Intrinsic value of Brookdale Senior Living - BKD

Previous Close

$9.34

  Intrinsic Value

$1.29

stock screener

  Rating & Target

str. sell

-86%

Previous close

$9.34

 
Intrinsic value

$1.29

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of BKD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,842
  4,953
  5,081
  5,224
  5,382
  5,556
  5,745
  5,950
  6,170
  6,407
  6,660
  6,931
  7,219
  7,524
  7,849
  8,193
  8,557
  8,942
  9,349
  9,779
  10,232
  10,710
  11,214
  11,745
  12,304
  12,892
  13,512
  14,164
  14,850
  15,571
Variable operating expenses, $m
  972
  993
  1,017
  1,044
  1,074
  1,107
  1,143
  1,181
  1,223
  1,268
  1,258
  1,309
  1,364
  1,421
  1,483
  1,548
  1,617
  1,689
  1,766
  1,847
  1,933
  2,023
  2,118
  2,219
  2,324
  2,435
  2,553
  2,676
  2,805
  2,942
Fixed operating expenses, $m
  4,179
  4,271
  4,365
  4,461
  4,559
  4,659
  4,762
  4,867
  4,974
  5,083
  5,195
  5,309
  5,426
  5,545
  5,667
  5,792
  5,919
  6,050
  6,183
  6,319
  6,458
  6,600
  6,745
  6,893
  7,045
  7,200
  7,359
  7,520
  7,686
  7,855
Total operating expenses, $m
  5,151
  5,264
  5,382
  5,505
  5,633
  5,766
  5,905
  6,048
  6,197
  6,351
  6,453
  6,618
  6,790
  6,966
  7,150
  7,340
  7,536
  7,739
  7,949
  8,166
  8,391
  8,623
  8,863
  9,112
  9,369
  9,635
  9,912
  10,196
  10,491
  10,797
Operating income, $m
  -309
  -311
  -301
  -282
  -251
  -211
  -160
  -98
  -26
  56
  207
  312
  429
  558
  699
  853
  1,021
  1,203
  1,400
  1,613
  1,841
  2,087
  2,350
  2,632
  2,934
  3,257
  3,601
  3,968
  4,359
  4,775
EBITDA, $m
  493
  508
  537
  579
  633
  701
  781
  874
  979
  1,098
  1,231
  1,378
  1,538
  1,714
  1,905
  2,113
  2,336
  2,578
  2,837
  3,115
  3,414
  3,733
  4,074
  4,438
  4,825
  5,238
  5,678
  6,145
  6,641
  7,168
Interest expense (income), $m
  350
  288
  295
  303
  313
  323
  335
  347
  361
  376
  392
  409
  427
  447
  468
  490
  514
  539
  565
  593
  622
  654
  687
  721
  758
  796
  837
  880
  925
  972
  1,022
Earnings before tax, $m
  -597
  -606
  -605
  -594
  -574
  -545
  -507
  -459
  -402
  -335
  -202
  -115
  -18
  90
  209
  340
  483
  638
  807
  990
  1,187
  1,400
  1,629
  1,875
  2,138
  2,420
  2,721
  3,043
  3,387
  3,753
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  24
  56
  92
  130
  172
  218
  267
  321
  378
  440
  506
  577
  653
  735
  822
  914
  1,013
Net income, $m
  -597
  -606
  -605
  -594
  -574
  -545
  -507
  -459
  -402
  -335
  -202
  -115
  -18
  66
  153
  248
  352
  466
  589
  723
  867
  1,022
  1,189
  1,368
  1,561
  1,766
  1,987
  2,222
  2,472
  2,740

