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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2010-05-26 00:00:00",
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  "notes": "The slide uses a standard REIT valuation buildup methodology to arrive at an implied cap rate of 6.6%.",
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      "text": "Implied Cap Rate: 6.6%",
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      "text": "(1) Includes Series I preferred shares and options... (6) See Simon LTM Cash NOI appendix page for details.",
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      "text": "LTM Cash NOI (6) $3,284; Implied Cap Rate 6.6%",
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      "text": "Share Price (as of 5/28/10) $85.03; Shares & Units (1) 352; Market Cap $29,906; Pro Rata for JVs: (2) 24,250; Plus: Total Debt 126; Plus: Preferred Debt 1,845; Plus: Other Liabilities (3,609); Less: Cash (2,445); Less: Other Assets (3) (35); Less: Development Pipeline (4) $50,038; TEV (229); Less: Mgmt Business (5) $49,809; Value of Simon's REIT",
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      "text": "Simon Cap Rate Detail – Cap Rate Buildup",
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