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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 'not equal' symbol to visually contrast high valuation with poor operational performance.",
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      "text": "Highest Valuation i.e. \"most expensive\"",
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      "text": "Lowest Occupancy, Second lowest duration of leases (by 0.1 years), Most leases up for renewal in next two years, Lowest Insider Ownership",
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      "text": "We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group.",
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      "text": "P/ 18E AFFO: 15.9x",
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      "text": "We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group. Further, we will show later in this presentation why the growth profile should be questioned.",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates (1) We adjust the occupancy for the 91 vacant property sales since the beginning of 2016 (2) Relative Rank from 1 (best) to 5 (worst)",
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      "text": "Peer comparison table including P/18E AFFO, Cap Rate, Div Yield, Occupancy, Lease Maturities, and Insider Ownership.",
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      "kind": "title",
      "text": "Peer Group – Triple Net Lease Retail",
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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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