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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a comparison frame to highlight the valuation gap between Target and REITs.",
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      "kind": "callout",
      "text": "Importantly, with 22% of Target's existing EBITDA representing the ground lease rents available to TIP REIT, the separation of TIP REIT would allow for significant shareholder value creation for Target shareholders",
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      "kind": "callout",
      "text": "Importantly, with 22% of Target’s existing EBITDA representing the ground lease rents available to TIP REIT, the separation of TIP REIT would allow for significant shareholder value creation for Target shareholders",
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      "text": "Even if Target's valuation multiples normalized over the next 12 – 18 months to historical levels, Target's Standalone valuation multiples would never reach the expected EV/EBITDA multiples of TIP REIT. TIP REIT does not pay taxes and has no maintenance capital requirements.",
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      "text": "EV / EBITDA multiple: 8.2x",
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      "kind": "paragraph",
      "text": "When reviewing Target's historical EV / EBITDA multiples, on average, Target has not been afforded the valuation levels of a typical Large Cap REIT or the expected valuation multiple of TIP REIT",
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      "text": "(1) Based on a 20-day trading average as of 10/24/08",
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      "text": "Target's EV / Forward EBITDA Multiple: 8.2x (Last 5 year average), 6.0x (@ $40). REIT Forward EV / EBITDA Multiple: 19.3x (TIP REIT @ 38/share), 15.7x (Large Cap REITs)",
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      "kind": "title",
      "text": "What if TGT's Valuation Normalizes to Historical Levels?",
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