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  "documentTitle": "Citi | Investment Banking Pitch Book | 20 slides",
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  "notes": "Includes disclaimer about preliminary nature and data sources.",
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      "text": "PRELIMINARY- SUBJECT TO FURTHER REVIEW AND REVISION",
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      "text": "The low-end of the WACC is based upon the low-end of the equity market risk premium (6.5%) and the high-end of the debt / total capital ratio. The high-end is based on the high-end of the equity market risk premium (7.5%) and the low-end of the capital structure.",
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      "text": "Source: ALR Management, public filings, Wall Street Research, Bloomberg and FactSet as of 01/04/2023.",
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      "text": "Cost of Net Debt-Related Metrics and Cost of Equity-Related Metrics tables for AlerisLife.",
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      "text": "Preliminary Illustrative WACC Calculation",
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