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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "notes": "Includes arrows highlighting key changes in Ground Lease Expense, Total Investment, and ROIC.",
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      "text": "Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, store-level return on investment increases from 23.0% to 39.8%",
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      "text": "(1) Assumes $0.9mm of ground lease rent expense, based on $7/sq. ft. lease cost and 131k of store square footage, on average",
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      "text": "Owned Store Level Operating Data and Assumptions ($mm) | Standalone 2007A | Pro Forma 2007A",
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