If leases are equivalent to debt, then...
You may not know this but $MCD isn't really a real estate company. It's actually a debt portfolio.
Right of use asset so both sides of the balance sheet swell up like a rotting whale.
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No the leverage ratios go out of whack and the covenants are going to violate and it is going to cause a wave of defaults and insolvencies the like never seen before, because LeAsEs ArE JuSt LiKe DeBt just ask Damodaran.
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