{ "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": 20, "pageCount": 20, "prevPage": 19, "nextPage": null, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "Includes specific disclosure of short/long positions in WELL, VTR, and AHR.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b95-4a0c45125408/20", "deckHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408", "deckJsonHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-4a0c45125408#slide-20", "components": [ { "bbox": { "h": 0.135, "w": 0.864, "x": 0.068, "y": 0.757 }, "kind": "disclaimer", "text": "THIS WHITE PAPER DOES NOT CONSTITUTE (AND MAY NOT BE CONSTRUED TO BE) A SOLICITATION OR OFFER BY LAND & BUILDINGS OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS TO BUY OR SELL ANY SECURITIES REFERENCED HEREIN, INCLUDING WELL, VTR AND AHR, OR SECURITIES OF ANY OTHER PERSON IN ANY JURISDICTION OR AN OFFER TO SELL AN INTEREST IN FUNDS MANAGED BY LAND & BUILDINGS. THIS WHITE PAPER DOES NOT CONSTITUTE FINANCIAL PROMOTION, INVESTMENT ADVICE OR AN INDUCEMENT OR ENCOURAGEMENT TO PARTICIPATE IN ANY PRODUCT, OFFERING OR INVESTMENT OR TO ENTER INTO ANY AGREEMENT WITH THE RECIPIENT. NO AGREEMENT, COMMITMENT, UNDERSTANDING OR OTHER LEGAL RELATIONSHIP EXISTS OR MAY BE DEEMED TO EXIST BETWEEN OR AMONG LAND & BUILDINGS AND ANY OTHER PERSON, INCLUDING THE PARTIES AND INDIVIDUALS REFERENCED HEREIN, BY VIRTUE OF FURNISHING THIS WHITE PAPER. NO REPRESENTATION OR WARRANTY IS MADE THAT LAND & BUILDINGS' INVESTMENT PROCESSES OR INVESTMENT OBJECTIVES WILL OR ARE LIKELY TO BE ACHIEVED OR SUCCESSFUL OR THAT LAND & BUILDINGS' INVESTMENTS WILL MAKE ANY PROFIT OR WILL NOT SUSTAIN LOSSES. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "21c9cdde-d8bb-44dd-beab-741c5d5192f3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.125, "w": 0.864, "x": 0.068, "y": 0.521 }, "kind": "disclaimer", "text": "EXCEPT FOR ANY HISTORICAL INFORMATION CONTAINED HEREIN, THE INFORMATION AND OPINIONS INCLUDED IN THIS WHITE PAPER CONSTITUTE FORWARD-LOOKING STATEMENTS, INCLUDING ESTIMATES AND PROJECTIONS PREPARED WITH RESPECT TO, AMONG OTHER THINGS, ANTICIPATED COMPANY PERFORMANCE, THE VALUE OF COMPANY SECURITIES, GENERAL ECONOMIC AND MARKET CONDITIONS AND OTHER FUTURE EVENTS. YOU SHOULD BE AWARE THAT ALL FORWARD-LOOKING STATEMENTS, ESTIMATES AND PROJECTIONS ARE INHERENTLY UNCERTAIN AND SUBJECT TO SIGNIFICANT ECONOMIC, COMPETITIVE, AND OTHER UNCERTAINTIES AND HAVE BEEN INCLUDED SOLELY FOR ILLUSTRATIVE PURPOSES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE INFORMATION CONTAINED HEREIN DUE TO REASONS THAT MAY OR MAY NOT BE FORESEEABLE. THERE CAN BE NO ASSURANCE THAT ANY SECURITIES REFERENCED IN THIS WHITE PAPER, INCLUDING WELL, VTR AND AHR, WILL TRADE AT THE PRICES THAT MAY BE IMPLIED HEREIN, AND THERE CAN BE NO ASSURANCE THAT ANY OPINION OR ASSUMPTION HEREIN IS, OR WILL BE PROVEN, CORRECT.