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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": "We believe Macy's owned real estate is extremely valuable and these real estate assets are underappreciated by the market. We estimate the real estate assets are worth $21 billion (in excess of the Company's current enterprise value). Macy's can take immediate action to unlock this value while reducing risk. To supplement our own research, we retained the leading independent research firm specializing in real estate valuations, as well as experts in retail operations, corporate restructurings, and debt and transaction structuring.",
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