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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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  "notes": "The slide provides a clear bridge from current shares to pro-forma fully diluted shares.",
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      "kind": "callout",
      "text": "A $250 million share backstop at $5.00 per share strengthens GGO’s balance sheet",
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      "text": "(1) Includes OP Units and options. Source: Q1'10 operating supplement, pg 27. (2) Assumes only the backstop rights are exercised. Includes 2.5mm share backstop consideration. (3) Black-Scholes warrant valuation. Assumes 20 vol, 80mm warrants at $5.00 strike.",
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      "text": "Share Count (millions): Current GGO FDSO (1) 324 Rights Offering Backstop Shares (2) 53 PF GGO FDSO (excl warrants) 377 Warrants (share equivalent) (3) 23 GGO FDSO (incl warrants) 400",
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