◆ Contrarian Corpus
Campaigns / Spruce Point Capital → Realty Income Corp
Spruce Point Capital vs. Realty Income Corp

Realty Income Corp · O

1 deck published between 2018-02-07 and 2018-02-07 — 46 pages, 46 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2018-02-07 initial thesis

    2018 02 64e7aa4520046acc0bfbfe9f_o_research_thesis_2 7 2018

    46pp · full_deck

    Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.