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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": "Includes a quote from Charlie Munger regarding incentives.",
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      "text": "Selling WELL and buying VTR and AHR is not a bet against senior housing. It is a bet against paying a 144% premium for the privilege of funding a compensation plan that may ultimately dilute your returns.",
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      "text": "American Healthcare REIT (NYSE: AHR): A high quality senior housing and post-acute REIT. Trades at a P/FFO of 24x versus WELL’s 33x. Consensus estimates project 2027 FFO growth of 13%.",
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      "text": "Ventas (NYSE: VTR): The second-largest senior housing REIT trades at P/FFO of 22x versus WELL’s 33x. Consensus estimates project 2027 FFO growth of ~10%. Dividend yield of 2.4% versus WELL’s 1.4%.",
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      "text": "NAV premium: 144%",
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      "text": "At $300 per share, a good but not extraordinary return for shareholders, Mitra’s maximum award would approach $2.6 billion. WELL’s 2026 proxy discloses a performance cap at an implied value of $350 per share, at which the CEO’s award alone would be worth approximately $3.04 billion.",
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      "kind": "paragraph",
      "text": "Since the plan was announced on October 27, 2025, the market has confirmed our thesis. Ventas has delivered a total return of approximately +21%, outperforming Welltower’s +16% by roughly 440 basis points.",
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      "text": "Charlie Munger said: “Show me the incentives and I’ll show you the outcome.” We believe the incentives in this Program point toward aggressive, dilutive growth maximizing market cap regardless of per-share value creation.",
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      "text": "XVI. CONCLUSION",
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