Pershing Square Activist Presentation Deck
A. Pershing's Proposal: Assumptions
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.
$ in million
Property Value
Owns Land and Building
Owns Building (Leases Land)
Collateralized Financing
$ in million
Leasehold Value
Leaseholds
Avg. Annual Rev.
Per Unit
1.75
1.75
Est. Market Est. Market
Rent %
Rent $
9.0%
4.5%
0.16
0.08
Est. Rent
Spread Per Avg unit
64
0.10
Est.
# of Units
11,709
6,962
Est.
# of Units
12,975
Est. Rent
Income
1,844.2
548.3
Estimated Property Value
Est. Rent
Income, Net
1,322.8
Estimated Leasehold Value
Total Real Estate Collateral Value
Cap
Rate
7.0%
8.0%
Cap
Rate
10.0%
Total Real
Estate Value
$26,346
$6,854
$33,200
Total Real
Estate Value
$13,228
$13,228
$46,428View entire presentation