Brookdale Senior Living Climbs 4%

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Brookdale Senior Living jumped over 4% intraday after Land and Buildings Investment Management issued a letter to Brookdale’s shareholders, saying nearly 70% of shareholder value has been eviscerated in the past 18 months and urged the company to divest its owned real estate.

Land and Buildings said in the letter it believes the current net asset value of Brookdale is at least $25 per share, more than 100% above the current share price. The shareholder also urged the firm to transition to an asset-light senior housing management company.

“As we have communicated to the Brookdale management team and board in numerous discussions and letters over the past several months, the company must act with urgency to crystalize value,” according to a letter to shareholders.

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