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BKD

Brookdale Senior Living

$7.96

-0.02 (-0.25%)

08:40
08/13/19
08/13
08:40
08/13/19
08:40

Land and Buildings issues letter to Brookdale Senior Living shareholders

Land and Buildings issued the following open letter to shareholders of Brookdale Senior Living: "On August 6th Brookdale's CEO Cindy Baier stated on the Company's second quarter conference call that Brookdale believes its "turnaround" is working and that all that is needed is more time. Unfortunately, the reality remains that based on all relevant measures this Board of Directors (the "Board") and management team have failed to create shareholder value. Equally concerning, they have demonstrated a lack of willingness to meaningfully engage with Land & Buildings or its director nominees around how to potentially reverse this half-decade-long trend of underperformance. In our view, when considering the credibility and troubling track record of this Board, the litany of value maximizing and shareholder-friendly options that Brookdale has refused to act on or implement speaks volumes, including: immediate destaggering of the Board, alowing shareholders to call a special meeting, holding annual meetings on a regularly scheduled basis, selling owned real estate as long as shares trade at a material discount to net asset value (NAV), hiring third-party operators to manage underperforming owned real estate, separating the Company into a REIT and operator or Sale of the Company, including since leases were restructured. We understand that Brookdale is currently seeking to replace its two retiring Board members with two new individuals. Rather than appoint Land & Buildings' two highly-qualified director candidates, Jay Flaherty and Jon Litt, who we believe have the deep healthcare, real estate and finance experience necessary to maximize value for all Brookdale shareholders, this Board has chosen to engage in a costly proxy contest in order to, in our view, preserve the troubling status quo. Brookdale is also in the process of hiring a new President - whose job specifications appear to be duplicative with those of the CEO - which we believe is an acknowledgement that the Board and management team have not been up to the task of turning around the Company. Given the current Board's apparent inability to act in the best interests of all shareholders and provide effective oversight of the Company, do we truly expect that these decisions should be solely left up to them? Conversely, one action Brookdale did take was to state on its recent earnings call that creating a separate Brookdale REIT alongside a Brookdale operator would not create value and that Green Street Advisors' analysis contained "fundamental flaws". Green Street is the preeminent independent research and advisory firm concentrating on the commercial real estate industry. Unfortunately, neither Brookdale nor its advisors have accepted direct invitations from Land & Buildings to sit down with us and Green Street to evaluate the analysis and help us understand exactly which elements of it are so misinformed. Further, Land & Buildings' conversations with Bank of America Merrill Lynch, one of Brookdale's advisors, prior to the bank being retained by the Company, seemed to indicate a very different view on the substantial value creation of a potential Brookdale PropCo/OpCo. We believe it is in the best interest of shareholders to have full transparency into Green Street's analysis to draw their own conclusions."

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BKD Brookdale Senior Living
$7.96

-0.02 (-0.25%)

10/11/18
SPHN
10/11/18
NO CHANGE
SPHN
Stephens says home health final rule looking like draft would weigh on providers
Stephens analyst Dana Hambly said he expects the final rule for home health reimbursement to be released by CMS in the first week of November. He is concerned that if the final rule looks similar to the draft rule, particularly regarding behavioral assumptions, it would weigh on home health stocks. For-profit, urban providers with higher percentages of therapy visits are estimated to take the largest cuts under a Patient Driven Groupings Model for reimbursement, said Hambly, who sees the impact being largest for Brookdale Senior Living (BKD) and Humana's (HUM) Kindred at Home. Others that may be impacted include Amedisys (AMED), Encompass Health (EHC), Ensign Group (ENSG) and LHC Group (LHCG).
12/27/18
12/27/18
NO CHANGE

Stephens to keep GrubHub, RealPage, Vulcan Materials on 2019 Best Ideas list
Stephens said that it plans to publish a complete updated 2019 Best Ideas list on January 2, but in anticipation it shared the names that are being dropped and the three stocks that will remain on the list. The holdovers are GrubHub (GRUB), RealPage (RP) and Vulcan Materials (VMC). The stocks being removed include Boston Scientific (BSX), Brookdale Senior Living (BKD), Conn's (CONN), CoStar Group (CSGP), Curo Group (CURO), FedEx (FDX), First Financial Bancorp (FFBC), Graphic Packaging (GPK), Hub Group (HUBG), Keane Group (FRAC), KeyCorp (KEY), LKQ Corp. (LKQ), Myriad Genetics (MYGN), SVB Financial (SIVB), Triumph Bancorp (TBK), TrueCar (TRUE) and Union Bankshares (UBSH).

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