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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a replacement cost methodology to estimate the value of assets that would revert to the landowner in a default scenario.",
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      "text": "Although the buildings are not pledged as security, they will revert to the landowner upon a ground lease default. As such, illustratively, we define TIP REIT’s “Lease Security” as the value of the land and unencumbered buildings. Based on replacement cost, this “Lease Security” is valued at $39bn",
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      "text": "Real Estate Replacement Value: $39bn",
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      "text": "Although the buildings are not pledged as security, they will revert to the landowner upon a ground lease default. As such, illustratively, we define TIP REIT’s “Lease Security” as the value of the land and unencumbered buildings. Based on replacement cost, this “Lease Security” is valued at $39bn",
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      "text": "(1) Analysis excludes the value of owned buildings on third-party ground leased land; assumes cost of a Target store of $26mm ($13mm building and $13mm land) and cost of DC and WH of $70mm ($50mm building and $20mm land)\n(2) Assumes 1,438 stores, and 25 DCs and WHs on owned land in 2008E\n(3) Although the buildings are not pledged as security, the effective result is that they act like “collateral” in the event of tenant default",
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      "text": "Breakdown of Total Lease Security and Unencumbered Collateral values",
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      "kind": "title",
      "text": "$39 Billion of “Lease Security”",
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