Land and Buildings Strikes Again
Still trying to get two board nominees, Land and Buildings steps up its criticism and need for change. Well, well, well. Jonathan Litt of Land and Buildings is at it again, this time with a six-page letter to Brookdale Senior Living shareholders, eviscerating Brookdale’s management and board, past and present, for the company’s severe underperformance over the past 10 years. So, what else is new? Look, management and much of the board has changed and the only ones who can be blamed for the disastrous Emeritus acquisition are the old management, the former board and perhaps their advisors, who should have known better. Highlighted in his letter was the underperformance of Brookdale... Read More »
Brookdale Activists Strike Again
We disclosed last week that activist investor Land & Buildings (L&B) had nominated Jay Flaherty, former CEO of HCP, Inc., and Jonathan Litt (founder of L&B) for board election at the 2019 annual meeting of Brookdale Senior Living. L&B has just sent an open letter to Brookdale shareholders providing more rationale for the election of these two candidates. Apparently, L&B hired Green Street Advisors to value Brookdale and its real estate assets, and to provide an opinion as to the feasibility of a PropCo/OpCo split of the company, something Litt has been pushing for quite a while now to enhance shareholder value. Not surprisingly, preliminarily they determined that... Read More »
Brookdale Activists On The Move
Brookdale Senior Living investor Land & Buildings has nominated Jonathan Litt and Jay Flaherty to Brookdale’s board. Still pushing for a REIT spin-off? He’s baaaack. After his 10-year stint as CEO of HCP, Inc., which included his ill-fated and ill-timed acquisition of the former HCR ManorCare, Jay Flaherty may be back in the senior care mix. That is, if Jonathan Litt of Land & Buildings has his way. Land & Buildings Capital Growth Fund, LP has delivered notice to Brookdale Senior Living that it is nominating Flaherty and Litt for election to the company’s board of directors. We shall see how that flies with the current Brookdale board. Our guess is that they will not go... Read More »
(Most) Senior Care Provider Stocks Shine in H1:19
[featured in the July issue of The SeniorCare Investor] With the overall stock market posting its best first half of a year since 1997, one would expect that seniors housing and care stocks would also have performed well. The major benchmarks are up 14% to 17% so far this year, and only two of the providers have topped that. Of the larger cap providers, The Ensign Group was the star with a 46.7% price increase in six months, and that was after jumping by 74.7% in calendar 2018. The company just keeps on rockin’, and when it splits into two separate operating companies later this year, one for skilled nursing and one for seniors housing and home health care, the expectation is that the... Read More »Schedule a demo
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