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  "documentTitle": "Realty Income Corp (O)",
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  "presentationDate": "2018-02-07 00:00:00",
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      "text": "We expect that once investors come to grips with the fact that O Realty's true growth rate is negative, its multiple will re-rate in line with historical precedents, and its share price will decline by approximately 30% - 45% or $28 - $35 per share.",
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      "text": "Tenant Quality Deteriorating As Retail Landscape Changes: We conducted a deep dive into the tenant quality and find that O Realty has outsized risk exposure to drug stores, grocery stores and movie theaters -- three retail subsectors facing disintermediation.",
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      "text": "Interest Rate Tightening Cycle Another Major Negative Backdrop For O Realty: We expect REITs such as O Realty to remain under pressure. Consensus expectations is that the 10 year treasury will surpass 3.0% by 1Q'19 and O Realty's historical stock performance exhibits negative correlation with increases in interest rates.",
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      "text": "Operating Metrics Have Deteriorated While O Realty's Valuation Remains Sky High: O Realty has lured a dizzying array of analysts to relentlessly promote its story, and make it the most expensive triple net lease retail REIT by a wide margin.",
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      "text": "Even Janet Yellen warned that commercial real estate prices are \"quite high relative to rents.\" — Janet Yellen",
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