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  "documentTitle": "Macy's Inc. (M)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "Includes a financial table and a flow diagram illustrating cash distribution percentages.",
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      "text": "In this scenario, Macy’s would receive approximately $409 million of cash flow through distributions from the JVs",
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      "text": "In this scenario, Macy's would receive approximately $409 million of cash flow through distributions from the JVs",
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      "text": "Flow diagram showing cash distributions from Iconic JV and Mall JV to Macy's and Real estate partners.",
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      "text": "If desired, the JVs can distribute Macy’s portion of the JVs’ cash flow back to Macy’s. This structure allows for the JVs to distribute their cash flow such that the percentage of the free cash flow associated with Macy’s ownership would go back to the OpCo.",
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      "text": "Net cash flow to Macy's: $409",
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      "text": "Although, in realistic scenarios, the cash flow from Macy’s OpCo alone will be more than sufficient to fund Macy’s cash needs, Macy’s can feel extra safe knowing that it can receive distributions of 85% of the JV’s cash flows, giving it access to virtually all of the cash outflows it has from the additional rent burden. Therefore, as shown on the next slide, Macy’s available cash flow profile is materially the same as it is today.",
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      "text": "Source: Company filings and Starboard Value estimates.",
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      "text": "Real estate JVs Rent $937 EBITDA margin 97.5% EBITDA $914 (-) Interest ($278) FFO $636 Macy's ownership 85.0% Potential distributions to Macy's $541 Taxes on Macy's share of JV earnings ($132) Net cash flow to Macy's $409",
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      "text": "JV structure with the substantial majority of Macy’s real estate assets (cont’d)",
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