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  "docSlug": "f2f1130837d1",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-11-19 00:00:00",
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  "pageNumber": 28,
  "pageCount": 80,
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  "slideType": "roadmap",
  "function": "plan_implementation",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide details specific financial mechanics for a spin-off and tax-related dividend strategy.",
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      "kind": "callout",
      "text": "Post spin-off, Target maintains its “A” category credit rating",
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      "text": "By December 31 of the calendar year of spin-off, TIP REIT pays a $1.6bn cash E&P dividend to TIP REIT shareholders\nNote: Cash E&P dividend could be materially lower than $1.6bn\nThe REIT industry group has requested the Treasury Department to issue a rule allowing low-cash stock-cash dividends\nIf granted, this rule would reduce the cash portion of TIP REIT’s E&P dividend to as little as $400mm",
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      "text": "Immediately prior to spin-off, Target enters into an inflation-swap agreement to hedge inflation (alternative is to buy swaption today)\nTarget's >80% interest in TIP REIT is distributed tax-free to shareholders\nPost spin-off, Target maintains its “A” category credit rating",
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      "text": "Step 5: Spin-off of remaining interest in TIP REIT to Target shareholders",
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      "kind": "list",
      "text": "Step 6: TIP REIT purges retained Earnings and Profits",
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      "text": "cash E&P dividend: $1.6bn",
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      "kind": "title",
      "text": "Post IPO: Spin-off TIP REIT and Purge E&P",
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