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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2010-05-26 00:00:00",
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      "text": "We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability",
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      "text": "Although PF GGP will have slightly more leverage than its peers on an absolute basis, it will have a long-dated, laddered debt maturity profile. We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability",
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      "text": "(1) See appendix for PF GGP balance sheet details... (5) Source: Green Street Real Estate Securities Monthly (as of 6/1/10).",
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