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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Uses a simple illustrative example to show the rent spread between current lease and potential re-lease value.",
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      "kind": "callout",
      "text": "TIP REIT’s land-only leases are the most secure form of real estate investment",
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      "text": "Because it will lose its building in the event of default, a tenant is highly motivated to make its ground lease payments.",
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      "text": "Illustrative Example: Today $7 sq. ft. Rent vs Event of default $13 sq. ft. Rent",
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      "text": "Ground leases are the most secure form of real estate investment\nIn the event of a default on a ground lease, the building and improvements revert to the landowner\nAs such, in the event of tenant default, a landowner can re-lease the land and the building at significantly lower rent than market and still maintain its current lease payments",
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      "text": "Because it will lose its building in the event of default, a tenant is highly motivated to make its ground lease payments. The unencumbered building acts as collateral, making the ground lease extremely secure",
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      "text": "“Land-only” Structure is Tremendously Secure",
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