As most of you know, activists have been clamoring for several changes. One of the changes has to do with selling the owned real estate. Now, I'm not sure that's a great idea but what seems to get lost in the conversation is that despite owning a significant number of their stores (and the underlying real estate), their operating margins stink. Most restaurant companies lease their sites and, as such, have occupancy expenses in the 8-10% of revenues range. These guys don't have that cost yet their operating margins are bad. Selling the real estate would expose that and may not be a great idea. Yes, they'd generate some 1-time cash inflows from the sales but the annual lease expense they'd now have would likely generate losses. Bottom line...this appears to be a flawed operating business. That's what the numbers suggest.