Brookdale Senior Living (BKD) Company Report

Brookdale Senior Living reported full-year 2025 Adjusted EBITDA of $458 million, a 19% increase over 2024, and 5.7% RevPAR growth, both exceeding initial targets.
Consolidated weighted average occupancy reached 82.5% in Q4 2025, a 310 basis point improvement year-over-year and the highest level since Q1 2020.
The company provided 2026 Adjusted EBITDA guidance of $502 million-$516 million and projects mid-teens Adjusted EBITDA growth through 2028, aiming for under 6x leverage by the end of 2028.
Adjusted Free Cash Flow for 2025 was $23 million, marking the first positive year since 2020.
Brookdale is continuing its portfolio optimization, planning to sell 29 owned communities in the first half of 2026 for approximately $200 million and having exited 58 leased communities in 2025.

Feb 19, 2026, 2:00 PM

Transcript

Brookdale Senior Living Exceeds 2025 Financial Targets and Provides Strong 2026 Guidance

BKD

Earnings

Guidance Update

Management Change

Brookdale Senior Living exceeded initial 2025 Adjusted EBITDA expectations, delivering $458 million for the year, and achieved 5.7% RevPAR growth.
The company reported a consolidated weighted average occupancy of 82.5% in Q4 2025, a 310 basis point improvement year-over-year, marking three consecutive quarters above 80%.
For 2026, Brookdale projects RevPAR growth of 8%-9% and Adjusted EBITDA between $502 million and $516 million.
Brookdale returned to positive Adjusted Free Cash Flow in 2025, generating $23 million, and reduced its adjusted annualized leverage to 8.9 times Adjusted EBITDA by year-end 2025.
Strategic initiatives include optimizing its real estate portfolio with planned sales of 29 owned communities for approximately $200 million by mid-2026 and significant operational enhancements, including the appointment of a new Chief Operating Officer.

Feb 19, 2026, 2:00 PM

Transcript

Brookdale Senior Living Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance

BKD

Earnings

Guidance Update

New Projects/Investments

Brookdale Senior Living reported a 19% increase in Adjusted EBITDA to $458 million for full year 2025, exceeding initial expectations, and achieved $106 million in Adjusted EBITDA for Q4 2025.
Consolidated weighted average occupancy reached 82.5% in Q4 2025, a 310 basis point improvement year-over-year, with full-year 2025 RevPAR growth at 5.7%.
For 2026, the company projects 8%-9% RevPAR growth and Adjusted EBITDA guidance of $502 million-$516 million, with an expectation to drive leverage to under 6x by the end of 2028 from 8.9 times at the end of 2025.
The company is optimizing its real estate portfolio, anticipating 517 communities by mid-2026 after planned dispositions, and projects non-development CapEx of $175 million-$195 million for 2026.

Feb 19, 2026, 2:00 PM

Transcript

Brookdale Senior Living Inc. Announces Fourth Quarter and Full Year 2025 Results

BKD

Earnings

Guidance Update

Debt Issuance

Brookdale Senior Living Inc. reported a net loss of $263 million and Adjusted EBITDA of $458 million for the full year 2025, with Adjusted EBITDA exceeding the midpoint of its previously announced guidance range.
Consolidated weighted average occupancy for the fourth quarter of 2025 increased by 310 basis points over the prior year quarter to 82.5%, and full year 2025 consolidated revenue per available unit (RevPAR) increased by 5.7%.
In December 2025, the company beneficially refinanced approximately $350 million of 2026 mortgage debt maturities and approximately $200 million of 2027 mortgage debt maturities.
For 2026, the company provided annual guidance anticipating mid-teens year-over-year growth in Adjusted EBITDA for its ongoing portfolio and 8% to 9% RevPAR growth.
During the fourth quarter of 2025, the company completed terminations of leases on 42 communities (4,713 units) and sold two owned communities for $18.0 million in cash proceeds; it also plans to sell 29 owned communities in 2026, expecting to generate approximately $200.0 million in proceeds.

