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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": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a comparison frame to equate a REIT investment to a bond investment.",
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      "kind": "callout",
      "text": "Given its long-term lease arrangement and its land-only structure, TIP REIT’s risk profile will be similar to that of a long-term, senior secured, highly-rated, and inflation-protected bond",
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      "text": "TIP REIT Risk profile: Long-term, Senior Secured, Highly-rated, Inflation-protected, Bond",
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      "text": "Land-only REIT structure: $39bn of “lease security” or 142% asset coverage at a 4.9% dividend yield, Effectively “over collateralized” by $20bn of buildings",
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      "text": "75-year Master Lease: Long-term lease, 100% occupancy, Highly rated, high-quality tenant in Target, Inflation protection, Extremely low probability of lease default",
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      "text": "Long-term Lease Provides Bond-like Stability",
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