{
  "docId": "019dd923-622b-71dc-a6db-ad37d5373ee7",
  "docSlug": "ae865eb75860",
  "documentTitle": "Dillard's, Inc. (DDS)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-11-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 6,
  "pageCount": 11,
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  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The slide uses a standard OpCo/PropCo valuation methodology to estimate market rent.",
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      "kind": "callout",
      "text": "~$456 million of total rent expense at market",
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      "kind": "callout",
      "text": "Key Metric: 4-Wall EBITDAR / Rent of 2.25x",
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      "text": "Implied Rent / Sq. Ft.: $9.04",
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      "kind": "source-note",
      "text": "Source: Marcato estimates",
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      "kind": "table",
      "text": "4-Wall EBITDAR $1,027; Rent Coverage Ratio 2.25x; Total Rent Expense $456; Total Sq. Ft. (MM) 50.5; Implied Rent / Sq. Ft. $9.04",
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      "kind": "title",
      "text": "HOW TO ESTIMATE OPCO / PROPCO RENT?",
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      "evidence": "The deck presents a clear solution and provides relief by outlining the potential benefits of an OpCo/PropCo transaction.",
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      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
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      "evidence": "The deck presents a clear contrast between Dillard's current structure and the potential benefits of an OpCo/PropCo transaction.",
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      "objective": "To contrast Dillard's current structure with the potential benefits of an OpCo/PropCo transaction.",
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