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  "documentTitle": "Welltower Inc. (WELL)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2026-04-01 00:00:00",
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  "notes": "The slide uses a table to demonstrate the historical expansion of the premium to NAV, supporting a sell recommendation.",
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      "text": "Welltower currently trades at approximately 144% above Green Street NAV. This is not only the highest premium since 2020, it is among the highest premiums ever observed for a large-cap REIT.",
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      "text": "Premium to NAV: 144%",
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      "kind": "paragraph",
      "text": "Why Index Funds Cannot Save Shareholders. Index fund stewardship teams vote on thousands of proxy proposals annually. Their typical voting history on say-on-pay votes is to overwhelmingly support management.",
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      "text": "This is the fundamental paradox: Welltower's compensation plan is effectively designed to be most objectionable precisely when the stock is performing well, which is exactly when shareholders are least likely to oppose it.",
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      "kind": "paragraph",
      "text": "In practical terms, we believe the compensation plan was designed to entrench management. Shareholders who object to its terms effectively have only one reliable remedy: sell their shares.",
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      "text": "Welltower currently trades at approximately 144% above Green Street NAV. This is not only the highest premium since 2020, it is among the highest premiums ever observed for a large-cap REIT.",
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      "text": "The three largest pure index managers —Vanguard, BlackRock, and State Street — collectively own approximately 30% of Welltower's outstanding shares, plus additional passive managers push the total even higher.",
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      "kind": "paragraph",
      "text": "The Board has already adopted the Program without a shareholder vote. The say-on-pay resolution at the next annual meeting is non-binding. Even if a majority of passive and active shareholders voted against say-on-pay, this result would not legally compel the Board to modify the Program.",
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      "text": "Premium to NAV table showing Period, Price, NAV/Share, and Premium to NAV from YE 2020 to Current.",
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      "kind": "title",
      "text": "XV. VALUATION: THE CASE FOR SELLING WELLTOWER",
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