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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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  "pageNumber": 29,
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  "notes": "Uses a comparison table structure to highlight the delta in property counts and associated rent figures.",
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      "kind": "callout",
      "text": "6 More properties appeared to have been acquired, yet the rent generated did not change? Is there such a thing a \"retro-active\" property purchases?",
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      "kind": "paragraph",
      "text": "We observe disclosure inconsistencies about property acquisitions in FY 2015. The disclosures below illustrates 6 more properties acquired in 2015 per the 2016 10K versus the original disclosure in the 2015 10K. This heightens our previous worries about financial engineering and audit controls at O Realty.",
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      "kind": "source-note",
      "text": "Source: Company Filings",
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      "text": "Source: 2015 10K vs 2016 10K; # of properties: 248 vs 254; Disclosure text comparison.",
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      "text": "Evidence of Financial Control Issues",
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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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