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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 14,
  "pageCount": 79,
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  "nDataPoints": 5,
  "notes": "The slide uses a structural diagram to contrast the high-value real estate/franchise business with the lower-margin restaurant operator business.",
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      "kind": "callout",
      "text": "Reported financials have overstated margins due to a lack of transfer pricing: Currently not charged a franchise fee; Currently not charged a market rent",
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      "text": "McDonald's logo",
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      "text": "McDonald's controls substantially all of its systemwide real estate; Estimated 11,700 restaurants where McDonald's owns both land and buildings; Estimated $1.3 billion income from subleases; Estimated real estate value: $46 billion or ~94% of current Enterprise Value",
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      "text": "Approximately 9,000 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": "(1) Assumes that McDonald's owns the land and buildings of 37% of its system wide units and owns the buildings of 22% of its system wide units. (2) Valuation based on Pershing estimates. See page 64 for more detail on real estate valuation.",
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      "text": "A Landlord, Franchisor and Restaurant Operator",
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