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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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  "notes": "The slide uses a narrative case study approach to contrast executive compensation governance at SPG and Prologis before presenting a comparative table.",
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      "text": "The contrast with Welltower is stark in our view. Moghadam built Prologis from scratch over 40+ years, voluntarily caps his pay at $25 million, and accepts that his outperformance plan sometimes pays zero. Mitra has been CEO for 5.5 years, inherited his portfolio, and structured a plan that could pay him 100 times Moghadam's annual cap.",
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      "text": "Annualized Total Return: 13%",
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      "text": "Shareholders rejected it decisively. At SPG's 2012 annual meeting, 73% of shares voted against the compensation package...",
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      "text": "The Prologis $25 Million Cap (2024). At Prologis, the opposite approach was taken...",
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      "kind": "quote",
      "text": "The CFA Institute published an analysis calling the award \"outlandish on its face\" and questioning whether any CEO was worth $120 million with no performance requirements. — CFA Institute",
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      "text": "Stock Price and Total Return Comparison table for SPG, PLD, and WELL",
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      "text": "II. SHAREHOLDER RETURNS VS. CEO COMPENSATION: THE DISPARITY",
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