Blackwells Capital | Activist Presentation Deck | 207 slides

Blackwells Capital · 2022-01
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 10
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON

Slide inventory

125
every slide · same image gating as the playbook
01
Slide 1
front_matter
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front_matter
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transition
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summarize
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Includes a list of past portfolio companies and a spectrum diagram of engagement visibility.summarize
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Includes a map of US industrial assets and pie charts detailing tenant composition.illustrate_case
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cite_precedent
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front_matter
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summarize
11
summarize
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summarize
13
The chart uses a line graph for historical data and shaded areas for future projections based on different valuation cases.show_valuation_bridge
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Includes a map of US property locations and a table of key operating statistics.quantify_opportunity
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Uses a 'plus' and 'equals' visual metaphor to represent the merger logic across six key business dimensions.compare_peers
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The slide highlights the strategic scale achieved by the proposed combination.size_opportunity
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Includes valuation, debt pricing, and pro-forma capitalization adjustments.analyze_data
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Includes exit assumptions, operating performance, free cash flow, and debt capitalization schedule.show_valuation_bridge
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Includes six distinct sensitivity matrices (3 for IRR, 3 for MOIC).analyze_data
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The chart uses a distinct black bar for WPT to emphasize its outlier status compared to the blue bars of peers.compare_peers
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Includes a map of property locations and a pie chart of revenue by tenant.establish_context
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frame_situation
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WPT is highlighted in black in both charts to emphasize its outlier status.compare_peers
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WIR.U is highlighted in black to show its outlier status (lowest P/FFO, highest Cap Rate).compare_peers
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The slide uses a sensitivity analysis (NAV vs Cap Rate) and peer benchmarking to justify a valuation premium.show_valuation_bridge
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Uses a simple process-oriented chevron layout to define the strategic levers.propose_solution
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transition
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Includes two bar charts showing growth in properties and square footage from 2014 to Q3 2020.analyze_data
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The slide presents four bar charts tracking key financial metrics over a six-year period.analyze_data
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The chart shows dividend per share growth from 2013 to 2020E.summarize
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The table lists 10 tenants despite the text mentioning 'top 11'.summarize
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analyze_data
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The slide highlights a 4.5-year weighted average lease maturity and strong re-leasing spreads.analyze_data
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analyze_data
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The map uses red dots for current markets and blue dots for target markets, with light blue shading representing population density.establish_context
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analyze_data
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summarize
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The map uses blue circles with letters (P, S, C) to denote project stages (Pre-construction, Stabilized, Construction).analyze_data
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The chart labels for 2024 and 2025 in the bar chart do not align perfectly with the table rows (2024 vs 2025-2027), suggesting a visual simplification in the chanalyze_data
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analyze_data
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The chart highlights WPT's lack of analyst coverage despite having significant square footage.compare_peers
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The table highlights the lack of institutional ownership in WPT compared to the broader U.S. Industrial REIT sector.compare_peers
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transition
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Market cap as of 12/31/2020.compare_peers
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Data as of 12/31/2020.compare_peers
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The chart shows individual REITs and the calculated averages for both countries.compare_peers
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WPT Industrial REIT is highlighted in blue.compare_peers
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Data as of December 31, 2017. Source: National Real Estate Investor.size_opportunity
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compare_peers
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Includes a line chart showing historical and projected growth rates and a bar chart showing 2030 penetration scenarios.size_opportunity
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The chart combines a bar chart (e-commerce sales) and a line chart (industrial growth) to demonstrate correlation.quantify_opportunity
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The slide uses CBRE data to justify a bullish outlook on industrial real estate based on e-commerce penetration.summarize
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The table uses visual indicators (arrows for trends, pie charts for correlation strength) to summarize complex data.analyze_data
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The chart illustrates the secular trend driving industrial real estate demand.quantify_opportunity
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The chart highlights the impact of the pandemic on industrial real estate demand, showing a dip followed by a steeper recovery compared to pre-pandemic expectatanalyze_data
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The chart shows a long-term decline in inventory-to-sales ratios, which the text suggests is reversing.analyze_data
