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  "documentTitle": "Oasis Stratus Presentation March 2021",
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  "notes": "Uses a 3-column comparison structure to systematically dismantle the REIT conversion thesis.",
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      "text": "Stratus' portfolio, financial performance and overall strategy are not conducive to a REIT structure.",
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      "text": "Note: Net Debt/EBITDA adds back Block 21, as Stratus failed to consummate this transaction. Source: Public filings, Bloomberg",
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      "text": "Stratus' Idea to Consider a REIT Conversion is, in Oasis' view, Nonsensical",
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