The activist investor, in a letter and presentation to Macy’s management on Sunday, said although it supports the retail chain’s plans of cost cuts, it wants the company to follow-through with real-estate deals to add more cash in its reserves, the WSJ said. Starboard said spinning off Macy’s real-estate assets could “create meaningful and lasting value for shareholders,” the newspaper reported, citing the letter it reviewed. The letter suggested two separate joint ventures, one for Macy’s landmark properties like Herald Square and a second for its hundreds of mall locations, the journal said.