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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": "Includes two tables: a peer valuation table and an estimated NOI breakout table by asset type.",
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      "text": "Based on our estimates, private-pay Independent Living (IL), Assisted Living (AL) and Memory Care units trade at implied 5.00%-5.50% cap rates",
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      "text": "Overall cap rates for the big three HC REITs are 5.5%-5.8%; however, given their mix of assets, implied cap rates for IL/AL are lower. IL/AL units command premium valuation and lower cap rates due to private-pay nature, conversion potential, and supply/demand dynamics.",
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      "text": "Based on our estimates, private-pay Independent Living (IL), Assisted Living (AL) and Memory Care units trade at implied 5.00%-5.50% cap rates. BKD's unit mix is almost 95% IL, AL and Memory Care.",
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      "text": "Cap Rate: 5.00%-5.50%",
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      "text": "Source: Company filings, Internal Work, (1) BKD EV includes BV of CCRC HCP JV (2) Estimated cap rate, figures in millions",
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