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  "documentTitle": "Realty Income Corp (O)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-10-06 00:00:00",
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  "notes": "The slide uses a Q&A format to frame the lack of transparency as a deliberate attempt to protect the stock price from negative sentiment regarding tenant quality.",
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      "kind": "callout",
      "text": "Analysts and investors have asked for more tenant disclosure, but the Company has refused. QUESTION: Why? ANSWER: We believe that O’s tenant quality is poor and the company is concerned about the impact of transparency on its stock price",
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      "text": "We believe that O’s tenant quality is poor and the company is concerned about the impact of transparency on its stock price",
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      "text": "Limited transparency as to: Names of tenants, Credit of tenants, Average credit rating of total tenant pool, Individual tenant contribution to revenue",
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      "text": "Unlike many other REITs, Realty Income does not disclose its tenants. Simon Property Group, for example, discloses tenants representing as little as 0.2% of its minimum rental income.",
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      "text": "Tenants: O Does Not Disclose Its Tenants",
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