{
  "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": 26,
  "pageCount": 46,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 17,
  "notes": "The slide uses three charts to illustrate declining attendance, volatile box office revenue, and stagnant screen growth.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-639c191d3d92/26",
  "deckHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92#slide-26",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lastly, there is limited alternative use for movie theater real estate, so releasing to a new tenant will be challenging without significant capital outlays.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a336-e8fc5f05d851",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.67,
        "y": 0.48
      },
      "kind": "chart",
      "text": "# of US Movie Screens > Flat",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97145919-5ede-4540-a6bb-bd48f5b033e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.36,
        "y": 0.48
      },
      "kind": "chart",
      "text": "US Box Office ($bn) > Down",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21558232-c182-4b4e-b27c-2fb19d296673",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.3,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "chart",
      "text": "Attendance (in millions) > Down",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94fb7c9a-b34a-4042-90af-9fa53c708342",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "movie theater rent exposure: 5.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a336-ef15ea2e8e2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Industry Box office and attendance trends are both suffering from systemic issues in the exhibitor business. The shrinking window where content can been seen exclusively in a movie theater versus at home has narrowed significantly. Furthermore, some movies are released via an on demand device at the same time as the theater release. Perhaps, even more alarming Netflix, Amazon, Google, Apple, and Facebook all are devoting more capital to original content. We believe as these trends become more pronounced that they will pose risk to all of the movie theater chains, which have not been investing in new screen growth (bottom right chart). Lastly, there is limited alternative use for movie theater real estate, so releasing to a new tenant will be challenging without significant capital outlays.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21d5040d-31be-48ee-88af-b1c243eda6e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: boxofficemojo.com and National Association of Theater Owners",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df93b04c-08e5-42c6-ac02-cf48315069fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.33,
        "y": 0.05
      },
      "kind": "title",
      "text": "Movie Theaters: 5.1% of O Realty's Rent",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6a912d7-b6df-4108-9ba3-882511ea76c6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "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
}