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The chart uses a dual-axis combination of a bar chart for occupied space and a line chart for business inventories.quantify_opportunity
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transition
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The chart highlights WPT's 63.2% return against a peer group averaging significantly higher returns.compare_peers
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The chart shows a clear divergence between WPT and the peer average starting around 2016.compare_peers
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The chart shows a significant spike in dividend yield around 2020.analyze_data
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diagnose_problem
Open slide detailBeat · ProblemLoop · Cost Of Inaction
63
compare_peers
Open slide detailBeat · ProblemLoop · Cost Of Inaction
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WPT is represented by the black bars in both charts, showing the lowest P/FFO and highest Cap Rate.compare_peers
Open slide detailBeat · ProblemLoop · Cost Of Inaction
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transition
Open slide detailBeat · Agitate
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Uses a 'FAIL' stamp visual to emphasize the critique of the board.expose_contradiction
Open slide detailBeat · Agitate
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Used to argue for misalignment between board and shareholders.expose_contradiction
Open slide detailBeat · Agitate
68
The slide emphasizes board entrenchment by highlighting that all members have served since 2013.introduce_nominees
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introduce_nominees
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introduce_nominees
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introduce_nominees
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introduce_nominees
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introduce_nominees
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introduce_nominees
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transition
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
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The slide uses a two-part structure: Business Highlights (observations) and Opportunities (strategic action).diagnose_problem
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
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Uses a simple process-oriented list structure to define the activist strategy.propose_solution
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
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The chart uses a shaded area to represent the 'Take Private Range' and 'Interloper Upside Potential'.show_valuation_bridge
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establish_context
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establish_context
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establish_context
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The chart highlights pre-COVID outlook data from CBRE.analyze_data
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The slide uses a bulleted list to summarize industry analysis from a third-party source.establish_context
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The chart compares Net Absorption (blue) vs. Completions (black) across 8 secondary markets.size_opportunity
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summarize
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summarize
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The map uses colored dots to represent the number of projects per location.quantify_opportunity
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The table contains a data error in the 'MSF' column for rank 7 (Pennsylvania Corridor is listed as 1.9, which is likely a typo given the surrounding values).size_opportunity
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The slide uses color-coded circles to represent net migration figures for specific US cities.quantify_opportunity
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Data as of January 4, 2021.analyze_data
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Data as of 9/30/2020.analyze_data
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The table highlights the concentration of assets in specific U.S. markets for each company, with a 'Subtotal' row at the bottom.compare_peers
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Data presented in two sets of three columns, detailing tenant names and their respective percentage of total revenue/rent.analyze_data
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The slide presents four distinct tables side-by-side, each detailing industry exposure for a specific REIT.analyze_data
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analyze_data
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appendix
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Includes a waterfall-style value creation chart and a comparative TSR table.illustrate_case
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Includes a timeline of events from Oct 2018 to March 2020.illustrate_case
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The slide uses a combination of a table, a map, and three pie charts to demonstrate the scale and composition of the sold asset.cite_precedent
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The chart shows stock performance from April 2020 to October 2020.illustrate_case
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The slide uses a split-screen layout to compare two distinct activist campaigns.illustrate_case
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transition
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Includes property details table and three photographs of the exterior and interior.illustrate_case
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This slide serves as a property fact sheet, likely part of a real estate asset analysis.other
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Slide provides technical real estate specs (square footage, lot size, height, etc.) and three photos of the facility.other
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establish_context
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analyze_data
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analyze_data
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analyze_data
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This slide serves as a property fact sheet, likely part of an activist investor's analysis of a REIT's portfolio assets.summarize
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Features a futuristic, AI-generated aesthetic of Cinderella's castle.front_matter
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The slide uses a boardroom imagery to establish authority and context for the activist campaign.front_matter
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Features AI-generated imagery of a futuristic Disney castle.front_matter
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front_matter
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front_matter