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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": "With the IRS recently lifting its moratorium on real estate related PLRs, the PropCo/OpCo structure remains most suitable",
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      "text": "Several public companies have recently committed to realizing the significant and growing value of their owned real estate. Compared to many of these firms, BKD’s underlying operating business benefits from strong secular growth tailwinds and better supply/demand dynamics. With the IRS recently lifting its moratorium on real estate related PLRs, the PropCo/OpCo structure remains most suitable.",
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      "text": "Source: Company filings, Internal Work (1) internal REIT structure with partial private sale to demonstrate REIT valuation, (2) REIT spin combined with acquisition of public REIT to increase scale, diversify tenant base and preserve tax efficiency",
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