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d6b532b-cb84-4058-8e1b-ad0181f7c620", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.095, "w": 0.864, "x": 0.068, "y": 0.654 }, "kind": "disclaimer", "text": "THIS WHITE PAPER AND ANY OPINIONS EXPRESSED HEREIN SHOULD IN NO WAY BE VIEWED AS ADVICE ON THE MERITS OF ANY DECISION WITH RESPECT TO ANY OF THE COMPANIES OR SECURITIES REFERENCED HEREIN, INCLUDING WELL, VTR AND AHR. THIS WHITE PAPER IS NOT (AND MAY NOT BE CONSTRUED TO BE) LEGAL, TAX, INVESTMENT, FINANCIAL OR OTHER ADVICE. EACH RECIPIENT SHOULD CONSULT THEIR OWN LEGAL COUNSEL AND TAX AND FINANCIAL ADVISERS AS TO LEGAL AND OTHER MATTERS CONCERNING THE INFORMATION CONTAINED HEREIN. THIS WHITE PAPER DOES NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION THAT MAY BE RELEVANT TO AN EVALUATION OF THE COMPANIES OR SECURITIES REFERENCED HEREIN, INCLUDING WELL, VTR AND AHR, OR THE MATTERS DESCRIBED HEREIN.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "70d9c973-eb98-4e93-9e79-101e9b5aec55", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.864, "x": 0.068, "y": 0.235 }, "kind": "disclaimer", "text": "Note: All stock prices, valuation multiples, and total return calculations are as of April 14, 2026 unless otherwise noted. L&B holds a short position in WELL, and long positions in VTR and AHR.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a0eb1403-a2b5-4e10-b358-8f5388f3d07a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.135, "w": 0.864, "x": 0.068, "y": 0.9 }, "kind": "disclaimer", "text": "FUNDS MANAGED BY LAND & BUILDINGS CURRENTLY HOLD POSITIONS (WHETHER SHORT AND/OR BENEFICIAL) AND/OR HAVE AN ECONOMIC INTEREST IN CERTAIN OF THE SECURITIES REFERENCED HEREIN, INCLUDING WELL, VTR AND AHR. LAND & BUILDINGS INTENDS TO REVIEW ITS INVESTMENTS ON A CONTINUING BASIS AND DEPENDING UPON VARIOUS FACTORS, INCLUDING WITHOUT LIMITATION, THEIR FINANCIAL POSITION AND STRATEGIC DIRECTION, THE OUTCOME OF ANY DISCUSSIONS, OVERALL MARKET CONDITIONS, OTHER INVESTMENT OPPORTUNITIES AVAILABLE TO LAND & BUILDINGS, AND THE AVAILABILITY OF THEIR SECURITIES AT PRICES THAT WOULD MAKE THE PURCHASE OR SALE OF SUCH SECURITIES DESIRABLE, LAND & BUILDINGS MAY FROM TIME TO TIME (IN THE OPEN MARKET OR IN PRIVATE TRANSACTIONS) BUY, SELL, COVER, HEDGE OR OTHERWISE CHANGE THE FORM OR SUBSTANCE OF ANY OF ITS INVESTMENTS TO ANY DEGREE IN ANY MANNER PERMITTED BY LAW AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO NOTIFY OTHERS OF ANY SUCH CHANGES. LAND & BUILDINGS ALSO RESERVES THE RIGHT TO TAKE ANY ACTIONS WITH RESPECT TO ITS INVESTMENTS AS IT MAY DEEM APPROPRIATE. LAND & BUILDINGS HAS NOT SOUGHT OR OBTAINED CONSENT FROM ANY THIRD PARTY TO USE ANY STATEMENTS OR INFORMATION CONTAINED HEREIN. ANY SUCH STATEMENTS OR INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED HEREIN. ALL TRADEMARKS AND TRADE NAMES USED HEREIN ARETHE EXCLUSIVE PROPERTY OF THEIR RESPECTIVE OWNERS.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4afca32-2cbd-4a15-9b17-afaa5354541e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.155, "w": 0.864, "x": 0.068, "y": 0.358 }, "kind": "disclaimer", "text": "THE INFORMATION CONTAINED HEREIN IS BASED ON PUBLICLY AVAILABLE INFORMATION, INCLUDING FILINGS MADE WITH THE SECURITIES AND EXCHANGE COMMISSION (\"SEC\") AND OTHER SOURCES, AS WELL AS LAND & BUILDINGS' ANALYSIS OF SUCH PUBLICLY AVAILABLE INFORMATION. LAND & BUILDINGS HAS RELIED UPON AND ASSUMED, WITHOUT INDEPENDENT VERIFICATION, THE ACCURACY AND COMPLETENESS OF ALL DATA AND INFORMATION AVAILABLE FROM PUBLIC SOURCES, AND NO REPRSENTATION OR WARRANTY IS