On January 13, 2017, Land and Buildings Investment Management LLC issued the following open letter to the Board of Directors and Shareholders of Brookdale Senior Living, Inc. In the letter, Land and Buildings Investment strongly reminded the board of its fiduciary duty to maximize shareholder value and fully and properly pursue strategic alternatives. In addition, Land and Buildings Investment expressed that shareholders, itself included, would be extremely disappointed and would hold the Board accountable if the strategic alternatives process fails to result in a successful conclusion. Furthermore, Land and Buildings Investment expressed that the Company’s net asset value is at least $25 per share, including owned real estate worth in excess of $21 per share.