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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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      "text": "We believe a decline in occupancy is likely as tenant quality deteriorates...",
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      "text": "Average remaining lease term is ~11.6 years; Occupancy rate is currently very high at 97%",
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      "text": "Owns 2,338 predominantly free-standing retail properties; Single-tenant, typically specialty-use properties; 19mm rentable sq ft in total; Average rentable space per property is ~8,100 sq ft; Lease term typically 15 - 20 years; Top 15 tenants account for ~53% of rental revenues",
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      "text": "Tenants: Typically leased to regional or local retailers; Many large tenants have junk credit ratings; Many smaller tenants are unrated and compete in struggling sectors of the retail industry",
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      "text": "Source: 6/30/09 10-Q.",
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