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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "nDataPoints": 4,
  "notes": "This slide illustrates the structural separation proposed by the activist investor to highlight the value of the real estate and franchise components.",
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      "kind": "diagram",
      "text": "McDonald's structure",
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      "text": "Over 8,000 McDonald's company operated restaurants",
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      "text": "Approximately 32,000 restaurants where McDonald's receives 4% of unit sales",
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      "text": "McDonald's controls substantially all of its systemwide real estate; Earns 9% of systemwide unit sales as rent; For real estate it does not own, it pays a rent expense and generates income through subleases",
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      "text": "Objective 3: Unlock Shareholder Value at McDonald's",
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