Fri, Feb. 6, 3:55 PM
- Brookdale Senior Living (BKD +6.4%) jumps on a 2.5x surge in volume in response to the public disclosure of a letter and white paper from activist shareholder Sandell Asset Management imploring management to unlock the intrinsic $49 per share value of the company, principally by separating its owned real estate assets into a REIT via a tax-free spin-off to shareholders.
- Sandell CEO Tom Sandell says, "We are disappointed that the Board has not committed to unlocking the significant value we believe is embedded in the company's owned real estate portfolio, especially with senior living real estate valuations at all-time highs. By their own admission, management has classified its owned portfolio as having great "scarcity" value given its scale and desirability."
- In a open response to the letter, Brookdale management says the company is committed to acting in the best interests of shareholders and it is considering Sandell's suggestions.
- BKD shares currently exchange hands at ~$36.50.
Wed, Feb. 4, 4:25 PM| Comment!
Tue, Feb. 3, 5:35 PM
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Mon, Jan. 26, 11:29 AM
- Brookdale Senior Living (BKD -10%) slumps on a 3x spike in volume after the company announced that it expects to report Q4 cash from facility operations (CFFO) of $0.53 per share, which is $0.10 lower that Q3's $0.63.
- Management lowered its 2015 CFFO guidance to $2.60 - 2.75 from $2.95 - 3.10.
- The company plans to report Q4 and full-year results on February 4 after the close. The conference call be held the next day, February 5, at 10:00 am ET.
- Consensus view for Q4 and 2014 are EPS of $0.64 and $2.60 on revenues of $1.23B and $3.81B, respectively.
Nov. 17, 2014, 7:29 AM| 1 Comment
Nov. 5, 2014, 5:08 PM
Nov. 4, 2014, 5:35 PM
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Sep. 9, 2014, 9:22 AM
- The offering was upsized to 8.955M shares from 8.75M and it priced at $33.50 each for net proceeds of about $287.1M. The underwriters have a greenshoe option to buy another 1.343M shares at that price.
- Proceeds will be used to fund the exercise of purchase options on certain communities currently leased to the company. Brookdale (NYSE:BKD) will also pay of certain debt carrying a weighted-average interest rate of 7.3%.
- Source: Press Release
- Shares -0.9% premarket to $34.20.
Sep. 2, 2014, 8:50 AM
- The $1.2B joint venture will initially own a portfolio of 14 entry fee continuing care retirement communities, with HCP investing $324M of cash into the JV. Brookdale (NYSE:BKD) will continue to manage the communities.
- In addition, the two closed on amendments to the triple-net leases on 202 HCP-owned senior housing communities formerly operated by Emeritus Corporation (which Brookdale acquired in July).
- Source: Press Release
Aug. 6, 2014, 7:09 PM
- Brookdale Senior Living (BKD -1.4%) Q2 results: Total Revenues: $748.4M (+4.4%); Resident Fees: $653.5M (+5.2%); Operating Expenses: $717.7M (+4.3%); Operating Income: $30.7M (+8.1%); Net Loss: ($3.3M) (+36.5%); Loss Per Share: ($0.03) (+25.0%); Quick Assets: $50.9M (-13.0%); CF Ops (1H): $144.2M (-0.4%).
- 2015 Guidance: Cash from facility operations: $2.95 - 3.10 per share.
Aug. 6, 2014, 5:01 PM
Aug. 5, 2014, 5:35 PM
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Aug. 1, 2014, 11:05 AM
- The move comes following the closing of the merger with Emeritus Corporation yesterday. The deal makes Brookdale (BKD -0.7%) into the only national full-service senior living solutions company, with over 1.1K communities in 46 states.
- CEO Andy Smith: "We are at a transformational point in the history of the company."
Jul. 16, 2014, 12:18 PM
- Brookdale Senior Living (BKD +1.8%) is the upside outlier in senior living names today after Goldman initiates coverage with a Buy rating and $44 price target.
- Goldman rattled a few feathers earlier this month when it downgraded the Healthcare REIT sector, citing a preference for more economically-sensitive areas. Alongside that sector call, the team also pulled its Buy rating on Omega Healthcare.
Jul. 10, 2014, 12:48 PM| Comment!
Jun. 2, 2014, 11:27 AM
- The team launches coverage today with Buys on American Realty Capital (ARCP -0.4%), Ashford Hospitality Prime (AHP +2%), and Physicians Realty Trust (DOC +0.7%).
- In one other REIT coverage initiation, Jefferies starts Brookdale Senior Living (BKD -0.4%) with a Buy and $40 price target. Last week, Fortress Investment sold another large chunk of its stake in the company.
BKD vs. ETF Alternatives
Brookdale Senior Living Inc is an operator of senior living communities. It operates in six business segments: retirement centers; assisted living; CCRCs rental; CCRCs entry fee; Brookdale Ancillary Services and management services.
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