{
  "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": 21,
  "pageCount": 46,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a table to show a deterioration in leasing fundamentals over time, supported by callout boxes highlighting specific negative trends.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-639c191d3d92/21",
  "deckHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.3,
        "x": 0.68,
        "y": 0.42
      },
      "kind": "callout",
      "text": "Re-leasing activity has declined. Does this indicate limited alternative use? Or have malls and shopping centers started to infringe on the typical box tenants?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11d240a7-9c67-481f-ba80-1edc7c90b213",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.3,
        "x": 0.68,
        "y": 0.75
      },
      "kind": "callout",
      "text": "Tenant demands upon releasing are increasing -- the amount of capital required to release the same property is now 69% of year 1 rent vs. 0% in 2014 and 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e556c1f-2863-4e11-8ce7-4f5c014db63f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.3,
        "x": 0.68,
        "y": 0.59
      },
      "kind": "callout",
      "text": "% of vacancy sales from the available pool have increased",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a4d5796-7696-4d83-b6ba-692216dc0b38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Additional Invested Capital: 69%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a336-0e45c1c5f629",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Vacancy trends indicate a tougher triple net lease environment for landlords. Have the recent vacancies issue at malls begun to blead over to the stand-alone boxes? Are malls and shopping centers now offering leases that typical triple net lease tenants cannot refuse?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "721eef1a-96bf-4eaf-8abd-0897eeff023b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Company Filings and Supplemental Data",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c62c27c-a078-469d-872f-76f5721237c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.6,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "table",
      "text": "Table showing vacancy, leasing activity, and rent metrics from 2014 to LTM 17.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2869981-3d19-46c8-962b-35fd0e718fad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "A Closer Look At Vacancies And Releasing Activities Suggests Problems Lurking",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cc7aa1a-7e85-4de5-b3ef-9590861ab026",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Problem Statement Canvas",
      "slug": "problem-statement-canvas",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "65183abd-c2fa-4626-a282-25673dad83e3",
      "evidence": "Vacancy trends indicate a tougher triple net lease environment for landlords.",
      "confidence": 0.7
    }
  ],
  "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
}