{
  "docId": "019dd923-622c-750b-8b95-4a0c45125408",
  "docSlug": "a0e9830cf719",
  "documentTitle": "Welltower Inc. (WELL)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-04-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 20,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a table of director compensation followed by a narrative critique of the compensation committee's governance and decision-making process.",
  "elementsJson": [
    "kpi_table",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-4a0c45125408/11",
  "deckHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Board’s apparent answer was to go bigger, not smaller.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854a-3064ea2b0868",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Director Compensation: $418K",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854a-3b9d62d322e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.94,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "Critique of Welltower's compensation committee, citing peer comparisons (SPG, PLD), historical say-on-pay votes, and the justification for special performance awards.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be440334-4ef5-4458-b845-446072779df8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The committee argued that “Welltower's competition for talent comes not just from other public REITs, but also from investment banks and private equity firms that offer similar incentive structures.”",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854a-36acd59577cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.94,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "table",
      "text": "Director compensation table for 2025",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd80d601-cfc1-46e9-b327-cb83e58a9656",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "52390ea8-bcb8-4f58-b3e7-e18d8108af50",
      "evidence": "The slide explicitly contrasts Welltower's actions with SPG and PLD to undermine the committee's justification for the 10-Year ECAP.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}