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  "documentTitle": "Realty Income Corp (O)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "pageNumber": 24,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 13,
  "notes": "The slide uses two bar charts to illustrate negative trends in Same Store Sales (SSS) and high volume of store closures/relocations.",
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      "kind": "callout",
      "text": "WGA has cumulatively closed or relocated +1,300 stores since 2013 (~16% of U.S. Retail base)",
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      "text": "Annual Closures and Relocations",
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      "text": "Front Store SSS: +1,300",
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      "text": "Walgreen's U.S. store foot print is suffering with SSS down since the end of 2015. Further, we see looming risk from store closures from its recently closed deal to acquire 2,186 stores from Rite Aid. In October 2017, Walgreens announced a store optimization program where it will close approximately 600 stores.",
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      "text": "Source: Walgreen's Company Filings, Fiscal year ends in August",
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      "kind": "title",
      "text": "Walgreens Is O Realty's #1 Tenant",
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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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