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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": 29,
  "pageCount": 80,
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  "density": "dense",
  "nDataPoints": 14,
  "notes": "Includes specific footnotes detailing the assumptions behind the IPO valuation and cost structure.",
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      "kind": "callout",
      "text": "Assuming a 19.9% IPO of TIP REIT at a 15% IPO discount, the IPO would generate roughly $5.1bn in gross proceeds. After frictional costs and expenses, IPO proceeds of $3.0bn will be paid to retire Target debt and $1.6bn will remain at TIP REIT",
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      "text": "Gross IPO Proceeds: $5.1bn",
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      "kind": "source-note",
      "text": "(1) Calculation based on allocating and subsequently paying down $3.0bn of debt\n(2) Calculation based on adding net proceeds of $4.6bn to captive TIP REIT equity value of $24.0bn; assumes cash balance of $1.6bn at TIP REIT upon IPO\n(3) Assumes a 19.9% IPO of TIP REIT at a 15% IPO discount; net of paying $500mm after-tax frictional costs and fees, IPO proceeds are $4.6bn\n(4) Assumes approximately $350mm of after-tax frictional costs and $150mm of IPO fees",
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      "kind": "table",
      "text": "Use of IPO Proceeds: Retire Target Debt $3.0; Cash Remaining at TIP REIT 1.6; Pay Frictional Costs and Fees 0.5; Total IPO Proceeds $5.1",
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      "kind": "table",
      "text": "TIP REIT Equity Value $27.0; Implied 2009E Dividend Yield 5.0%; Captive TIP REIT Equity Value $24.0; Discount 15% 20.4; New Issuance 19.9% 25.5; TIP REIT Post-IPO Equity Value $28.6; TIP REIT Gross IPO Proceeds $5.1",
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      "kind": "title",
      "text": "TIP REIT IPO Proceeds",
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      "evidence": "The document provides detailed valuation tables, financial models, and comparisons to existing REITs to support the revised transaction.",
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