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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 'villain critique' framing to argue that Mitra's compensation is excessive compared to historical precedents like David Simon's rejected 2011 award.",
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      "text": "Mitra's Program could be worth 10 to 25 times that amount, for a CEO with one-sixth the tenure and returns measured from a cyclically depressed starting point.",
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      "text": "Critical observation: Mitra's 30% CAGR is heavily distorted by measuring from COVID through valuations. The portfolio he inherited was the same portfolio that existed in February 2020 when the stock peaked at ~$90 under prior CEO DeRosa.",
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      "text": "To be explicit: the largest REIT CEO compensation package ever attempted based on our findings, David Simon's $120 million retention award in 2011, was rejected by 73% of shareholders and thereafter eliminated.",
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