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  "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",
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  "pageNumber": 40,
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  "slideType": "comparison_table",
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  "density": "dense",
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  "notes": "The slide highlights a discrepancy in institutional ownership between established REITs and GGP, suggesting a potential investment opportunity or valuation gap.",
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      "kind": "callout",
      "text": "There is enormous shareholder overlap among the top five REITs in the IYR. On average, the same 25 holders own ~60% of the top five REITs, yet they currently own less than 1% of GGP. In order to obtain similar ownership of PF GGP, they must buy 60% or $9bn of PF GGP",
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      "text": "institutional ownership: $9bn",
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      "kind": "source-note",
      "text": "Source: Capital IQ as of 5/21/10. (1) % of market cap is based on Capital IQ market cap estimates, which tend to rely solely on basic shares outstanding. % of GGP market cap is based on PF GGP market cap at $15 per share.",
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      "kind": "table",
      "text": "Table showing top 25 holders and their share/value holdings across Simon, Vornado, Equity Residential, Public Storage, Boston Properties, Macerich, and GGP.",
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      "kind": "title",
      "text": "Simon Crossholdings Analysis",
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      "arcName": "The Sequoia Pitch",
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