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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 comparison frame to highlight the superior yield of the proposed McDonald's structure compared to a REIT benchmark.",
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      "kind": "disclaimer",
      "text": "Note: Assumes a 7x EV / FY '06E EBITDA multiple on McOpCo. (1) Retail / REIT dividend yield based on Simon Property Group. Illustrative LT Dividend growth based on Pershing's estimates. (2) Assumes full payout of free cash flows for PF McDonald's. (3) Assumes 15% tax rate on PF McDonald's dividend and a 35% tax rate on the REIT dividend. (4) Scenario 2 Pre-Tax and After-Tax Yields are adjusted for a 35% stake in McOpCo.",
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      "text": "V. Developing a Response to the Company",
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      "text": "After-Tax Investor Yield: 7.2%",
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      "text": "Comparison table of McDonald's stock price, yields, and dividend growth across two scenarios vs REIT benchmark.",
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      "kind": "title",
      "text": "Which Would You Rather Own: Pro Forma McDonald's or a Large Retail REIT?",
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