MADE THAT ANY SUCH DATA OR INFORMATION IS ACCURATE. LAND & BUILDINGS RECOGNIZES THAT THE COMPANIES REFERENCED HEREIN, INCLUDING WELL, VTR AND AHR, MAY POSSESS CONFIDENTIAL OR OTHERWISE NON-PUBLIC INFORMATION THAT COULD LEAD THEM TO DISAGREE WITH LAND & BUILDINGS' VIEWS AND/OR CONCLUSIONS AND THAT COULD ALTER THE OPINIONS OF LAND & BUILDINGS WERE SUCH INFORMATION KNOWN. NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS GIVEN AS TO THE RELIABILITY, ACCURACY, FAIRNESS OR COMPLETENESS OF THE INFORMATION OR OPINIONS CONTAINED HEREIN, AND LAND & BUILDINGS AND EACH OF ITS DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES AND AGENTS EXPRESSLY DISCLAIM ANY LIABILITY WHICH MAY ARISE FROM THIS WHITE PAPER AND ANY ERRORS CONTAINED HEREIN AND/OR OMISSIONS HEREFROM OR FROM ANY USE OF THE CONTENTS OF THIS WHITE PAPER.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "da68f02f-5bc1-40ec-954e-5bb7c6d1af71", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.864, "x": 0.068, "y": 0.295 }, "kind": "disclaimer", "text": "THIS WHITE PAPER IS FOR DISCUSSION AND INFORMATIONAL PURPOSES ONLY. THE VIEWS EXPRESSED HEREIN REPRESENT THE OPINIONS OF LAND & BUILDINGS AS OF THE DATE HEREOF. LAND & BUILDINGS RESERVES THE RIGHT TO CHANGE OR MODIFY ANY OF ITS OPINIONS EXPRESSED HEREIN AT ANY TIME AND FOR ANY REASON AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO CORRECT, UPDATE OR REVISE THE INFORMATION CONTAINED HEREIN OR TO OTHERWISE PROVIDE ANY ADDITIONAL MATERIALS.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e1347ef5-8ade-42ea-b695-6a4657644868", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.105, "w": 0.864, "x": 0.068, "y": 0.123 }, "kind": "paragraph", "text": "Welltower SEC Filings (8-K filed October 27, 2025 for plan terms, LTIP unit awards, termination provisions, performance metrics; DEF 14A filed April 10, 2026 for peer group, ATM issuance, committee meetings, director compensation, say-on-pay, termination; DEF 14A filed 2022 to 2025 for historical say-on-pay results, prior compensation, special award history), Peer company SEC Filings (including Simon Property Group 2024 DEF 14A for 2024, Prologis DEF 14A for 2022 to 2024, Alexandria 8-Ks in October 2025 and December for impairment, guidance and dividend data), Welltower press releases (October 27, 2025: 10-Year ECAP announcement, April 16, 2021: Patton board nomination), Bloomberg (stock prices, total returns, FFO multiples, healthcare REIT index, REIT index data and S&P 500 index data, market capitalization data, WELL top shareholder data), Green Street (NAV data), ISS 2026 Benchmark Policy, and Glass Lewis 2023 mega-grant policy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "671dcd3a-2306-443e-88a2-e809611b4e04", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.018, "w": 0.215, "x": 0.068, "y": 0.097 }, "kind": "title", "text": "SOURCES AND NOTES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c776567-0906-44b3-966a-a98841ae72c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.125, "x": 0.068, "y": 0.273 }, "kind": "title", "text": "Legal Disclaimer", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53c930eb-98d0-4d19-957e-609ed2a617da", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }