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  "documentTitle": "Realty Income Corp (O)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "notes": "The slide uses a table to quantify 'Amazon Risk' across specific sectors (Pharmacy, Grocery, Theater) for several REIT tickers.",
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      "text": "Amazon has been rumored to enter the pharmacy business (Bloomberg.com) and the Whole Foods acquisition implies that the expansion of the Amazon eco-system could pose secular risks to a significant portion of what historically has been deemed safe haven real estate assets for the triple-net lease space.",
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      "text": "Rental Revenue Exposure: 20.5%",
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      "text": "Amazon has been rumored to enter the pharmacy business (Bloomberg.com) and the Whole Foods acquisition implies that the expansion of the Amazon eco-system could pose secular risks to a significant portion of what historically has been deemed safe haven real estate assets for the triple-net lease space. We believe that any retail transaction that is done repetitively and frequently (i.e. grocery and drug store) will move online and poses significant threat to the traditional brick and mortar chains and their related real estate.",
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      "text": "Source: Company Filings, Investor Presentations and Supplements, Bloomberg.com (1) estimate based on locations as % of total for pharmacy and grocery",
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      "text": "Ticker, Pharmacy, Grocery, Theater, Total; NNN, 2.1%, 1.5%, 4.8%, 8.4%; SRC, 5.1%, 5.3%, 7.4%, 17.8%; STOR(1), 0.1%, 0.7%, 6.3%, 7.1%; VER, 6.7%, 4.5%, 0.0%, 11.2%; O, 10.8%, 4.6%, 5.1%, 20.5%",
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      "text": "Retail Tenant Risk",
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      "kind": "title",
      "text": "% of Rental Revenue By End Market As of Sept 30, 2017",
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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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