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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": "The slide uses a 'conservative' framing to preempt potential criticism that the valuation methodology overstates credit risk.",
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      "text": "We estimate that Target's ground lease credit risk should be materially lower than Target's unsecured CDS spread",
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      "text": "Importantly, we believe our TIPS-based valuation analysis conservatively measures TIP REIT's credit risk",
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      "text": "We believe this is conservative because while TIP REIT has Target's (unsecured) credit, it also has $20bn of unencumbered buildings that would revert to TIP REIT in the event of tenant default.",
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      "text": "TIP REIT: (1) Valuing the TIP-like Security (cont'd)",
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