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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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      "text": "Structural split between Brand McDonald's and McOpCo",
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      "text": "Collects a royalty of 13% of systemwide sales; Real Estate (controls real estate, earns 9% rent); Franchise (32,000 restaurants, 4% unit sales); McOpCo (8,000 company operated restaurants)",
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      "text": "Objective 3: Unlock Shareholder Value at McDonald's",
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