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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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  "notes": "The slide breaks down property value and leasehold value to arrive at a total collateral value of $46.4 billion.",
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      "text": "Assuming PF McDonald's owns the land and building of 37% of its system wide units and owns the buildings of 22% of its system wide units, then a preliminary valuation of McDonald's real estate suggests a value of $33 billion.",
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