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,835
  8,015
  8,221
  8,452
  8,709
  8,990
  9,296
  9,627
  9,984
  10,367
  10,777
  11,215
  11,681
  12,175
  12,701
  13,257
  13,846
  14,470
  15,128
  15,823
  16,556
  17,330
  18,145
  19,004
  19,909
  20,861
  21,864
  22,919
  24,029
  25,197
Adjusted assets (=assets-cash), $m
  7,835
  8,015
  8,221
  8,452
  8,709
  8,990
  9,296
  9,627
  9,984
  10,367
  10,777
  11,215
  11,681
  12,175
  12,701
  13,257
  13,846
  14,470
  15,128
  15,823
  16,556
  17,330
  18,145
  19,004
  19,909
  20,861
  21,864
  22,919
  24,029
  25,197
Revenue / Adjusted assets
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
Average production assets, $m
  7,442
  7,613
  7,809
  8,029
  8,272
  8,539
  8,830
  9,145
  9,484
  9,848
  10,237
  10,653
  11,095
  11,565
  12,064
  12,593
  13,152
  13,744
  14,369
  15,030
  15,726
  16,461
  17,235
  18,051
  18,911
  19,816
  20,768
  21,770
  22,824
  23,933
Working capital, $m
  -92
  -94
  -97
  -99
  -102
  -106
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
Total debt, $m
  5,274
  5,418
  5,583
  5,768
  5,973
  6,199
  6,444
  6,709
  6,995
  7,302
  7,631
  7,981
  8,354
  8,750
  9,171
  9,617
  10,089
  10,588
  11,115
  11,672
  12,259
  12,879
  13,532
  14,220
  14,945
  15,708
  16,511
  17,356
  18,245
  19,180
Total liabilities, $m
  6,276
  6,420
  6,585
  6,770
  6,976
  7,201
  7,446
  7,711
  7,997
  8,304
  8,633
  8,983
  9,356
  9,753
  10,173
  10,619
  11,091
  11,590
  12,117
  12,674
  13,262
  13,881
  14,534
  15,222
  15,947
  16,710
  17,513
  18,358
  19,247
  20,182
Total equity, $m
  1,559
  1,595
  1,636
  1,682
  1,733
  1,789
  1,850
  1,916
  1,987
  2,063
  2,145
  2,232
  2,324
  2,423
  2,527
  2,638
  2,755
  2,879
  3,010
  3,149
  3,295
  3,449
  3,611
  3,782
  3,962
  4,151
  4,351
  4,561
  4,782
  5,014
Total liabilities and equity, $m
  7,835
  8,015
  8,221
  8,452
  8,709
  8,990
  9,296
  9,627
  9,984
  10,367
  10,778
  11,215
  11,680
  12,176
  12,700
  13,257
  13,846
  14,469
  15,127
  15,823
  16,557
  17,330
  18,145
  19,004
  19,909
  20,861
  21,864
  22,919
  24,029
  25,196
Debt-to-equity ratio
  3.380
  3.400
  3.410
  3.430
  3.450
  3.460
  3.480
  3.500
  3.520
  3.540
  3.560
  3.580
  3.590
  3.610
  3.630
  3.650
  3.660
  3.680
  3.690
  3.710
  3.720
  3.730
  3.750
  3.760
  3.770
  3.780
  3.790
  3.810
  3.820
  3.830
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -597
  -606
  -605
  -594
  -574
  -545
  -507
  -459
  -402
  -335
  -202
  -115
  -18
  66
  153
  248
  352
  466
  589
  723
  867
  1,022
  1,189
  1,368
  1,561
  1,766
  1,987
  2,222
  2,472
  2,740
Depreciation, amort., depletion, $m
  802
  819
  838
  860
  885
  911
  940
  972
  1,006
  1,042
  1,024
  1,065
  1,109
  1,157
  1,206
  1,259
  1,315
  1,374
  1,437
  1,503
  1,573
  1,646
  1,724
  1,805
  1,891
  1,982
  2,077
  2,177
  2,282
  2,393
Funds from operations, $m
  205
  213
  233
  266
  310
  366
  434
  513
  604
  707
  822
  950
  1,092
  1,222
  1,359
  1,507
  1,668
  1,840
  2,026
  2,226
  2,440
