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  "docSlug": "ac649d3561f0",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2016-01-11 00:00:00",
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  "pageNumber": 7,
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  "notes": "The slide uses a numbered list to build a logical case for a specific corporate action (real estate separation).",
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      "kind": "callout",
      "text": "Although we believe there are a number of attractive alternatives for Macy’s to create substantial value for shareholders and remain investment grade, we believe the most prudent first step is to create multiple JVs for the majority of Macy’s real estate.",
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      "kind": "list",
      "text": "1. Macy’s real estate is worth approximately $21 billion, and possibly far more. 2. Separating the real estate portfolio could create $10 billion of shareholder value. 3. There are numerous ways to structure a real estate separation... 4. In the proposed JV structures... 5. A real estate separation can be structured... 6. Separating the real estate could create two or more leading entities... 7. A real estate separation will enable Macy’s to maintain its current dividend...",
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      "text": "real estate value: $21 billion",
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      "text": "Source: Company filings and Starboard Value estimates.",
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      "text": "We believe Macy’s real estate is highly valuable and this value can be unlocked through a separation",
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