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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 table shows a multi-year projection of cash flows leading to a terminal value calculation.",
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      "kind": "callout",
      "text": "TIP REIT's land development opportunity can be valued based on its growth platform value",
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      "text": "TIP REIT’s land development opportunity can be valued based on its growth platform value",
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      "text": "Based on 20-year DCF analysis\nImplied valuation at 4.65% – 5.15% cap rate and 10.5% – 12.5% discount rate\n2029E terminal NOI: $2,560mm\nValuation range of $0.0bn – $2.3bn",
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      "text": "(1) Based on 2029E NOI of $2,560mm and 4.65% cap rate",
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      "kind": "table",
      "text": "Incremental Rental Revenues, After-tax Facilities Management Income, G&A Expense, Total Capex, Free Cash Flow from Platform, Terminal Value, Discount Rate, Terminal Cap Rate, Present Value of Platform",
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      "text": "TIP REIT: (2) Valuing the Land Developer",
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