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  "authorName": "William Ackman",
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      "text": "“Land-only” structure is extremely secure\n$39bn of “Lease Security”, including $20bn of unencumbered buildings\nLong-term lease provides bond-like stability and inflation-protection\n75-year, inflation-protected “Master Lease” with Target Corp\nSignificant growth opportunity\nFormal arrangement with Target Corp provides long-term growth pipeline\nHigh quality locations and superb tenant profile\nDe minimis maintenance capex allows for strong FCF generation\nTremendous size and scale – a “must-own” REIT",
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