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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "The slide details a corporate restructuring strategy involving a REIT spin-off/IPO.",
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      "text": "Credit ratings impact: Target Corp will maintain its A+/A2 credit rating",
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      "text": "Immediate valuation benefits: Allows investors to value Target on a sum-of-the-parts basis",
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      "text": "Step 1: Formation of Target Inflation-Protected Real Estate Investment Trust",
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      "text": "Step 2: Primary IPO of <20% of TIP REIT shares",
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      "text": "TIP REIT leases the land back to Target Corp through a Master Lease for a 75-year term",
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      "text": "At the time of the IPO, TIP REIT will elect REIT status; IPO does not trigger any capital gains taxes; Target retains >80% interest in TIP REIT",
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      "text": "(1) TIP REIT assumes a portion of Target liabilities. (2) TIP REIT will lease land to Target Corp. (3) Non-REIT assets will be placed in a taxable REIT subsidiary (TRS).",
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      "text": "Revised Transaction: <20% IPO of TIP REIT",
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