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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": "The slide outlines the rationale for a spin-off or REIT-like transaction involving Target Corp's real estate assets.",
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      "text": "Enormous value creation",
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      "text": "Target Corp retains control over its buildings and brand\nImproves Target’s access to capital and decreases its capital needs\nCreates a non-cash currency for tax-efficient real estate acquisitions\nImproves management focus on core operations\nTax-free spin-off\nOptimizes ownership of land\nIncreases total free cash flow\nImproves store-level ROIC and Target’s EPS growth rate\nMaintains investment grade credit ratings profile\nIncreases total dividends from $0.60/share today to $1.86/share in 2009E (1)\nEnormous value creation",
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      "text": "dividends: $1.86/share",
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      "text": "(1) Excludes $112mm (approximately $0.16/share) of incremental interest expense due to CY2009 cash E&P distribution",
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      "text": "Transaction Rationale",
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