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  "documentTitle": "Macy's Inc. (M)",
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  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "The slide outlines a specific financial target of $70 per share as a result of the proposed JV structure.",
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      "text": "We believe Macy’s will be worth approximately $70 per share following the creation of the two JVs (this is before value creation from additional real estate monetization, further improved operations, and credit card earnings).",
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      "text": "Brooklyn and Seattle are currently undergoing redevelopment that we believe will make them substantially more valuable over the next few years, and can be placed into a JV or otherwise monetized in the future.",
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      "text": "We believe that separating Macy’s iconic properties and mall store locations into two separate JVs will allow Macy’s to attract the most motivated partners for each type of real estate asset.",
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      "text": "We believe Macy’s will be worth approximately $70 per share after this initial step.",
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      "text": "The majority of the potential value creation comes from Macy’s highest quality locations – its iconic stores(1) and its best mall locations.",
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      "text": "Therefore, we recommend that as a first step Macy’s immediately pursue plans to create two JVs: one for its iconic properties(1) and one for its mall locations.",
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      "text": "As a second step, Macy’s should begin exploring alternatives, including JVs, for its remaining $4 billion of real estate, which includes its owned mall stores in “C” locations, Portland, Brooklyn, Seattle, ground leased mall locations, and its owned distribution centers.",
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      "text": "share price: $70",
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      "text": "While the exact properties that are placed in the JVs will depend on what certain partners are willing to pay for each type of asset, we believe it makes sense for Macy’s to initially create two separate JVs, one for its iconic stores and one for its mall locations.",
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      "text": "Source: Company filings and Starboard Value estimates. (1) Includes Herald Square, Union Square, State Street, and Downtown Minneapolis.",
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      "text": "We believe a separation of Macy’s most valuable real estate into two separate JVs is most prudent",
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