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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 argues that TIP REIT's 'land-only' structure eliminates the need for maintenance capex, making FFO an inappropriate metric for comparison.",
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      "kind": "callout",
      "text": "Given TIP REIT’s de minimis maintenance capital requirements, TIP REIT’s free cash flow should be compared to a real estate investment trust’s AFFO, not the “FFO” metric",
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      "text": "Maint. Capex / EBITDA: 0.0%",
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      "text": "TIP REIT's “land-only” structure maximizes cash flow. Unlike large cap real estate companies that spend on average 8% of EBITDA to maintain depreciable properties, TIP REIT requires virtually no maintenance capital",
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      "text": "(1) By equity market value (2) Source: Wall Street research; 2008E maintenance Capex / EBITDA",
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      "text": "10 Largest REITs (1) Maint. Capex / EBITDA (2) TIP REIT 0.0% Simon Property Group 8.7% Public Storage 5.5% Vornado Realty Trust 13.4% Boston Properties 11.8% Equity Residential 6.9% HCP, Inc. 6.9% Kimco Realty Corporation 6.7% ProLogis 8.5% AvalonBay Communities 5.7% Average (Excluding TIP REIT) 8.2%",
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      "text": "TIP REIT: No Maintenance Capital Requirements",
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