Brookdale Senior Living Inc
Why Sandell wants to revamp Brookdale’s board
Sandell wants Brookdale to revamp its board because It has no director with real estate experience and lacks in independent shareholder representation.
Glenview Capital starts new position in Cadence Design Systems
Glenview Capital disclosed a new position in Cadence Design Systems (CDNS) that accounts for 1.21% of the fund’s 2Q14 portfolio. Cadence Design Systems is based in San Jose, California. It develops solutions for its customers to design increasingly small and complex integrated circuits (or ICs) and electronic devices.
Must-know: Glenview Capital Management’s 2Q14 positions
Larry Robbins’ Glenview Capital Management delivers attractive absolute returns through fundamental research and individual security selection. The size of Glenview’s portfolio increased from $15.2 billion in 1Q14 to $17.2 billion last quarter.
Sandell gives Brookdale a cap rate justification for spin-off
Independent living, assisted living, and memory care are 95% of the Brookdale units. According to Sandell, these units trade at 5% to 5.5% cap rate.
Why Sandell wants a spin-off of Brookdale’s real estate assets
Sandell has proposed a spin-off of Brookdale’s real estate assets into an REIT. It’s a tax-free spin-off that avoids double taxation on income distribution.
Brookdale scales up in response to industry dynamics
To quickly respond to industry dynamics, Brookdale Senior Living is scaling up through acquisitions and joint ventures.
Brookdale Senior Living in final phase of strategic transactions
In July 2014, Brookdale completed a $3 billion acquisition of Emeritus Senior Living and became the first national senior living solutions company.
Brookdale Senior Living: The largest senior living operator
With the merger of Emeritus, Brookdale Senior Living became the largest operator of senior living communities in the United States in terms of size.
Why Glenview Capital increases position in Flextronics
Glenview Capital upped its position in Flextronics International (FLEX). Currently, the position accounts for 4.50% of the fund’s 2Q14 portfolio—up from 3.64% in the 1Q14 portfolio. Flextronics provides advanced design, manufacturing, and services to original electronic product equipment manufacturers (or OEMs). It’s one of the world’s largest providers of global supply chain solutions.
Must-know: Glenview Capital ups position in VCA
Glenview Capital upped its position in VCA Inc. (WOOF). VCA was earlier known as VCA Antech. Currently, the position accounts for 1.79% of the fund’s 2Q14 portfolio—up from 0.32% of the 1Q14 portfolio. A 13G filing at the end of August revealed that Glenview increased its stake in VCA from 8.7 million shares at the end of 2Q14. Currently, it owns 14.85% of the company with ~12.8 million shares.
Glenview Capital starts a new position in Brookdale Senior Living
Glenview Capital disclosed a new position in Brookdale Senior Living (BKD) that accounts for 0.77% of the fund’s 2Q14 portfolio. Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. It owns, leases, and operates retirement centers, assisted living and dementia-care communities, and continuing care retirement centers (or CCRCs).