Spruce Point Capital · activist-deck
Realty Income Corp (O)
46 pages · 3 arc beats · 2 loops
Realty Income Corp (O)
Spruce Point Capital · 2018-02 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 35 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 2 slides 100% 2/2 slides 100% 2/2 slides · 14 hits — 0/2 slides
— 0/2 slides
100% 2/2 slides 100% 2/2 slides 100% 2/2 slides Agitate 24 slides 100% 24/24 slides 100% 24/24 slides · 145 hits — 0/24 slides
41.7% 10/24 slides · 11 hits 50% 12/24 slides 100% 24/24 slides 12.5% 3/24 slides Solution 9 slides 100% 9/9 slides 100% 9/9 slides · 48 hits — 0/9 slides
11.1% 1/9 slides 77.8% 7/9 slides 100% 9/9 slides — 0/9 slides
Slide inventory
46 every slide · same image gating as the playbook
01
The image uses visual metaphor (vacant store, downward arrow, rat) to convey a negative outlook on the company's performance.front_matter
03
The table serves as a track record of successful activist outcomes (CEO turnover).summarize
04
The slide uses a list-based structure to present four distinct pillars of the short thesis.summarize
05
The slide uses a structured list format to present the core arguments for the short position.frame_problem
07
Includes capitalization table on the left and financial/valuation tables on the right.analyze_data
Open slide detailBeat · Agitate
08
Uses a circular flow diagram to illustrate the reversal of a business model's flywheel.expose_contradiction
09
Uses a before-after style comparison to highlight accounting discrepancies.expose_contradiction
10
The slide uses arrows to visually emphasize the inverse movement between the two lines.diagnose_problem
11
The slide uses a custom 'Dividend Sustainability' metric defined in the footnote.analyze_data
Open slide detailBeat · Agitate
12
Includes a specific callout box highlighting multiple compression for KIM, BRX, and DDR.compare_peers
Open slide detailBeat · Agitate
13
Uses a 'not equal' symbol to visually represent the contradiction between valuation and operational performance.expose_contradiction
Open slide detailBeat · Agitate
14
Charts show specific dates of guidance revisions and the resulting stock price drops.preempt_rebuttal
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15
The logo is a stylized pine tree, likely representing Spruce Point Capital Management.transition
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16
Uses a comparison table to contrast company definition vs. preferred definition.expose_contradiction
Open slide detailBeat · Agitate
17
Uses a before-after style comparison to highlight accounting manipulation.expose_contradiction
Open slide detailBeat · Agitate
18
The slide uses a bridge-style reconciliation to expose that the company's reported SSR figures mask underlying vacancy issues.expose_contradiction
Open slide detailBeat · Agitate
20
The slide uses red boxes and arrows to draw attention to the increasing volume of vacant property sales and the associated financial losses.expose_contradiction
Open slide detailBeat · Agitate
21
The slide uses a table to show a deterioration in leasing fundamentals over time, supported by callout boxes highlighting specific negative trends.diagnose_problem
Open slide detailBeat · Agitate
23
The slide uses a table to quantify 'Amazon Risk' across specific sectors (Pharmacy, Grocery, Theater) for several REIT tickers.expose_contradiction
Open slide detailBeat · Agitate
24
The slide uses two bar charts to illustrate negative trends in Same Store Sales (SSS) and high volume of store closures/relocations.expose_contradiction
Open slide detailBeat · Agitate
25
The slide uses two bar charts to illustrate operational decline.diagnose_problem
Open slide detailBeat · Agitate
26
The slide uses three charts to illustrate declining attendance, volatile box office revenue, and stagnant screen growth.diagnose_problem
Open slide detailBeat · Agitate
27
The slide uses a red arrow to emphasize the decline in EBITDAR/Rent and a Bloomberg stock chart to show the ~64% decline in share price.expose_contradiction
Open slide detailBeat · Agitate
29
Uses a comparison table structure to highlight the delta in property counts and associated rent figures.expose_contradiction
Open slide detailBeat · Agitate
30
The slide uses a red box to highlight the target company's inferior disclosure practice compared to peers.expose_contradiction
32
Includes arrows to visually emphasize the negative correlation between the two lines.diagnose_problem
33
Uses a pro-forma adjustment to strip out interest rate benefits.expose_contradiction
35
The slide uses a table to list executives and their backgrounds to support the 'Ivory Tower' narrative.name_villain
36
The slide uses a 'guilt by association' framework to undermine the credibility of the audit committee.introduce_nominees
37
The slide uses a combination of a line chart and a data table to highlight the divergence between insider behavior and institutional index buying.expose_contradiction
39
The slide uses a red box and blue arrow to draw attention to the outlier analyst (Goldman Sachs).preempt_rebuttal
Open slide detailBeat · Solution
40
Includes a specific callout table for KIM, BRX, and DDR to illustrate multiple compression.compare_peers
Open slide detailBeat · Solution
41
Uses a 'not equal' symbol to visually contrast high valuation with poor operational performance.compare_peers
Open slide detailBeat · Solution
42
The slide uses a precedent-based valuation approach, comparing the target to REITs in financial decline.show_valuation_bridge
Open slide detailBeat · Solution
44
The slide uses a callout to highlight the specific event (guidance reduction) and the resulting stock price decline.illustrate_case
Open slide detailBeat · Solution
45
The slide uses a line chart to correlate specific corporate guidance events with a downward trend in stock price.expose_contradiction
Open slide detailBeat · Solution
46
The slide uses a red vertical line to mark a specific guidance reduction event and a red horizontal line to show the total percentage decline.illustrate_case
Open slide detailBeat · Solution