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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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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Uses a before-after bridge diagram to illustrate the shift in EBITDA contribution.",
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      "text": "2004 Total EBITDA Adjusted for Market Rent and Franchise Fees",
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      "text": "In 2004, McDonald's company-operated restaurants appeared to contribute 46% of total EBITDA. However, once adjusted for a franchise fee and a market rent fee, McOpCo constituted only 22% of total EBITDA, with the higher multiple Real Estate and Franchise businesses contributing 78% of total EBITDA.",
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