McDonald's: The World's Greatest Net Lease REIT That Never Was

McDonald's Corporation offers a unique, high-margin franchising platform underpinned by control of prime restaurant real estate, not just burger sales. MCD trades at 21x expected 2026 earnings, below its 8-year average, with a 2.8% dividend yield and robust cash flow supporting ongoing dividend growth. Q1-26 results showed 9% revenue growth, 12% operating income growth, and systemwide sales exceeding $34 billion, highlighting resilient global demand and digital ecosystem strength. I initiated a position in MCD for its recurring rent/royalty streams, capital efficiency, and long-term compounding potential, with upside from multiple normalization and continued expansion. I've had McDonald's Corporation ( MCD ) on my watchlist for years, and I finally pulled the trigger. As you can see below, shares recently traded around $265 after a period of pronounced underperformance, and that’s unusual because the underlying