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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide uses a specific G&A allocation assumption (75% to Real Estate/Franchise) to derive the segment EBITDA.",
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      "text": "Assuming 75% of G&A is allocated to the Real Estate and Franchise business, an allocation that McDonald's management indicates is conservative, we indicate below the EBITDA for McOpCo and the Real Estate and Franchise businesses, as depicted in the reported financials.",
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      "text": "McDonald's Consolidated EBITDA ($ in millions)",
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      "text": "EBITDA: ~45%",
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      "text": "Assuming 75% of G&A is allocated to the Real Estate and Franchise business, an allocation that McDonald's management indicates is conservative, we indicate below the EBITDA for McOpCo and the Real Estate and Franchise businesses, as depicted in the reported financials. We note that McOpCo has historically appeared to contribute approximately ~45% of consolidated EBITDA.",
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      "text": "Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Management has indicated this is a conservative assumption regarding the Real Estate and Franchise business.",
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      "kind": "title",
      "text": "Historical EBITDA by Business Type: As Currently Reported",
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