William Ackman, who owns a 4.9% stake in McDonald's stock had this to say about the fast-food company...

Despite the fundamental misperception that McDonald's is a restaurant company that owns a lot of real estate, the truth is actually slightly different. Nearly 90% of its economic earnings, excluding rent, fees, and other items, come from real estate.

This statement came after he made a presentation with a plan to boost McDonald's stock price up to as much as $45 to $50 per share.

The plan is based on the fact that McDonald's owns the land under many of its corporate owned stores.

Ackman, a managing partner of Pershing Square Capital Management, said McDonald's should spin off 65% of the 8,000 restaurants it owns and borrow $14.7 billion against its real estate to buy back shares. The chain owns 37% of the land beneath the more than 30,000 McDonald's restaurants worldwide.

The issue is being watched carefully. Ackman did the same with Wendy's International after he bought a stake there. McDonald's, however, said it's not interested in the idea.

However, Vornado Realty Trust recently bought a 1.2% stake in McDonald's since the Pershing investment and Deutsche Bank has increased its holdings to 3.2%, according to SEC filings.