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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": "Uses a before-and-after comparison of CFO quotes to highlight a contradiction in management's stance on real estate value unlocking.",
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      "text": "With the resignation of the Fortress Directors, the tone of management regarding real estate has changed FROM openly supportive of unlocking value for shareholders TO expressing a desire to own it - this is despite a substantial increase in healthcare real estate values over the past two years",
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      "text": "With the resignation of the Fortress Directors, the tone of management regarding real estate has changed FROM openly supportive of unlocking value for shareholders TO expressing a desire to own it - this is despite a substantial increase in healthcare real estate values over the past two years",
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      "text": "NOW: CFO Mark Ohlendorf's commentary during BoAML Conference, September 2014 (Fortress NOT on Board) - no commentary regarding the value of the real estate to the shareholders of the Company (1)",
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      "text": "THEN: CFO Mark Ohlendorf's commentary during Stephens Fall Investment Conference, November 2012 (Fortress on Board) - between retirement announcement of previous CEO (W.E. Sheriff) in August 2012 and hiring of new CEO (Andy Smith) in February 2013 (1)",
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      "text": "\"So, there's a number of different options that we have been exploring and continue to explore. We could monetize value in some way with an existing REIT...\" — CFO Mark Ohlendorf, Stephens Fall Investment Conference, November 2012. \"Yeah. All else equal, we would rather own it. The problem is all else is never equal.\" — CFO Mark Ohlendorf, BoAML Conference, September 2014.",
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      "text": "Source: Company filings, Internal Work (1) Bloomberg transcript",
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      "text": "Increased Agency Costs: Change in Tone With Respect to Real Estate",
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      "kind": "title",
      "text": "BKD: Step 2, Upgrade Corporate Governance Structure",
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