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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide serves as a foundational argument for a potential real estate spin-off or valuation unlock.",
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      "text": "Iconic U.S. retail brand\nBest-in-class operator with distinctive merchandising strategy\n1,685 stores in 48 states\nBest management team in the retail industry\nAttractive growth profile, driven by mid-to-high single-digit square footage growth and market share gains\nRecently sold an undivided interest in credit card receivables",
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      "text": "High-quality owned real estate in attractive suburban and urban locations\nSignificant value embedded in real estate, not accounted for in public market valuation\nOwns ~95% of its retail buildings and ~85% of the land under its retail locations\nOwns ~84% of its distribution centers (\"DCs\") and ~81% of the land under its DCs\nFacilities Management Services comprising hundreds of employees responsible for property maintenance",
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