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  "documentTitle": "Realty Income Corp (O)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "notes": "Uses a before-after style comparison to highlight accounting manipulation.",
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      "text": "Better Reflects Economic Reality",
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      "text": "The magnitude of the overstatement is 2% which is the difference between growth vs. decline",
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      "text": "Same Property Revenue Growth: -0.8%",
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      "text": "Our definition represents the true economic performance of the property base and therefore does not ignore vacancies. The magnitude of the overstatement is 2% which is the difference between growth vs. decline",
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      "text": "Source: Company Filings (4Q16 Supplement) and Spruce Point Methodology",
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      "text": "2016 SSR Performance (O Realty Defined) vs (Spruce Point Adjusted)",
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      "text": "Same Property Revenues Are Declining, Not Growing As O Realty Portrays",
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