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  "documentTitle": "Welltower Inc. (WELL)",
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  "authorName": "Jonathan Litt",
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  "presentationDate": "2026-04-01 00:00:00",
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      "text": "The rational response is to sell, in our view. At a 144% premium to Green Street NAV and 33x forward FFO, Welltower share price embeds an extraordinary amount of optimism about both the senior housing cycle and management's ability to deploy capital at massive scale. Shareholders can obtain comparable or superior senior housing exposure through Ventas (VTR) and American Healthcare REIT (AHR), receiving ~50% more net asset value per dollar invested, higher dividend yields, and freedom from the most aggressive executive compensation structure in REIT history.",
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      "text": "Alexandria Real Estate's management, with compensation 100x smaller than Mitra's potential payout, still pursued growth aggressively enough to destroy 75% of shareholder value when the life science cycle turned. Mitra has been CEO for 5.5 years, inherited his portfolio at COVID trough values, and could receive 20-100 times what any of these executives earned in their peak years",
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      "text": "NAV premium: 144%",
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      "kind": "paragraph",
      "text": "Hubris in executive compensation, the belief that a management team is uniquely irreplaceable, that the current cycle justifies extraordinary rewards, that the rules of proportion and accountability can be suspended, may not end well for shareholders.",
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      "text": "We recognize that the structure of Welltower's shareholder base, with more than 30% passive index ownership and a non-binding say-on-pay mechanism, makes it unlikely that governance alone will force the Board to modify this Program. The plan is, in all probability, entrenched. Whether Delaware courts may provide an alternative avenue for redress is discussed in Section XI above.",
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      "kind": "paragraph",
      "text": "Respectfully, Jonathan Litt, Land & Buildings Investment Management, LLC, April 2026",
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