McDonald's structural position as landlord to 95% franchised operators creates a rent-plus-royalty toll on systemwide sales that converts volatile restaurant economics into stable, high-margin fee income. The real estate lock-in—20-year franchise terms tied to company-controlled sites—makes franchisee switching prohibitively costly and secures recurring cash flow regardless of near-term traffic fluctuations.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on · in our words, not the filing’s