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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": "Includes a callout box comparing Simon to Tanger Factory Outlet Centers.",
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      "kind": "callout",
      "text": "As of 6/1/10, Tanger Factory Outlet Centers, the best comp for Simon's Premium Outlets segment, was trading at a higher cap rate than Simon*",
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      "text": "We believe the most appropriate way to compare Simon and PF GGP is to look at Simon's true regional mall portfolio, which excludes its outlets, but includes its Mills malls and the underperforming malls included in its Other Properties segment",
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      "text": "Occupancy: 91.0%",
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      "text": "(1) Source: Simon operating supplements. (2) Q1'10 data not available in Simon filings. Source: Pershing Square estimates. (3) Includes Mall at the Source, Nanuet Mall and Palm Beach Mall (at share). (4) Data not available. Source: Pershing Square estimates.",
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      "text": "Simon Property Group operating metrics table by segment and quarter",
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      "text": "A Word On Simon's Reported Operating Metrics (Cont'd)",
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