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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a hypothetical scenario to demonstrate the value of separating real estate from retail operations.",
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      "text": "Target's resulting EBITDA after rent expense would be $3.8bn",
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      "text": "Assuming that Target were to rent all of its owned store locations at an estimated market rent of 4.25% of store sales (or approximately $13/sq. ft.) and its owned distribution facilities at $4.25/sq. ft., Target would pay an additional rent of $2.5bn in 2008",
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      "text": "(1) Implied cap rate of 8.5% on 35mm square feet of distribution facilities, valued at $50 per square foot (2) Assumes for illustrative purposes that the remaining 53% interest in credit card receivables is sold to an Investment Partner for $4.4bn and that Target retains $150mm of credit card income",
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      "text": "Target Real Estate Co and Pro Forma Target Corp financial tables",
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      "text": "What if Target Were to Rent its Real Estate?",
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