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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 slide outlines a two-step activist plan: real estate separation and board/governance overhaul.",
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      "text": "Sandell Estimates Intrinsic Value of up to $49/Share by Employing the PropCo/OpCo Structure",
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      "text": "Step 1: Commit to releasing value of owned real estate amid strong market demand for senior living real estate assets through PropCo/OpCo structure. Separate owned real estate portfolio into REIT and distribute to shareholders via tax free spin-off.",
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      "text": "Believe Brookdale Senior Living Inc. (\"BKD\" or the \"Company\") trades at a material discount to its intrinsic value with significant embedded real estate value. Owns 42% of its senior living units. Strong industry fundamentals. Dated corporate governance.",
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      "text": "Step 2: Due to integration missteps, upgrade corporate governance structure, improving management accountability and shareholder franchise. Revamp Board and improve management accountability.",
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      "text": "Source: Company filings, Internal Work, (1) December 2014 Company Update",
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