Our apologies for not posting this earlier, but we've been out of pocket. Eric Hovde's hedge fund firm Hovde Capital Advisors sent us their latest thoughts on mall REIT operator General Growth Properties (GGWPQ.PK) and we wanted to post it because we've detailed the 'back and forth' between various hedge funds in this very public debate over equity valuation.

For full disclosure: Hovde is still short GGWPQ.PK and is also short another REIT operator mentioned in the presentation. Fellow hedgies Bill Ackman of Pershing Square Capital Management and Whitney Tilson of T2 Partners have been long GGWPQ.PK equity and have taken issue with Hovde's previous analyses. Todd Sullivan over at ValuePlays.net has also been long and disputes Hovde's research.