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  "documentTitle": "Macy's Inc. (M)",
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  "notes": "Includes a supporting calculation box for the JV net cash flow to Macy's.",
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      "text": "Putting $937 million of rent and $16.5 billion of value into JVs results in a mere $43 million reduction in available cash flow to Macy's, while raising $1.7 billion in growth capital from the JV partner and creating $10 billion in value.",
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      "text": "Macy's can choose to have the JVs either (i) distribute its cash flow back to Macy's and its real estate partner, or (ii) retain the cash flow at the JV level to grow and diversify its real estate holdings (increasing future cash flow).",
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      "text": "Source: Company filings, Starboard Value estimates, and Bloomberg. (1)-(5) footnotes.",
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