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  "documentTitle": "Brookdale Senior Living Inc. (BKD)",
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  "authorName": "Thomas Sandell",
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      "text": "BKD is the premier operator/provider of private-pay, senior living solutions to the wealthier, growing 75+ age cohort in the US. Company fundamentals driven by need for independent and assisted living options. Given 80%+ private-pay, increasing economic wealth and housing wealth directly drives BKD occupancy and rent growth. With the Emeritus Senior Living (ESC) Transaction closed, BKD solidified its place as the #1 US operator of senior living facilities. Integration of ESC should improve occupancy, growth, national branding and reach of ancillary business. Furthermore the HCP JV/Restructuring cleaned up BKD's financial and operational picture.",
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      "text": "Brookdale is the largest owner-operator of senior housing in the U.S with approximately 1,150 properties and 111,000 units. Brookdale generated 2013 proforma revenue of $5.0 billion with over 80% from private pay sources.",
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      "text": "Source: Company filings, Internal Work",
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