{
  "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",
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  "pageNumber": 36,
  "pageCount": 89,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "revenue_buildup",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide uses a standard financial bridge format to reconcile historical NOI to a pro-forma figure.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/36",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-36",
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      },
      "kind": "callout",
      "text": "Despite the dispositions of SCPs and GGO assets, PF GGP’s net operating income will be relatively unaffected",
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      "kind": "disclaimer",
      "text": "(1) Source: GGP operating supplements. See appendix for detail.\n(2) One-time revenue/expense impacts arising due to the bankruptcy. These are non-recurring items.\n(3) One-time additional property upkeep costs. This reflects \"catch-up\" R&M spend.\n(4) Represents drag to GGP NOI from PF GGP development projects. Source: Pershing Square estimate.\n(5) Represents LTM cash NOI attributable to the SCP malls and GGO assets that are assumed to not be included in PF GGP post-emergence. Excludes MPC NOI. Source: Pershing Square estimate.",
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      "kind": "metric",
      "text": "PF GGP Adj Cash NOI: $2,290",
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      "toolName": "Quantification",
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      "kind": "table",
      "text": "PF GGP Adj Cash NOI Buildup ($ in mms)\nLTM GGP Cash NOI (1) $2,360\nPlus: Bankruptcy claims revenue/expense impact (2) 25\nPlus: One-time R&M spend (3) 16\nPlus: Real estate tax expense from dvlpmt projects (4) 5\nLess: SCPs / GGO / Highland LTM cash NOI (5) (115)\nLTM PF GGP Adj Cash NOI $2,290",
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      },
      "kind": "title",
      "text": "PF GGP Cash NOI",
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  "frameworks": [
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      "matchId": "af5e0806-dd9b-4943-a1e4-b888cb068699",
      "evidence": "The slide presents a bridge/buildup of financial metrics from a starting point to a pro-forma end point.",
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  "arcBeats": [
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      "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.",
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      "confidence": 0.8,
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