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  "docSlug": "b4601d9ee41d",
  "documentTitle": "Realty Income Corp (O)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
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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 red dashed box to highlight the 'Minimal room for error' between current dividend and recurring AFFO.",
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      "kind": "callout",
      "text": "Dividend coverage is minimal. Small declines in NOI will stress the company's ability to maintain its dividend",
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      "text": "1) Calculation of AFFO assumes $21mm of G&A expenses, $3mm of capex and straight line rent adjustments, and $86mm of interest expense. 2) Recurring AFFO = Recurring Net Income + D&A - Cap Ex - straight line rent adjustment.",
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