BUZZ-Welltower falls after activist hedge fund Land & Buildings announces short position

Welltower, Inc.
S&P 500 index

Welltower, Inc.

WELL

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S&P 500 index

SPX

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** Shares of Welltower WELL.N fall 3% to $202.96 after activist hedge fund Land & Buildings announced a short position in the real estate investment trust

** WELL is on track for its third straight session of losses and on track for biggest daily pct decline since March 20

** Land & Buildings, which was founded by Jonathan Litt, alleged that Well's executive compensation program for CEO Shankh Mitra is worth about $2.6 billion, describing it as a means of "transforming enormous wealth from shareholders to management"

** "Six months into the plan, we estimate Mr. Mitra has already earned approximately $1 billion based on stock performance to date and the time-based units," according to Land & Buildings

** 20 analysts covering WELL give it an average rating of "BUY" and median PT of $230, per data compiled by LSEG

** WELL is up 9.4% YTD versus the 10% rise of S&P 500 real estate index SPLRCR


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