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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": "Uses a before-after framework to illustrate a corporate restructuring/spin-off.",
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      "kind": "callout",
      "text": "Tax-free spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager",
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      "text": "New Target Corp owns its buildings on 75-year ground leases; Outsources Facilities Management Services; Continues to maintain properties",
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      "text": "Leases back land to Target Corp through a Master Lease for a 75-year term; Elects REIT status at the time of spin-off; Becomes Target Corp’s outsourced facilities management provider; Becomes Target’s exclusive land developer for the first two years; After two years, becomes Target Corp’s Preferred Vendor for land procurement",
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      "text": "(1) Includes third-party ground leases",
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      "kind": "title",
      "text": "The Transaction",
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