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  "docSlug": "b4601d9ee41d",
  "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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  "pageNumber": 3,
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  "nDataPoints": 6,
  "notes": "The slide establishes the target company's profile and key financial metrics for an investment short thesis.",
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      "kind": "callout",
      "text": "Realty Income (\"O\") is a Triple-Net-Lease REIT",
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      "text": "Capitalization: Enterprise value: $4.3 billion. Equity market value: $2.7 billion. Total Debt (and preferred) / Enterprise value: ~40%.",
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      "text": "Recent valuation multiples: ‘09E Cap rate: 7.3%. Annualized current dividend yield: 6.8%.",
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      "text": "Realty Income (“O”) is a Triple-Net-Lease REIT. Owns standalone retail properties which it triple-net-leases to middle-market retailers. Provides sale / leaseback financing to below investment grade and unrated businesses.",
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      "text": "Enterprise value: $4.3 billion",
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      "text": "1) Based on a five-day average price of $25.34 for the period 9/28/09 – 10/2/09. 2) Cap rate based on 2009E Cash NOI of $316mm.",
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      "text": "Ticker: “O” Stock price: $25",
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      "kind": "title",
      "text": "We Are Short Realty Income",
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