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Brookdale Reaches Agreement with Stockholder Land & Buildings

NASHVILLE, Tenn., July 26, 2017 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") today announced that it has reached an agreement with Land & Buildings Management LLC and certain of its affiliates (collectively, "Land & Buildings") pursuant to which Marcus "Marc" E. Bromley was appointed as an independent member of the Company's board of directors (the "Board"), effective July 25, 2017, filling the vacancy created by the previously disclosed departure of Mark J. Parrell. Mr. Bromley was also appointed to both the Audit and Investment Committees of the Board. Brookdale's Board continues to be comprised of nine directors, seven of whom are independent.

Mr. Bromley has more than 35 years of real estate industry leadership experience, including serving as the chairman of the board of trustees and chief executive officer of Gables Residential Trust from 1993 until 2000 and as a trustee through 2005. Prior to Gables Residential Trust, Mr. Bromley was a division partner for the Southeast operation of Trammell Crow Residential Company. Mr. Bromley currently serves as 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 Cole Credit Property Trust V, Inc., a non-listed real estate investment trust.

"Marc is a terrific addition to our Board and brings extensive real estate and finance experience, as well as a fresh perspective," said Daniel A. Decker, Executive Chairman of Brookdale's Board. "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. We are pleased to welcome him to Brookdale's Board with the support of our stockholder Land & Buildings."

Mr. Decker continued, "On behalf of the entire Board, I want to express our sincere thanks to Mark Parrell for his service and dedication to Brookdale. The Board and our Audit and Investment Committees have benefitted from Mark's insight and collaborative approach. We are extremely grateful for his solid leadership and numerous positive contributions to the Company, and wish him the best."

Jonathan Litt, Founder and CIO of Land & Buildings, stated, "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."

The Honorable Jackie M. Clegg, Chair of the Nominating and Corporate Governance Committee of Brookdale's Board, added, "We are pleased to have added such a well-suited candidate and look forward to having Marc's perspective on the Board as we guide Brookdale along the path ahead."

Under the terms of the agreement, Land & Buildings has agreed to 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 stockholders of the Company (the "2017 Annual Meeting") and the Company has agreed to review and consult with Land & Buildings regarding the composition of the Board prior to the 2018 annual meeting of stockholders of the Company. As previously disclosed, the 2017 Annual Meeting is currently scheduled for September 25, 2017. The agreement between Brookdale and Land & Buildings will be filed in a Form 8-K with the Securities and Exchange Commission (the "SEC").

As previously announced, Brookdale's Board and management team are working with legal and...