This past December and January, Litt sent letters to shareholders asserting that Brookdale ought to be trading at higher prices. “We believe the company's net asset value is at least $25 per share, including owned real estate worth in excess of $21 per share,” Litt wrote in January.

As part of the agreement announced Wednesday, Land and Buildings will abide by certain customary standstill and voting provisions, including voting in favor of the slate of director nominees to be put forth by the board at the 2017 annual meeting of Brookdale stockholders, slated for Sept. 25. Further, Brookdale has agreed to review and consult with Land and Buildings regarding the composition of the board prior to the 2018 annual meeting.

Brookdale on Wednesday reiterated that its board and management team are exploring strategic alternatives to create and enhance shareholder value. A sale of some or all of the company is among those alternatives, and over the past six months, potential buyers ranging from the Blackstone Group to China's Zhonghong Zhuoye Group Co. have been identified in media reports.

NASHVILLE—Brookdale Senior Living said Wednesday that it had reached an agreement with Land & Buildings Management LLC to name Marcus E. Bromley, formerly chairman and CEO of Gables Residential Trust, as in independent director to its board. The agreement is an outgrowth of Land and Buildings' campaign to maximize the REIT's stock price, which the investment manager—and Brookdale stockholder—says is undervalued.

“Marc is a terrific addition to our board and brings extensive real estate and finance experience, as well as a fresh perspective,” says Daniel A. Decker, executive chairman at Brookdale. “We expect that Marc's insights and contributions will be valuable as we focus on the execution of our strategic objectives, including our ongoing process to explore options and alternatives to create and enhance stockholder value.”

Bromley, who will serve on the Brookdale board's investment and audit committees, led Gables for seven years beginning in 1993, and continued serving on its board through 2005. Currently he's a member of the advisory board of Nancy Creek Capital Management LLC, a private mezzanine debt and equity investment firm, and as an independent director of non-listed REIT Cole Credit Property Trust V Inc.

At Land and Buildings, founder and CIO Jonathan Litt says, “We are very pleased to have been able to work collaboratively with the company to add a highly qualified independent director to its Board. Brookdale is substantially undervalued and has significant potential, and we believe that Marc's presence on the board and on its audit and investment committees will enhance the Company's focus on exploring all pathways towards maximizing value for stockholders.”

This past December and January, Litt sent letters to shareholders asserting that Brookdale ought to be trading at higher prices. “We believe the company's net asset value is at least $25 per share, including owned real estate worth in excess of $21 per share,” Litt wrote in January.

As part of the agreement announced Wednesday, Land and Buildings will abide by certain customary standstill and voting provisions, including voting in favor of the slate of director nominees to be put forth by the board at the 2017 annual meeting of Brookdale stockholders, slated for Sept. 25. Further, Brookdale has agreed to review and consult with Land and Buildings regarding the composition of the board prior to the 2018 annual meeting.

Brookdale on Wednesday reiterated that its board and management team are exploring strategic alternatives to create and enhance shareholder value. A sale of some or all of the company is among those alternatives, and over the past six months, potential buyers ranging from the Blackstone Group to China's Zhonghong Zhuoye Group Co. have been identified in media reports.