a57b-3089d126fd8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.65,
        "x": 0.14,
        "y": 0.36
      },
      "kind": "chart",
      "text": "Visual representation of asset value components and debt/equity split",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26d78373-bc0c-452c-9af9-8908ca68b11e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.1,
        "x": 0.775,
        "y": 0.39
      },
      "kind": "metric",
      "text": "Leverage 60%",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3cd5b51-9342-46f6-8b0e-22aa68aedda9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Leverage: 60%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea3-e450eb710c98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.14,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "Total Mall Value $300 - Total Debt $180 = Total Equity $120",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd28f043-af2a-4506-ad2e-8e1b72189693",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Illustrative Example: Recourse Financed Mall Portfolio",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91a6d78b-28e1-40c1-ad6c-ab1bd2924b43",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: Asset value",
      "slug": "asset-value",
      "agent": "architect",
      "layer": "slide",
      "matchId": "88e29815-2930-400c-bf9e-1363f6fb4486",
      "evidence": "paragraph/paragraph: Total Mall Value $300 - Total Debt $180 = Total Equity $120",
      "confidence": 0.8
    },
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "ea197627-bfd4-482e-bcad-38ae928b7e1c",
      "evidence": "chart/bar-stacked: Visual representation of asset value components and debt/equity split",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "74dbce29-69b3-4c91-b0e9-d77be823322c",
      "evidence": "Visualizes the relationship between asset value, debt, and equity.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 25,
      "beatId": "5752ab5c-4c93-4104-957a-1b2a5342c09b",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The presentation presents a clear solution for GGP's future, including a strong balance sheet and growth potential.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}