Investor Presentaiton
Alignment of Interests: Poor Incentives in Action
Green Street Advisors
ADVISORY & CONSULTING GROUP
There is a historical track record of externally managed companies growing while destroying shareholder value.
Externally-Managed Senior Housing REIT Performance & External Fee Payment
250
Sr Housing Sector Avg.
(Indexed as of Jan'11)
Senior Housing Properties Trust
External Management Base Fee
200
150
100
50
$31M
$27M
$25M
$21M
$37M
$37M
$36M
$35M
External manager earned an additional $56m in
incentive fees for 2016 (their first year of
outperformance)
0
2011
2012
2013
2014
2015
2016
2017
2018
This is not a Research report.
10
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