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  "documentTitle": "Realty Income Corp (O)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2009-10-06 00:00:00",
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  "notes": "The slide presents two tables: one for absolute stock price and one for percentage return from a $25 baseline.",
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      "text": "Assuming 2009E recurring Cash NOI of $316mm, if NOI drops only 5% to 10% and O’s cap rate increases to 9.5% to 10.5%, Realty Income’s stock price could decline ~43% to ~60% from recent prices",
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      "text": "Assuming 2009E recurring Cash NOI of $316mm, if NOI drops only 5% to 10% and O’s cap rate increases to 9.5% to 10.5%, Realty Income’s stock price could decline ~43% to ~60% from recent prices",
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      "text": "\"Short\" Sensitivity Analysis",
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