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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": "Uses a pro-forma adjustment to strip out interest rate benefits.",
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      "text": "We attribute ~2.3% of annual AFFO per share growth from 2008 to 2017 is from interest rate savings. If you strip out the growth from interest rate savings, the AFFO / Share grew at annualized rate of 3.5%. We warn investors not to extrapolate O Realty's AFFO historical growth as interests turn from a tailwind to a headwind.",
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      "text": "AFFO CAGR: 3.5%",
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      "text": "We attribute ~2.3% of annual AFFO per share growth from 2008 to 2017 is from interest rate savings. If you strip out the growth from interest rate savings, the AFFO / Share grew at annualized rate of 3.5%. We warn investors not to extrapolate O Realty's AFFO historical growth as interests turn from a tailwind to a headwind.",
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      "kind": "source-note",
      "text": "Source: Company Filings (1) 2017 AFFO reflects the midpoint of company guidance",
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      "text": "2008 AFFO $1.83; 2008 Weighted Avg. Interest Rate 6.63%; 2017 Weighted Avg. Interest Rate 4.36%; Difference 2.27%; 2008 Average Debt 1,782,790; Rate Differential 2.27%; PF Interest Savings 40,442; Avg Shares 101,112; Increase an AFFO based on 2017 cost of debt $0.40; 2008 PF AFFO $2.23",
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      "text": "O Realty View: 2008 AFFO/ Share $1.83; 2017 AFFO/ Share $3.05; CAGR 5.8%. Spruce Point View: 2008 PF AFFO $2.23; 2017 AFFO/ Share $3.05; CAGR 3.5%",
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      "kind": "title",
      "text": "AFFO Per Share Growth Largely Attributable To Low Interest Rate Env't In The Last 9yrs",
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