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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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  "notes": "The slide uses a custom 'Lease Security' metric to argue for the safety of the investment.",
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      "text": "Based on our illustrative definition of \"Lease Security,\" if TIP REIT trades at a dividend yield of 4.9%, its \"Lease Security\" would still be worth 142% of the enterprise value of TIP REIT. No other REIT in the world today has this level of asset coverage in the event of a tenant default",
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      "text": "Based on our illustrative definition of “Lease Security,” if TIP REIT trades at a dividend yield of 4.9%, its “Lease Security” would still be worth 142% of the enterprise value of TIP REIT. No other REIT in the world today has this level of asset coverage in the event of a tenant default",
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      "text": "Asset Coverage: 142%",
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      "text": "(1) Based on the implied mid-point of valuation",
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      "kind": "table",
      "text": "\"Lease Security\" Value of Land and Unencumbered Buildings $39.1 TIP REIT Enterprise Value at 4.9% Dividend Yield $27.5 Illustrative Asset Coverage \"Lease Security\" / EV 142%",
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      "kind": "title",
      "text": "Unencumbered Assets Provide Significant Coverage",
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