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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2010-05-26 00:00:00",
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  "notes": "The slide uses a 'pro-forma' (PF) adjustment logic to demonstrate portfolio improvement.",
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      "kind": "callout",
      "text": "The disposition of Special Consideration Properties (SCPs) and GGO assets materially enhances PF GGP’s operating metrics",
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      "text": "Occupancy: 91.3%",
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      "text": "(1) Source: GGP Q1'10 supplement pgs. 31-32. (2) See appendix for details. (3) Includes Victoria Ward, Landmark Mall, Rio West, South Street Seaport, Redlands Mall, Riverwalk Marketplace, Park West and Cottonwood Mall. See Exhibit E docket #4874 for full list of GGO assets. Source for tenant sales, occupancy and occupancy cost: Pershing Square estimates. (4) Mall and freestanding gross leasable area (excludes anchors). Units in millions of sq ft.",
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      "text": "GGP (1) 65.3 $411 90.5% 14.6% Less: SCPs / Highland (2) 3.9 250 82.5% 18.0% Less: GGO Malls (3) 2.0 325 82.5% 17.0% PF GGP 59.4 $424 91.3% 14.3%",
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      "text": "PF GGP Operating Metrics",
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