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  "documentTitle": "Macy's Inc. (M)",
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      "text": "We believe Macy’s has an opportunity to create massive value for the benefit of all shareholders by strategically monetizing its highly valuable real estate portfolio.",
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      "text": "These properties can be monetized in the form of future JVs, sale leasebacks, redevelopment, and/or public market transactions.",
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      "text": "We believe the remainder of Macy’s real estate is worth approximately $4 billion.",
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      "text": "Following the completion of these transactions, Macy’s can explore value creation options with the remainder of its real estate portfolio, which includes the rest of its mall properties (owned “C” mall locations and ground leased properties), its owned distribution centers, its Portland flagship, and its Brooklyn and Seattle flagships, which are currently undergoing redevelopment that will substantially increase their value over the next several years.",
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      "text": "share price: $70",
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      "text": "We believe that, following the initial JV transactions, Macy’s will be worth approximately $70 per share. This is before realizing value from the $4 billion of real estate not included in our initial JV transactions, additional steps to further separate the JVs, or value creation from further improved operations and credit card earnings.",
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      "text": "Source: Company filings and Starboard Value estimates.",
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      "text": "Permanent value creation for Macy’s shareholders (cont’d)",
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