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  "docSlug": "f2f1130837d1",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "The slide uses a table to bridge the standalone cash flow impact to the post-transaction impact, highlighting a net positive of $484mm.",
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      "text": "Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target’s capital needs",
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      "kind": "disclaimer",
      "text": "(1) Assumes sale of remaining 53% interest on credit card receivables for $4.4bn on 01/01/09, with Target retaining $150mm of credit card EBITDA in '09E",
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      "text": "After-tax rent expense of ~$890mm is offset by land development capex of ~$890mm, which is funded by TIP REIT\nTIP REIT pays all of Target's 2009E dividends of 64 cents/share as well as an incremental $1.15/share to Target shareholders",
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      "text": "Net Incremental Cash Flow: $484",
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      "text": "2009E Standalone, 2009E Target Corp, Net Incremental Cash Flow. Memo: Incremental Rent Expense, Incremental After-Tax Rent Expense, Dividends Paid, Land Development Capex, Net Impact to Cash Flow",
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      "text": "3. Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target's capital needs",
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      "text": "Benefits of the October 29th Transaction (cont'd)",
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