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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",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 32,
  "pageCount": 79,
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  "density": "sparse",
  "nDataPoints": 36,
  "notes": "The slide uses a weighted average for the industry total to provide a benchmark for the proposed McOpCo IPO valuation.",
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      "kind": "callout",
      "text": "We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support.",
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      "kind": "paragraph",
      "text": "Based on Wall Street research estimates at the time of Pershing's initial Proposal to the Company.",
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      "kind": "title",
      "text": "REITs: Typical Trading Multiples",
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      "arcName": "The Consultant's Gambit",
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