{
  "docId": "019dd923-622c-750b-8b98-639c191d3d92",
  "docSlug": "5f7b3bad7ba3",
  "documentTitle": "Realty Income Corp (O)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 46,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "analyze_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 52,
  "notes": "The slide uses a custom 'Dividend Sustainability' metric defined in the footnote.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "line_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-639c191d3d92/11",
  "deckHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, when comparing the duration of the remaining lease terms and current run-rate FFO, the dividend sustainability index now stands at its lowest levels since our dataset began in 2005",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a334-a313ecc0c8f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.46,
        "x": 0.02,
        "y": 0.43
      },
      "kind": "chart",
      "text": "Average O Realty Lease Term",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39c570f5-9116-4d19-a6fd-c01b1e0c74b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Dividend Sustainability: 11.45",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a334-a75a37e4de32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "O Realty's share price enthusiasm has been historically aided by its ability to consistently raise its dividend over time. However, when comparing the duration of the remaining lease terms and current run-rate FFO, the dividend sustainability index now stands at its lowest levels since our dataset began in 2005",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06ecf1cd-4b83-4e06-a9e1-f4186e1d49b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.02,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Company Filings, Spruce Point Estimates\n(1) Dividend Sustainability = (Run-Rate FFO x Remaining Lease Term) / Run-Rate Dividend",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b252a3a-92de-4870-a90f-17a207b03d81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.515,
        "y": 0.335
      },
      "kind": "table",
      "text": "Table of Period, Avg Remaining Lease Term, Run-Rate FFO, Run-Rate Div, and Dividend Sustainability",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00fc8d26-50c0-40f4-b812-734ab104c0fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.29,
        "y": 0.05
      },
      "kind": "title",
      "text": "Dividend Sustainability Index At Its Lowest Level",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e4c5694-35f9-4da6-aa9b-ffe5135e6330",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 29,
      "from": 6,
      "beatId": "2552a7fa-f225-47e1-83f1-b97099e2b2ae",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Evidence of A Deteriorating Business Model, Same Property Revenues Are Declining, Not Growing As O Realty Portrays, etc.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}