{
  "docId": "019dd923-622b-71dc-a6dd-c53cc812b578",
  "docSlug": "be2b089ae734",
  "documentTitle": "Multiple REITs (21 underperformers)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-04-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7777778,
  "pageNumber": 11,
  "pageCount": 14,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a 'Proxy Compensation Spotlight' format to advocate for voting against compensation committees due to performance-pay misalignment.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-c53cc812b578/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-c53cc812b578",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-c53cc812b578.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-c53cc812b578#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f8-ff6107d63e84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "list",
      "text": "REXR has underperformed its proxy peers cited in their filings on a trailing 1-, 3-, and 5-year basis on total shareholder returns (TSR).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed3f7851-0eba-4451-8b55-3dabdc47dc50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Returns: -50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f9-02203581ef16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.46
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, SEC Filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4949fad0-8abd-42b0-b8d4-039cd3390da8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "table",
      "text": "REXR Performance vs. Proxy Compensation Peers: -2%, -50%, -21%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cdfce24-7e5b-4d0b-b93b-4a421e2aa78e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "table",
      "text": "AVB Performance vs. Proxy Compensation Peers: -17%, -29%, -29%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2cbee7d-4ed3-4669-9ffe-2ac580abdd66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Rexford Industrial Realty ($REXR)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6aa2964a-e691-4f06-8d85-7f05018bcdcc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "title",
      "text": "AvalonBay Communities ($AVB)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cec201fa-fec5-4138-92dd-ee2c3f7e4a91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2026 Executive Compensation Halftime Report",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6f95756-886f-4471-a3c4-ae53f00c67e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "197603ed-5023-4b99-b50b-952225083ab2",
      "evidence": "Direct comparison of company performance against proxy peers to justify shareholder action.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 11,
      "from": 3,
      "beatId": "8749cc7c-d193-40a9-8168-7c76075caa33",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by providing precedent tables, peer benchmarks, and highlighting the gap in compensation.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 11,
      "from": 4,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "f3efd905-b1e1-44ef-9af9-5c8ef0e1fc1a",
      "evidence": "The document uses peer benchmarks to highlight the gap in compensation.",
      "position": 0,
      "objective": "Highlight the gap in compensation between underperforming REITs and their peers.",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.7,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    },
    {
      "to": 14,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "86fc5371-9aea-449c-8499-cd929ed7099b",
      "evidence": "The document implies that the cost of inaction is excessive compensation and continued underperformance.",
      "position": 1,
      "objective": "Emphasize the cost of inaction in adjusting executive compensation.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}