{
  "docId": "019dd923-622c-750b-8b9b-4744aa77d85b",
  "docSlug": "b4601d9ee41d",
  "documentTitle": "Realty Income Corp (O)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-10-06 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 19,
  "pageCount": 35,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a table to list specific tenants, their business descriptions, and their leverage/financial commentary to build a case for credit risk.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-4744aa77d85b/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.16,
        "x": 0.07,
        "y": 0.54
      },
      "kind": "callout",
      "text": "Realty Income major tenants(1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "028f924f-f142-430f-abff-a60d473178fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Other major tenants are mostly regional discretionary retailers, including several 2005-2007 vintage LBOs. Some tenants have already filed Chapter 11 and we believe many could be forced to liquidate",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a283-a661c37582bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adj. Debt / EBITDAR: 9.6x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a283-aa6a7c37a078",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source for Adj. Debt / EBITDAR: Company filings... 1) We define a major tenant as renting 10 or more Realty Income properties OR involved in a sale/leaseback transaction with O for $30m or greater.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de865839-4712-4776-b241-ba6aee944892",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "subtitle",
      "text": "Other major tenants are mostly regional discretionary retailers, including several 2005-2007 vintage LBOs. Some tenants have already filed Chapter 11 and we believe many could be forced to liquidate",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d346686a-f780-43d9-b921-4538b5075831",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.72,
        "x": 0.24,
        "y": 0.33
      },
      "kind": "table",
      "text": "Tenant list including NPC International, Midas, Big 10 Tires, Friendly's, Rite Aid, Pier 1 Imports, Sports Authority, Circle K with leverage metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cd6f80d-0bbe-4b6b-9de3-8bfc27b752fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Other Major Tenants Are Also a Major Concern...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2c7e10b-5924-4a4f-92a7-06283ce2623b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}