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  "docId": "019dd923-622b-71dc-a6dd-c53cc812b578",
  "docSlug": "be2b089ae734",
  "documentTitle": "Multiple REITs (21 underperformers)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-04-01 00:00:00",
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  "pageNumber": 12,
  "pageCount": 14,
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  "slideType": "villain_critique",
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a 'Proxy Compensation Spotlight' format to target specific companies and their boards.",
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  "components": [
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      "kind": "callout",
      "text": "Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee",
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      "kind": "metric",
      "text": "Total Shareholder Returns: -115%",
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      "kind": "paragraph",
      "text": "AMT has underperformed its proxy peers cited in their filings on a trailing 1-, 3-, and 5-year basis on total shareholder returns (TSR). The underperformance is not an anomaly, and we believe AMT has been a chronic underperformer.",
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      "kind": "paragraph",
      "text": "CCI has underperformed its proxy peers cited in their filings on a trailing 1-, 3-, and 5-year basis on total shareholder returns (TSR). The underperformance is not an anomaly, and we believe CCI has been a chronic underperformer.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, SEC Filings. Performance as of 3/31/2026.",
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      "kind": "table",
      "text": "AMT Performance vs. Proxy Compensation Peers: -23%, -60%, -82%",
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      "text": "CCI Performance vs. Proxy Compensation Peers: -20%, -71%, -115%",
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      "kind": "title",
      "text": "Crown Castle ($CCI)",
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      "kind": "title",
      "text": "American Tower Corporation ($AMT)",
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      "kind": "title",
      "text": "2026 Executive Compensation Halftime Report",
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      "name": "Cost Of Inaction",
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