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  "documentTitle": "Realty Income Corp (O)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "notes": "Includes a specific callout box highlighting multiple compression for KIM, BRX, and DDR.",
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      "kind": "callout",
      "text": "See case studies for KIM, BRX, and DDR which illustrate the multiple compression that occurs when the growth profile is reduced",
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      "text": "O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly.",
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      "text": "O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly.",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "kind": "title",
      "text": "Peer Group Comparison",
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      "evidence": "Evidence of A Deteriorating Business Model, Same Property Revenues Are Declining, Not Growing As O Realty Portrays, etc.",
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