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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "notes": "Part of Pershing Square's proposal for a McDonald's spin-off/IPO.",
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      "kind": "callout",
      "text": "We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support.",
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      "text": "Based on Wall Street research estimates at the time of Pershing's initial Proposal to the Company.",
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