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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "documentKindSlug": "activist-deck",
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  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 58,
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  "notes": "The table demonstrates the impact of increased rent expense and reduced D&A on EBIT, EBITDA, and net income, leading to a share repurchase scenario.",
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      "text": "If the Company were to pursue a $950 million sale-leaseback transaction, we estimate the Company would have $780 million to repurchase shares. Underlined Assumptions include: 7% cap rate on SLB, Cost basis of 30% and a tax rate of 25%",
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      "text": "Source: Bloomberg LP; Company filings. Note: Macellum assumptions include a 7% capitalization rate, 2% reduction in D&A and a 30% cost basis.",
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      "kind": "table",
      "text": "$950mm Sale-Leaseback Transaction table",
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      "kind": "title",
      "text": "A SALE-LEASEBACK APPEARS TO OFFER A SIGNIFICANT OPPORTUNITY TO UNLOCK VALUE",
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