Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more ➡
Download
Standard view
Full view
of .
Add note
Save to My Library
Sync to mobile
Look up keyword
Like this
7Activity
×
0 of .
Results for:
No results containing your search query
P. 1
O No! - October 6, 2009 _Final Distribution Copy

O No! - October 6, 2009 _Final Distribution Copy

Ratings:

5.0

(1)
|Views: 2,084|Likes:
Published by Terry Tate Buffett
This is the presentation Bill Ackman of Pershing square gave in Dallas on October 6, 2009 at a best ideas conference. He presented a short on Realty Income (ticker: O), a commercial real estate retailer REIT. Here's the link to our blog with the same: http://investmentlinebacker.blogspot.com/2009/10/bill-ackman-of-pershing-square.html
This is the presentation Bill Ackman of Pershing square gave in Dallas on October 6, 2009 at a best ideas conference. He presented a short on Realty Income (ticker: O), a commercial real estate retailer REIT. Here's the link to our blog with the same: http://investmentlinebacker.blogspot.com/2009/10/bill-ackman-of-pershing-square.html

More info:

Categories:Business/Law, Finance
Published by: Terry Tate Buffett on Oct 16, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See More
See less

09/01/2011

pdf

text

original

 
ONo!
October 6, 2009
Pershing Square Capital Management, L.P
.
 
Disclaimer 
The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained inthis presentation are based on publicly available information. Pershing Square recognizes that there may beconfidential information in the possession of the companies discussed in the presentation that could leadthese companies to disagree with Pershing Square’s conclusions. This presentation and the informationcontained herein is not a recommendation or solicitation to buy or sell any securities.The analyses provided may include certain statements, estimates and projections prepared with respect to,among other things, the historical and anticipated operating performance of the companies, access to capitalmarkets and the values of assets and liabilities. Such statements, estimates, and projections reflect variousassumptions by Pershing Square concerning anticipated results that are inherently subject to significanteconomic, competitive, and other uncertainties and contingenciesand have been included solely forillustrative purposes. No representations, express or implied, are made as to the accuracy or completeness ofsuch statements, estimates or projections or with respect to anyother materials herein. Actual results mayvary materially from the estimates and projected results contained herein.Funds managed by Pershing Square and its affiliates own investments in real estate investment trustincluding long investments (e.g., General Growth Properties, Inc.) as well as short investments (e.g., RealtyIncome Corporation). With respect to short investments, such investments may include, without limitation,credit-default swaps, equity put options and short sales of common stock.Pershing Square manages funds that are in the business of trading -buying and selling –securities andfinancial instruments. It is possible that there will be developments in the future that cause Pershing Squareto change its position regarding the companies discussed in thispresentation. Pershing Square may buy,sell, cover or otherwise change the form of its investment regarding such companies for any or no reason.Pershing Square hereby disclaims any duty to provide any updatesor changes to the analyses contained hereincluding, without limitation, the manner or type of any Pershing Square investment.
1
 
We Are ShortRealty Income
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 belowinvestment grade and unrated businesses
Capitalization:
Enterprise value: $4.3 billion
Equity market value: $2.7 billion
Total Debt (and preferred) / Enterprise value: ~40%
Recent valuation multiples:
‘09E Cap rate: 7.3%
(2)
Annualized current dividend yield: 6.8%
Ticker: “O”Stock price: $25
(1)
2
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.

Activity (7)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
goldan203454 liked this
modulus97 liked this
chuff6675 liked this
Fountainhead liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->