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  "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",
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  "pageNumber": 27,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a red arrow to emphasize the decline in EBITDAR/Rent and a Bloomberg stock chart to show the ~64% decline in share price.",
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      "kind": "callout",
      "text": "AMC's EBITDAR to Rent is well below O's corporate average of 2.7x and has weakened significantly in the most recent YTD period. The equity markets have already identified the theater level risk: AMC's stock is down ~64% from January 2017",
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      "text": "AMC EBITDAR / Rent",
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      "text": "AMC Stock Performance",
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      "text": "EBITDAR to Rent: 1.9x",
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      "text": "Source: Bloomberg, Company Filings",
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      "kind": "title",
      "text": "A Close Look At AMC Theaters: #6 Tenant",
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      "beatId": "2552a7fa-f225-47e1-83f1-b97099e2b2ae",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
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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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      "confidence": 0.9,
      "parentBeatName": "Development",
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