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19,831-19,860 of 42,534
48
The slide uses a legal precedent to preemptively justify a specific financial assumption regarding interest rates in a bankruptcy scenario.General Growth Properties (GGWPQ) · Pershing Square
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General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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Includes a circled total of $5,099 million for cash flow available for debt repurchase.General Growth Properties (GGWPQ) · Pershing Square
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51
The slide uses a bar chart to show that GGP's high leverage is common among peers, supporting the argument that liquidation is a bad precedent.General Growth Properties (GGWPQ) · Pershing Square
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52
General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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53
General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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54
The slide includes a specific callout box explaining why Simon's metrics are slightly skewed by the Mills portfolio.General Growth Properties (GGWPQ) · Pershing Square
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55
The slide uses a standard REIT valuation bridge to arrive at an implied cap rate.General Growth Properties (GGWPQ) · Pershing Square
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56
The slide uses a stacked bar chart to distinguish between secured and unsecured debt, with callouts explaining specific debt obligations.General Growth Properties (GGWPQ) · Pershing Square
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57
Includes detailed footnotes explaining adjustments for debt, cash, and other assets.General Growth Properties (GGWPQ) · Pershing Square
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58
The slide uses a 'sum-of-the-parts' logic to argue for undervaluation.General Growth Properties (GGWPQ) · Pershing Square
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59
The chart highlights the 7.6% average cap rate for malls with a dotted horizontal line.General Growth Properties (GGWPQ) · Pershing Square
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60
The slide uses a peer benchmark (CB Richard Ellis) to justify the valuation multiple range.General Growth Properties (GGWPQ) · Pershing Square
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61
The slide uses a bridge methodology to arrive at a per-share valuation range.General Growth Properties (GGWPQ) · Pershing Square
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62
The slide uses a quote from a former CFO to establish that management previously acknowledged the development potential of the land, which the activist is now using to argue for higher valuation or strategic action.General Growth Properties (GGWPQ) · Pershing Square
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63
General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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64
The slide uses an aerial photograph as evidence of under-utilization or under-earning potential.General Growth Properties (GGWPQ) · Pershing Square
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65
General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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66
The slide uses a '?' for Hidden Asset Value, implying it is the residual or unknown variable to reach the total valuation.General Growth Properties (GGWPQ) · Pershing Square
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67
The table highlights the 9.4% cap rate column and the 5.5% ownership row as the break-even point.General Growth Properties (GGWPQ) · Pershing Square
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68
General Growth Properties (GGWPQ)General Growth Properties (GGWPQ) · Pershing Square
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32
This is a standard 'call to action' transition slide in a proxy contest.Target Corporation (TGT) · William Ackman
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Target Corporation (TGT)Target Corporation (TGT) · William Ackman
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Target Corporation (TGT)Target Corporation (TGT) · William Ackman
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Uses a contrast-pair framework to highlight the superiority of the activist slate.Target Corporation (TGT) · William Ackman
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Target Corporation (TGT)Target Corporation (TGT) · William Ackman
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Target Corporation (TGT)Target Corporation (TGT) · William Ackman
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Target Corporation (TGT)Target Corporation (TGT) · William Ackman
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39
The slide uses a before-and-after comparison to frame Target's strategic failure in the grocery market.Target Corporation (TGT) · William Ackman
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The chart highlights a divergence in performance starting in 2008.Target Corporation (TGT) · William Ackman
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