  2,668
  2,913
  3,174
  3,452
  3,748
  4,063
  4,399
  4,755
  5,133
Change in working capital, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
Cash from operations, $m
  206
  215
  236
  269
  313
  370
  437
  517
  608
  711
  827
  955
  1,097
  1,228
  1,365
  1,514
  1,674
  1,848
  2,034
  2,234
  2,448
  2,677
  2,922
  3,184
  3,462
  3,759
  4,075
  4,411
  4,768
  5,147
Maintenance CAPEX, $m
  -730
  -744
  -761
  -781
  -803
  -827
  -854
  -883
  -914
  -948
  -985
  -1,024
  -1,065
  -1,109
  -1,157
  -1,206
  -1,259
  -1,315
  -1,374
  -1,437
  -1,503
  -1,573
  -1,646
  -1,724
  -1,805
  -1,891
  -1,982
  -2,077
  -2,177
  -2,282
New CAPEX, $m
  -145
  -171
  -196
  -220
  -243
  -267
  -291
  -315
  -339
  -364
  -389
  -415
  -442
  -470
  -499
  -529
  -560
  -592
  -625
  -660
  -697
  -735
  -774
  -816
  -859
  -905
  -952
  -1,002
  -1,054
  -1,109
Cash from investing activities, $m
  -875
  -915
  -957
  -1,001
  -1,046
  -1,094
  -1,145
  -1,198
  -1,253
  -1,312
  -1,374
  -1,439
  -1,507
  -1,579
  -1,656
  -1,735
  -1,819
  -1,907
  -1,999
  -2,097
  -2,200
  -2,308
  -2,420
  -2,540
  -2,664
  -2,796
  -2,934
  -3,079
  -3,231
  -3,391
Free cash flow, $m
  -669
  -701
  -721
  -732
  -733
  -725
  -707
  -681
  -646
  -601
  -547
  -484
  -411
  -352
  -290
  -221
  -144
  -59
  34
  137
  248
  370
  502
  644
  798
  963
  1,141
  1,332
  1,537
  1,755
Issuance/(repayment) of debt, $m
  131
  144
  165
  185
  205
  225
  245
  265
  286
  307
  328
  350
  373
  396
  421
  446
  472
  499
  527
  557
  587
  620
  653
  688
  725
  763
  803
  845
  889
  935
Issuance/(repurchase) of shares, $m
  625
  642
  646
  640
  625
  601
  568
  525
  473
  412
  283
  202
  111
  33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  756
  786
  811
  825
  830
  826
  813
  790
  759
  719
  611
  552
  484
  429
  421
  446
  472
  499
  527
  557
  587
  620
  653
  688
  725
  763
  803
  845
  889
  935
Total cash flow (excl. dividends), $m
  88
  86
  90
  94
  98
  102
  105
  109
  113
  118
  64
  69
  73
  78
  130
  224
  327
  440
  562
  693
  836
  990
  1,155
  1,332
  1,523
  1,726
  1,944
  2,177
  2,426
  2,691
Retained Cash Flow (-), $m
  -625
  -642
  -646
  -640
  -625
  -601
  -568
  -525
  -473
  -412
  -283
  -202
  -111
  -98
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -232
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  28
  29
  30
  30
  31
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
Cash available for distribution, $m
  -537
  -556
  -556
  -547
  -528
  -500
  -462
  -416
  -360
  -294
  -219
  -133
  -38
  -21
  26
  114
  210
  316
  431
  555
  690
  836
  993
  1,161
  1,343
  1,537
  1,745
  1,967
  2,205
  2,458
Discount rate, %
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
  -486
  -450
  -399
  -344
  -288
  -233
  -182
  -137
  -97
  -64
  -38
  -18
  -4
  -2
  1
  5
  6
  6
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  73.5
  54.0
  39.8
  29.6
  22.3
  17.1
  13.3
  10.7
  8.8
  7.4
  6.6
  6.1
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8
  5.8

