Senior housing pays off big for this owner, now worth $160 billion market value.
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Senior housing pays off big for this owner, now worth $160 billion market value. Shankh Mitra, chief executive of the senior-housing company Welltower, made one of commercial real estate's most daring bets in 2020. Welltower spent more than $40 billion over the following six years to acquire tens of thousands of senior-housing units, while many rivals retreated when the pandemic caused senior-facility occupancy rates to plummet. Welltower now owns more than 2,500 senior-living communities, the most of anyone in the industry. That move is paying off as these properties fill up again. Welltower's market value has increased close to sevenfold to about $160 billion since 2020, making it the world's largest publicly traded real-estate company. Mitra has been well compensated for the turnaround. He received a compensation package valued at $821 million last year, according to The Wall Street Journal's annual analysis of executive pay using data from MyLogIQ. That was the biggest pay package for any public-company CEO in America, save for Elon Musk. While that payout is contingent on Welltower's stock continuing to climb, the magnitude of Mitra's compensation is sparking a backlash. Institutional Shareholder Services, a proxy advisory firm, recommended that shareholders vote against the pay package, describing the awards as being of "extraordinary value." Jonathan Litt...
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