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  "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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  "slideType": "valuation_table",
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  "notes": "The slide uses a table of individual property listings to argue that the market valuation of Realty Income is inflated compared to actual private market transactions.",
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      "kind": "callout",
      "text": "Not one property is offered for sale at or above O's valuation",
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      "text": "Price/ Bldg Sq Ft: 97%",
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      "text": "Knowledge Learning Corp., a large tenant of O's, lists properties for sale on its website at $115/sq ft, on average. In comparison, Realty Income trades at $227/sq ft, a 97% premium",
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      "text": "Source: www.knowledgelearning.com/xls/Real-Estate-Listings.xls",
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      "text": "Avg Listing Price / Sq Ft $115; Realty Income Valuation Enterprise Value / Sq Ft $227; Premium 97%",
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      "text": "Unwarranted Premium to Private Market Value",
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