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  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "Uses a numbered list to outline the strategic benefits of a JV structure.",
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      "kind": "callout",
      "text": "A JV structure will provide Macy’s with significant financial and operational flexibility, future optionality, and substantial ongoing free cash flow for Macy’s OpCo.",
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      "text": "A JV structure will provide Macy's with significant financial and operational flexibility, future optionality, and substantial ongoing free cash flow for Macy's OpCo.",
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      "kind": "list",
      "text": "1. Highlight the value of Macy’s real estate... 2. Provide Macy’s with cash... 3. Reduce risk at the OpCo... 4. Retain control... 5. Create a leading real estate vehicle(s)... 6. Create flexibility...",
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      "text": "Similar to the Hudson’s Bay / Simon and RioCan transactions, we believe Macy’s can use a JV structure to realize the embedded value of its real estate assets.",
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      "text": "Source: Company filings and Starboard Value estimates. (1) Macy’s would effectively be selling cash flows at an estimated 15x EBITDA multiple... (2) Assumes the JV(s) distributes its cash flow up to Macy’s and the JV partner(s).",
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      "kind": "title",
      "text": "JV(s) with reputable real estate firm(s)",
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