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  "documentTitle": "Brookdale Senior Living Inc. (BKD)",
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  "authorName": "Thomas Sandell",
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  "presentationDate": "2015-02-01 00:00:00",
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  "notes": "The chart shows a clear downward trend in cap rates over time, supporting the thesis of value surfacing.",
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      "text": "As a result of declining interest rates and a global search for yield, HC REIT cap rates have compressed along with the real estate industry",
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      "text": "As a result of declining interest rates and a global search for yield, HC REIT cap rates have compressed along with the real estate industry. Recent transactions of private-pay independent living facilities have had cash cap rates of 5.5%.",
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      "text": "Source: Company filings, Internal Work, Chart Information From Morgan Stanley November 3rd Valuation Analyst Report, (1) Sabra Health Care's October 2014 purchase of Holiday portfolio for $550m at 5.5% cash cap rate",
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