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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": "Part of a Pershing Square activist deck regarding McDonald's.",
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      "kind": "paragraph",
      "text": "Set forth below is a table which reconciles McOpCo's, Pro Forma McDonald's and standalone McDonald's FY 2006E income statements. The analysis demonstrates the flow of rent income, franchise income and rent expense upon separation of the businesses.",
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      "text": "(1) Assumes total PF McDonald's D&A of approximately $737 million, which is composed of $516 million (or 70%) of franchise PP&E and $221 million (or 30%) of D&A associated with company-operated units.",
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