{
  "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": 35,
  "pageCount": 35,
  "prevPage": 34,
  "nextPage": null,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-4744aa77d85b/35",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-4744aa77d85b#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Shareholders and investors should demand transparency from O’s management regarding its tenants",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a285-0fbabd3a9af8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.69
      },
      "kind": "list",
      "text": "At $25 and a 7.3% cap rate, we believe there is little downside to the short. ~40% premium to current private market valuations. Company has historically issued stock at these levels. “Ceiling on valuation”.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b996f51-33f9-4d0e-903b-42b5920f6740",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.42
      },
      "kind": "list",
      "text": "If tenant deterioration continues... Realty Income’s cash flow may not be sufficient to pay its current dividend.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5df5e31f-c5fe-48ad-a6fc-d47985d72aab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "We believe that Realty Income’s current shareholders are not being sufficiently compensated for the company’s tenant risk. Shareholders and investors should demand transparency from O’s management regarding its tenants.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a25dfd3-6be1-4b05-993a-3ff23eabfe3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "list",
      "text": "We believe that the SEC should require Reality Income to disclose its tenants because without this information it is nearly impossible to value the company and its associated risks.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad592c61-5c8a-44ac-b618-40dc48046a4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "cap rate: 7.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a285-11a41663c005",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.18,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Conclusion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4e96680-64f1-4c96-97e0-bedb27affda7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}