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  "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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      "text": "Tax-free IPO and spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager",
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      "text": "Leases back land to Target Corp through a Master Lease for a 75-year term; Elects REIT status at the time of IPO; Becomes Target Corp’s outsourced facilities management provider; Becomes Target Corp’s Preferred Vendor for land procurement",
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      "text": "(1) Includes third-party ground leases",
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      "kind": "title",
      "text": "The Revised Transaction",
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