Brookdale Senior Living Inc. operates senior living communities in the United States. The Company operates independent living, assisted living and dementia-care communities, and continuing care retirement centers (CCRCs). It operates through five segments: Retirement Centers; Assisted Living; CCRCs-Rental; Brookdale Ancillary Services and Management Services. The Retirement Centers segment includes owned or leased communities for middle to upper income seniors. The Assisted Living segment includes owned or leased communities that offer housing and round the clock assistance with activities of daily life to mid-acuity frail and elderly residents. The CCRCs-Rental segment includes leased communities that offer living arrangements to accommodate physical ability and health. The Brookdale Ancillary Services segment includes outpatient therapy, home health and hospice services, as well as education and wellness programs. The Management Services segment includes communities operated by it.

FINANCIAL RATIOS  of  Brookdale Senior Living (BKD)

Valuation Ratios
P/E Ratio -4.4
Price to Sales 0.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 38.6
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50.5%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 280.6%
Total Debt to Equity 290.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. -0.9%
Return On Total Capital -4.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4.1%
Return On Equity -17.8%
Return On Equity - 3 Yr. Avg. -14.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 28.9%
Gross Margin - 3 Yr. Avg. 29.2%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin -0.8%
Oper. Margin - 3 Yr. Avg. -2.2%
Pre-Tax Margin -8%
Pre-Tax Margin - 3 Yr. Avg. -9.2%
Net Profit Margin -8.1%
Net Profit Margin - 3 Yr. Avg. -7.1%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. 23.4%
Payout Ratio 0%

BKD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKD stock intrinsic value calculation we used $4747 million for the last fiscal year's total revenue generated by Brookdale Senior Living. The default revenue input number comes from 2017 income statement of Brookdale Senior Living. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BKD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.6%, whose default value for BKD is calculated based on our internal credit rating of Brookdale Senior Living, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brookdale Senior Living.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BKD stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4089 million in the base year in the intrinsic value calculation for BKD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.6% for Brookdale Senior Living.

Corporate tax rate of 27% is the nominal tax rate for Brookdale Senior Living. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BKD stock is equal to 0.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BKD are equal to 153.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Brookdale Senior Living operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BKD is equal to -1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1531 million for Brookdale Senior Living - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 186 million for Brookdale Senior Living is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brookdale Senior Living at the current share price and the inputted number of shares is $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
FVE Five Star Seni 1.38 0.74  sell
CSU Capital Senior 9.98 0.69  str.sell
SNH Senior Housing 17.94 10.47  sell
NHC National Healt 70.30 15.32  str.sell
ENSG Ensign Group 37.92 13.43  sell

COMPANY NEWS

▶ Activist investor 'disappointed' with Brookdale board   [Jul-09-18 12:57PM  American City Business Journals]
▶ Is It Too Late To Buy Brookdale Senior Living Inc (NYSE:BKD)?   [Jun-25-18 03:51PM  Simply Wall St.]
▶ Apollo Is Buying an HCP Senior-Housing Portfolio   [Jun-22-18 10:32AM  Bloomberg]
▶ Activist investor says health care giant's new CEO has brought 'a breath of fresh air'   [May-22-18 02:43PM  American City Business Journals]
▶ Brookdale: 1Q Earnings Snapshot   [May-07-18 05:37PM  Associated Press]
▶ Activist investor praises latest move by Brookdale   [Apr-27-18 03:41PM  American City Business Journals]
▶ Former Brookdale CEO returns to the company   [Apr-05-18 08:48AM  American City Business Journals]
▶ Brookdale rejects sale, names new CEO   [Feb-23-18 07:52AM  American City Business Journals]
▶ Brookdale posts 4Q profit   [06:27AM  Associated Press]
▶ Brookdale investor not backing off struggling company   [Feb-16-18 12:35PM  American City Business Journals]
▶ Is It Time To Buy Brookdale Senior Living Inc (NYSE:BKD)?   [Jan-19-18 08:35AM  Simply Wall St.]
▶ Is HCP, Inc. a Buy?   [Jan-18-18 02:50PM  Motley Fool]
▶ Heres How HCP Inc. Crushed It In 2017   [Dec-15-17 07:18AM  Motley Fool]
▶ Brookdale reports 3Q loss   [Nov-06-17 05:37PM  Associated Press]
▶ HCP Is Making All the Right Moves   [Nov-02-17 12:52PM  Motley Fool]
▶ Activist investor calls for more transparency at Brentwood health care company   [Oct-30-17 03:35PM  American City Business Journals]
▶ What Is Brookdale Senior Living Incs (BKD) Share Price Doing?   [Oct-17-17 01:11PM  Simply Wall St.]
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