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  "docId": "019dd923-622b-71dc-a6d9-c4b955586b03",
  "docSlug": "ac649d3561f0",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-11 00:00:00",
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  "pageNumber": 16,
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  "notes": "The slide uses a diagram to illustrate the flow of cash and ownership between Macy's, real estate partners, and debt holders for two distinct JV types.",
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      "kind": "callout",
      "text": "Real estate partners contribute combined $1.7 billion for 15% stakes in each JV",
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      "text": "Diagram showing ownership and cash flow between Macy's, Real estate partners, and Debt holders for Iconic and Mall JVs.",
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      "text": "Sell a portion of each entity to real estate partners. A real estate partner contributes cash in exchange for a stake in each JV (a 15% stake in this illustration). Macy’s could partner with different parties for each JV. We assume the cash stays at the JV level.",
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      "kind": "source-note",
      "text": "Source: Company filings and Starboard Value estimates. (1) Includes Herald Square, Union Square, State Street, and Downtown Minneapolis. (2) We are assuming in our proposal that Macy’s sells 15% of its JV ownership.",
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      "kind": "title",
      "text": "JV structure with the substantial majority of Macy’s real estate assets (cont’d)",
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