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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 comparison framework to justify a sum-of-the-parts valuation approach.",
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      "text": "TIP REIT stock can be valued as two entities: (1) an Inflation-Protected Secured Bond that is nearly identical to TIPS and (2) a Land Developer with a stable growth platform",
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      "text": "TIP-like Security: Cash flows from the rental income generated by the existing, “static” ground lease portfolio. Nearly identical to TIPS, given stability, security and the long-term, inflation-adjusted nature of the Master Lease. Inflation-linked rents based on the same CPI measure as used for TIPS. Semi-annual dividend payments on the same date as TIPS interest payments. Highly liquid.",
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      "text": "Land Developer: Cash flows generated as the Preferred Land Developer of new Target stores. Exclusive right to be Target’s land developer for the first two years post Transaction. Preferred Land Developer after two years. Attractive 6% – 8% square footage growth for the foreseeable future. Provide Facilities Management services as part of land developer platform.",
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      "text": "TIP REIT Can Be Valued As Two Entities",
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