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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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  "notes": "Page 61 of the deck.",
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      "text": "For illustrative purposes, we have assumed the sale of remaining 53% interest in the credit card business and the 19.9% IPO of TIP REIT occurring 1/1/09, to be followed by a full spin-off of TIP REIT on 1/1/10",
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      "text": "Target Corp Model: Adjustments to opening balance sheet reflect de-consolidation of TIP REIT from Consolidated Model",
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      "text": "We have updated our model to reflect Q3 2008 results as well as new guidance provided by Target management on its earnings call on Monday, November 17, 2008",
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      "text": "Consolidated Model: Assume TIP REIT is captive and fully consolidated with the retailer for accounting purposes; financials show full consolidation throughout projection period.",
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      "text": "TIP REIT Model: $1.6bn of cash E&P distribution now funded with proceeds from the 19.9% IPO of TIP REIT instead of additional debt",
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