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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
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  "notes": "The slide highlights accounting/reporting practices that potentially mislead investors regarding portfolio performance.",
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      "text": "This further served to increase Simon’s reported Regional Mall occupancy and sales per square foot as of Q1’10",
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      "text": "Simon has also transferred certain of its underperforming malls into its Other Properties segment. For example, Highland Mall, a joint venture between Simon and GGP that was 51% occupied as of 12/31/09, was recently transferred back to the lender. Highland Mall was included in Simon's Regional Mall portfolio as of 12/31/08, but showed up in its Other Properties segment as of 12/31/09. This further served to increase Simon's reported Regional Mall occupancy and sales per square foot as of Q1'10",
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      "text": "We note that Simon's Regional Mall portfolio excludes several regional malls in The Mills and Mills Regional Malls segments. In our view, these assets should be included in Simon's Regional Malls portfolio.",
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      "text": "A Word On Simon's Reported Operating Metrics (Cont'd)",
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