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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 list-based comparison to argue for a lower cap rate (higher valuation) for the REIT.",
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      "kind": "callout",
      "text": "Given the above factors, TIP REIT will trade at a lower cap rate than an individual private ground lease",
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      "kind": "callout",
      "text": "TIP REIT offers better value to investors than a typical private ground lease",
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      "text": "TIP REIT has several qualities which make it more attractive than a private ground lease: Large cap, liquid public ownership; 75-year Master Lease term; 1,438 retail properties in 48 states; Inflation-protected rental stream; Best-in-class retail tenant; Geographic diversity",
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      "text": "Unlike a static ground lease, TIP REIT also has growth, given its dependable new store growth pipeline",
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      "text": "(1) Represents 2008E Target Corp stores on TIP REIT land",
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      "kind": "title",
      "text": "Why is TIP REIT Better than a Private Ground Lease?",
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