{
  "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": 37,
  "pageCount": 89,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 112,
  "notes": "Includes a memo section detailing the warrant translation calculation using Black-Scholes.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/37",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.24
      },
      "kind": "callout",
      "text": "At $15 per share, PF GGP would emerge with a ~$16bn market cap",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6927a4e-90ff-443a-8043-5159a61a9e95",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Cap: $16bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-bea3-cd4ff786aa12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.09,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "(1) Includes OP Units and options. Source: Q1'10 operating supplement, pg 27. (2) Assumes full clawback of 190mm Pershing Square and Fairholme shares. (3) Assumes GGP sells 65mm Liquidity Equity Issuances shares. (4) Represents the share-equivalent amount of 120mm warrants at various PF GGP share prices. (5) Black-Scholes warrant valuation. Assumes 20 vol, 60mm warrants at $10.50 strike, 60mm warrants at $10.75 strike, and 7-yr duration.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e7f521e-604d-4140-bb8b-81f83d26163b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.15,
        "y": 0.66
      },
      "kind": "table",
      "text": "Memo: Warrant Translation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ace7c28-70a5-48c6-b8d8-698a89e596b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.74,
        "x": 0.13,
        "y": 0.34
      },
      "kind": "table",
      "text": "Illustrative PF GGP FDSO @ Various Share Prices",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8be36524-7232-4ac6-98ef-0d982af586dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.08,
        "y": 0.12
      },
      "kind": "title",
      "text": "PF GGP Shares Outstanding / Market Cap",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5d201a8-a061-41e6-9542-08b7b9d15ad5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}