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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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      "text": "BKD must act now with 1) major initiatives complete, 2) IRS REIT moratorium lifted and 3) average HC REIT forward cash flow multiple trading at 7.4x premium",
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      "text": "Key Initiatives / Dates: 1. Feb 20th, 2014: Announcement of ESC Transaction... 7. 4Q14, 2015: Significant Expansion in Multiple Differential",
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      "text": "Source: Company filings, Internal Work",
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      "text": "PropCo Valuation: Timing Ideal With BKD Initiatives Complete and Multiple Differential At Wides",
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      "text": "BKD: Step 1, Commit to Surfacing Value of Real Estate Through PropCo/OpCo",
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