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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": "The slide highlights an 88.5% upside based on the sum of the operating business and real estate JVs.",
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      "text": "We believe the formation of these two JVs with a reputable real estate firm will allow Macy's to maintain control over its properties while realizing value from its real estate and reducing risk. We believe there are willing partners that would be excited to own Macy's real estate.",
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      "text": "We believe the formation of these two JVs with a reputable real estate firm will allow Macy’s to maintain control over its properties while realizing value from its real estate and reducing risk.",
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      "text": "share price: $67.64",
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      "text": "Source: Company filings and Starboard Value estimates. Note: As of January 8, 2016. (1) Macy's ownership portion of JVs. Equity value assumes 20% discount. (2) Pro forma share count of 306 million.",
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