NASHVILLE, Tenn., April 12, 2017 /PRNewswire/ -- Brookdale Senior
Living Inc. (NYSE: BKD) today announced that Mark J. Parrell, a member of Brookdale's Board
of Directors since 2015, has submitted notice that he will resign
from the Board effective at the close of business on July 24, 2017 (the currently scheduled date of
Brookdale's 2017 annual meeting of stockholders) to dedicate more
time to other professional commitments. Mr. Parrell intends
to remain actively engaged as a member of the Board and the Audit
and Investment Committees of the Board through such time.
Daniel A. Decker, Brookdale's
Executive Chairman of the Board, said, "On behalf of Brookdale and
its Board of Directors, we wish Mark well in his future endeavors
and thank him for his outstanding service to the Company and its
shareholders. During his tenure, Mark has made many valuable
contributions in numerous aspects of our business, and we look
forward to continuing to benefit from his advice and counsel over
the next few months."
Mr. Decker continued, "Brookdale's Board and management continue
to be highly focused on the execution of our business strategies,
including achieving consistent operational excellence and
optimizing our portfolio. In addition, the Board remains hard
at work, in conjunction with management and our financial and legal
advisors, on our ongoing process to explore options and
alternatives to create and enhance shareholder value."
Mr. Parrell said, "Serving on the Board of Brookdale, a company
dedicated to enriching the lives of seniors, has been a great
privilege. I know that the Board and management team are
steadfast in their commitment to increasing value for shareholders
while upholding the Company's important mission. I look
forward to continuing to serve until the effective date of my
resignation and wish them all the best in the
future."
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior
living communities throughout the United States. The Company
is committed to providing senior living solutions primarily within
properties that are designed, purpose-built and operated to provide
the highest-quality service, care and living accommodations for
residents. Brookdale operates independent living, assisted
living, and dementia-care communities and continuing care
retirement centers, with approximately 1,055 communities in 47
states and the ability to serve approximately 103,000 residents as
of December 31, 2016. Through
its ancillary services program, the Company also offers a range of
outpatient therapy, home health and hospice services.
Brookdale's stock is traded on the New York Stock Exchange under
the ticker symbol BKD.
Safe Harbor
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including all statements
that are not historical statements of fact and those regarding the
Company's intent or expectations relating to execution of its
business strategy, portfolio optimization activities, and the
creation and enhancement of shareholder value. Actual results
could differ materially from those projected. Forward-looking
statements are generally identifiable by use of forward-looking
terminology such as "will," "continue," "ongoing," or other similar
words or expressions. Although we believe that expectations
reflected in any forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be
attained and actual results and performance could differ materially
from those projected. Factors which could have a material adverse
effect on our operations and future prospects or which could cause
events or circumstances to differ from the forward-looking
statements include, but are not limited to, the risk associated
with the current global economic situation and its impact upon
capital markets and liquidity; changes in governmental
reimbursement programs; the risk of overbuilding and new supply;
our inability to extend (or refinance) debt (including our credit
and letter of credit facilities and our outstanding convertible
notes) as it matures; the risk that we may not be able to satisfy
the conditions precedent to exercising the extension options
associated with certain of our debt agreements; events which
adversely affect the ability of seniors to afford our monthly
resident fees or entrance fees; the conditions of housing markets
in certain geographic areas; our ability to generate sufficient
cash flow to cover required interest and long-term operating lease
payments; the effect of our indebtedness and long-term operating
leases on our liquidity; the risk of loss of property pursuant to
our mortgage debt and long-term lease obligations; the
possibilities that changes in the capital markets, including
changes in interest rates and/or credit spreads, or other factors
could make financing more expensive or unavailable to us; our
determination from time to time to purchase any shares under our
share repurchase program; our ability to fund any repurchases; our
ability to effectively manage our growth; our ability to maintain
consistent quality control; delays in obtaining regulatory
approvals; the risk that we may not be able to expand, redevelop
and reposition our communities in accordance with our plans; our
ability to complete acquisition, disposition, lease restructuring,
financing, re-financing and venture transactions on agreed upon
terms or at all, including in respect of the satisfaction of
closing conditions, the risk that regulatory approvals are not
obtained or are subject to unanticipated conditions, and
uncertainties as to the timing of closing; our ability to
successfully integrate acquisitions; competition for the
acquisition of assets; our ability to obtain additional capital on
terms acceptable to us; a decrease in the overall demand for senior
housing; our vulnerability to economic downturns; acts of nature in
certain geographic areas; terminations of our resident agreements
and vacancies in the living spaces we lease; early terminations or
non-renewal of management agreements; increased competition for
skilled personnel; increased wage pressure and union activity;
departure of our key officers; increases in market interest rates;
environmental contamination at any of our communities; failure to
comply with existing environmental laws; an adverse determination
or resolution of complaints filed against us; the cost and
difficulty of complying with increasing and evolving regulation; as
well as other risks detailed from time to time in our filings with
the Securities and Exchange Commission, including our Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. When considering
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in such SEC filings.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements, which reflect our management's views as
of the date of this press release. We expressly disclaim any
obligation to release publicly any updates or revisions to any of
these forward-looking statements to reflect any change in our
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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SOURCE Brookdale Senior Living Inc.