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  "docSlug": "312cc29b1436",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-11 00:00:00",
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  "pageNumber": 18,
  "pageCount": 80,
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  "notes": "The slide uses a yellow callout box to highlight the board's restrictive behavior regarding advisor mandates.",
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      "kind": "callout",
      "text": "Notably, the board assigned its advisors the narrow task of only evaluating Pershing Square's TIP REIT spin-off structure\nBoard would not authorize Goldman Sachs to explore alternative real estate value creation opportunities",
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      "kind": "callout",
      "text": "Notably, the board assigned its advisors the narrow task of only evaluating Pershing Square’s TIP REIT spin-off structure",
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      "text": "Target owns over 200 million square feet of high-quality retail real estate\nWe believe that Target's real estate has a replacement cost of nearly $40 billion (based on management's estimates of the current average cost to build its stores and distribution facilities)\nDespite this immense value, Target's board has been unwilling to examine alternatives to unlock real estate value",
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      "text": "replacement cost: $40 billion",
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      "kind": "title",
      "text": "Board Lacks Initiative: Real Estate",
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      "beatName": "Agitate (Make it worse)",
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      "evidence": "The document agitates the problems, highlighting the consequences of the board's actions and inactions.",
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