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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Includes footnotes detailing adjustments and assumptions for the pro-forma consolidation.",
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      "kind": "callout",
      "text": "The table below sets forth the Income Statements for the two entities",
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      "text": "EBITDA: $6,599",
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      "text": "(1) Reflects payment to TIP REIT of $144mm less assumed expense of $125mm\n(2) Assumes rent of $7.00/sq. ft. on store land and $1.25/sq. ft. on DCs and WHs land for CY 2009E\n(3) Incremental standalone cost of TIP REIT\n(4) Assumes the sale of the remaining 53% interest on credit card receivables on 01/01/09, with Target retaining $150mm of credit card EBITDA",
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