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  "documentTitle": "Realty Income Corp (O)",
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  "presentationDate": "2018-02-07 00:00:00",
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      "kind": "callout",
      "text": "The forward AFFO multiple compresses by an average of 7.0x for retail REITS that transition to a lower growth or negative growth profile",
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      "text": "AFFO multiple: 30% - 45%",
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      "text": "We arrive at our price target by applying a range of AFFO multiples commensurate with precedent REIT stocks going into financial decline (DDR, Brixmor, Kimco)",
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      "text": "Spruce Point Estimates 30% - 45% Downside",
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