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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": "Includes a calculation of implied cap rate based on estimated market rent.",
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      "text": "Assuming that on average, a new store costs $26mm to zone, develop and build or approximately $197/sq. ft. (1) and that each Distribution Facility costs $70mm or approximately $50/sq. ft. (1), the replacement cost of Target's owned real estate (excluding the value of its buildings on ground leased land and its existing leases) is approximately $39bn",
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      "text": "Real Estate Replacement Value: $39.1bn",
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      "text": "Assuming that on average, a new store costs $26mm to zone, develop and build or approximately $197/sq. ft. (1) and that each Distribution Facility costs $70mm or approximately $50/sq. ft. (1), the replacement cost of Target's owned real estate (excluding the value of its buildings on ground leased land and its existing leases) is approximately $39bn",
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      "text": "(1) Based on average store size of 132k square feet, and DCs & WHs size of 1.4mm square feet\n(2) Analysis excludes the value of owned buildings on third-party ground leased land; assumes cost of a Target store of $26mm ($13mm building and $13mm land) and cost of distribution facility and warehouse of $70mm ($50mm building and $20mm land)\n(3) Assumes 1,438 stores, and 25 distribution facilities and warehouses on owned land in 2008E",
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      "text": "Total Real Estate Replacement Value ($bn) $39.1. Implied Cap Rate @ $2.5bn of Estimated Market Rent 6.4%.",
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      "text": "2008E Retail Real Estate: 222 Total Sq. Ft. (mm), 85% Estimated % Owned, 189 Owned Sq. Ft. (mm), $197 Value / Sq. Ft., $37.4 Total Value ($bn). 2008E DCs and WHs: 44 Total Sq. Ft. (mm), 81% Estimated % Owned, 35 Owned Sq. Ft. (mm), $50 Value / Sq. Ft., $1.8 Total Value ($bn).",
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