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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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  "notes": "Includes a specific callout table for KIM, BRX, and DDR to illustrate multiple compression.",
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      "text": "O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly.",
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      "text": "P/AFFO: 15.9x",
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      "text": "O Realty looks priced for perfection. O trades at the highest multiple within their retail triple net lease peers. As highlighted below, when the growth profile of a REIT begins to decline, the AFFO multiple compresses significantly.",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "evidence": "Spruce Point Estimates 30% - 45% Downside, Appendix: REIT Case Studies of Declining Growth And Market Reaction",
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