{
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  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 20,
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  "density": "balanced",
  "nDataPoints": 25,
  "notes": "The slide uses a stacked bar chart to demonstrate that the Real Estate and Franchise segment is the primary driver of EBITDA growth, accounting for ~80% of the total.",
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      "kind": "chart",
      "text": "McDonald's Consolidated EBITDA ($ in millions)",
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      "kind": "paragraph",
      "text": "Despite an economic recession in 2001-2003, significant dips in McDonald's system wide same-store sales growth and declines in McDonald's stock prices, the Real Estate and Franchise business has grown every year over the last five years.",
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      "text": "Notes: Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Assumes McOpCo pays franchise fees of 4% of sales and rent of 9% of sales.",
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      "kind": "table",
      "text": "Same-store sales, McOpCo Growth, RE/Franchise Growth metrics for 2000-2004",
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      "kind": "title",
      "text": "Historical EBITDA by Business Type: Adjusted for a Market Rent and Franchise Fee",
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      "name": "Logic Chain",
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