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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide details the separation of rent and franchise income/expenses between the two entities.",
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      "text": "EBITDA: $5,362",
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      "text": "Set forth below is a table which reconciles McOpCo's, Pro Forma McDonald's and standalone McDonald's FY 2005E income statements. The analysis demonstrates the flow of rent income, franchise income and rent expense upon separation of the businesses.",
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      "text": "(1) Assumes total PF McDonald's D&A of approximately $712 million, which is composed of $499 million (or 70%) of franchise PP&E and $214 million (or 30%) of D&A associated with company-operated units.",
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