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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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  "notes": "The table illustrates the allocation of costs and revenue to demonstrate that McOpCo is not paying market rates for rent or franchise fees.",
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      "text": "The analysis demonstrates how McOpCo is paying neither a market rent nor a franchise fee.",
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      "text": "EBITDA: $5,183",
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      "text": "Set forth below is a table which reconciles McOpCo's, Brand McDonald's and stand-alone McDonald's FY 2004 income statements, as they are currently reported. The analysis demonstrates how McOpCo is paying neither a market rent nor a franchise fee.",
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      "text": "The analysis assumes that 75% of the total G&A is allocated to the Brand McDonald's and 25% is allocated to McOpCo. To the extent that there should be more G&A allocated to McOpCo, then there would be a greater percentage of total EBITDA at Brand McDonald's than what is shown here. Note: Analysis excludes $441 mm of non-recurring other net operating expenses.",
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      "text": "Reconciliation table showing Sales, Expenses, EBIT, and EBITDA for 2004 Income Statement, McOpCo, Brand McDonald's, and Consolidated.",
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      "text": "2004 McDonald's P&L As Reported",
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