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Brookdale, Litt Reach Agreement on REIT's Board

Chairman and CEO of Gables Residential Trust between 1993 and 2000, Marcus E. Bromley will serve on the investment and audit committees of Brookdale Senior Living.

By Paul Bubny | paulbubny | Updated on July 26, 2017

Photo of Jonathan Litt Land and Buildings’ founder and CIO, Jonathan Litt, has said Brookdale stock is undervalued.

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.”

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