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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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  "density": "balanced",
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  "notes": "The slide uses a sum-of-the-parts approach, adding the present value of existing ground leases to the present value of the platform.",
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      "kind": "callout",
      "text": "The implied TIP REIT valuation range on Ground Lease Precedents-based NAV analysis is $22 – $26bn, or $30 – $36/share today",
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      "text": "Value per Share: $30 - $36",
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      "text": "(1) Based on 2029E NOI of $2,560mm and 5.50% cap rate",
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      "text": "TIP REIT NAV (Ground Lease Precedents) Analysis (cont'd)",
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