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  "documentTitle": "Citi | Investment Banking Pitch Book | 21 slides",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "Includes a detailed multi-year forecast table and a sensitivity matrix for NOL savings per share.",
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      "text": "Source: AlerisLife Management as of 02/02/2023. (1) Comprised primarily of adjustments related to tax depreciation, business interest expense, gains/losses on asset sales and unrealized gains/losses on investments. (2) Post TCJA losses, limited to 80% of taxable income. (3) Includes $5.8mm of Federal NOLs generated prior to the change-of-control restructuring in early 2020, restricting those NOLs to a utilization rate.",
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      "text": "NOL utilization during forecast period as projected by management; post forecast period perpetuity growth rate of 1.0% to 3.0%\nSavings from NOLs are discounted to 12/31/2022 using discount rate range of 17.7% to 19.8%",
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