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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a hypothetical valuation for TIP REIT to argue for its market dominance.",
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      "kind": "callout",
      "text": "Given its size and scale, TIP REIT will be a “must own” stock for any real estate equity investor",
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      "text": "Equity Market Value: $27,500",
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      "kind": "paragraph",
      "text": "TIP REIT owns land under 225mm square feet of buildings (1), including 35mm sq. ft. of distribution facilities. TIP REIT would have a larger equity market capitalization than any real estate company in the U.S. today",
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      "text": "(1) Represents 2008E Target Corp stores, distribution facilities and warehouses on TIP REIT land (2) By equity market value; based on a 20-day trading average as of 10/24/08 (3) Based on company filings as of Q2 2008A",
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      "text": "10 Largest REITs Equity Market Value ($mm) Total Owned GLA (mm) TIP REIT 27,500 225 Simon Property Group 20,836 160 Public Storage 13,891 125 Vornado Realty Trust 13,023 81 Boston Properties 10,679 41 Equity Residential 10,479 na HCP, Inc. 8,450 na Kimco Realty Corporation 7,451 74 ProLogis 7,170 487 AvalonBay Communities 6,106 na",
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      "text": "TIP REIT: Tremendous Size and Scale",
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      "evidence": "table/data: 10 Largest REITs Equity Market Value ($mm) Total Owned GLA (mm) TIP REIT 27,500 225 Simon Property Group 20,836 160 Public Storage 13,891 125 Vornado Realty Trust 13,023 81 Boston Properties 10,679 41 Equity",
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