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  "documentTitle": "Macy's Inc. (M)",
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  "presentationDate": "2016-01-11 00:00:00",
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      "text": "Total real estate value of approximately $16.5 billion",
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      "text": "Assumes Macy's sells 15% of its real estate entities to a third party in a JV",
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      "text": "Conservatively assumes market applies a 20% discount to the price paid by JV partner for 15% stake",
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      "text": "Contributed from partners, representing 15% of JV equity value",
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      "text": "Assumes JV raises debt to target conservative net debt / EBITDA of 5.8x(1)",
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      "text": "The real estate JVs will start with best-in-class properties and have sufficient cash to fund growth and diversification over time.",
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      "text": "Value per share: $24.88",
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      "text": "By forming JVs with its four iconic properties (including Herald Square, Union Square, State Street, and Minneapolis) and its mall store locations, Macy's can create vehicles to unlock its real estate value while keeping most of its current cash flow.",
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      "text": "Source: Company filings and Starboard Value estimates. (1) Equates to 7.6x gross debt / EBITDA when excluding the cash received from the 3rd party's investment to fund future growth; however, if this cash is deployed to fund growth, that will increase EBITDA, reducing the gross leverage ratio.",
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