Feb 18, 2026, 9:17 PM

8-K

Brookdale Senior Living Announces Q4 and Full Year 2025 Results and 2026 Guidance

BKD

Earnings

Guidance Update

Debt Issuance

Brookdale Senior Living reported a full year 2025 net loss of $263 million and Adjusted EBITDA of $458 million, which was above the midpoint of its previously announced guidance range.
For the fourth quarter of 2025, consolidated Adjusted EBITDA increased by 7.1% to $105.6 million compared to the prior year quarter, and consolidated weighted average occupancy improved by 310 basis points.
The company provided full year 2026 guidance, expecting Adjusted EBITDA between $502 million and $516 million and RevPAR year-over-year growth of 8.0% to 9.0%.
In December 2025, Brookdale refinanced approximately $350 million of 2026 mortgage debt maturities and approximately $200 million of 2027 mortgage debt maturities.
During Q4 2025, the company completed lease terminations on 42 communities and sold two owned communities for $18.0 million, with plans to sell an additional 29 owned communities in 2026 for an estimated $200.0 million.

Feb 18, 2026, 9:15 PM

Press Release

Brookdale Senior Living Provides 2025 Results and 2026 Outlook at Investor Day

BKD

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Brookdale Senior Living reported $458 million in Adjusted EBITDA for 2025, representing a 19% increase over 2024, and achieved 83.5% fourth-quarter weighted average occupancy. The company also became adjusted free cash flow positive for the year.
For 2026, the company guides for Adjusted EBITDA in the range of $502-$516 million and anticipates RevPAR growth of 8.0%-9.0%.
Brookdale projects mid-teens annualized growth in Adjusted EBITDA over the next several years and aims to reduce net leverage to less than 6 turns of EBITDA by the end of 2028.
The company has stabilized its portfolio at 517 communities and implemented a new operating structure with six regional senior living companies to enhance operational excellence and market performance.
94% of Brookdale's revenue is tied to private pay, emphasizing its needs-based business model.

Jan 30, 2026, 3:00 PM

Transcript

Brookdale Provides 2025 Preliminary Results and 2026 Guidance at Investor Day

BKD

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Brookdale reported preliminary 2025 Adjusted EBITDA of $458 million, a 19% increase over 2024, and provided 2026 Adjusted EBITDA guidance in the range of $502-$516 million.
The company achieved 83.5% weighted average occupancy in Q4 2025, a 220 basis points increase year-over-year, and projects 8.0%-9.0% RevPAR growth for 2026.
Brookdale plans to stabilize its portfolio at 517 communities by mid-2026 and aims to reduce net leverage to less than 6 turns of EBITDA by the end of 2028.
The company anticipates significant demographic tailwinds, with 1 million more Americans aged 80+ annually from 2026-2028, contributing to a projected 100,000 unit shortage by 2027 in senior living supply.
Brookdale's business model is characterized by 94% private pay revenue and estimates $23 million in NOI for every 100 basis points of occupancy gain.

Jan 30, 2026, 3:00 PM

Transcript

Brookdale Senior Living Reports Strong 2025 Results and Provides Optimistic 2026 Guidance

BKD

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Brookdale Senior Living reported strong 2025 results with over $3 billion in revenue and $458 million in adjusted EBITDA, exceeding the midpoint of its upgraded guidance.
For 2026, the company projects adjusted EBITDA between $502 million and $516 million and RevPAR growth of 8.0%-9.0%.
Brookdale anticipates mid-teen annualized adjusted EBITDA growth for several years, targeting a reduction in net leverage to below 6 times EBITDA by the end of 2028.
This outlook is supported by favorable industry dynamics, including a 4% CAGR in the 80+ population and record low inventory growth of 0.6%, leading to a projected 100,000 unit shortage by 2027.
The company's optimized portfolio will consist of 517 communities and 41,525 units in 2026, with almost 75% of units being owned.

Jan 30, 2026, 3:00 PM

Transcript

Brookdale Senior Living Inc. Announces Preliminary Full Year 2025 Results and Full Year 2026 Guidance

BKD

Earnings

Guidance Update

Brookdale Senior Living Inc. announced preliminary full year 2025 revenue is expected to be approximately $3.2 billion, with a net loss of approximately $263 million.
Adjusted EBITDA for full year 2025 is expected to be approximately $458 million, representing an approximate 19% increase from the year ended December 31, 2024.
RevPAR year-over-year growth for the year ended December 31, 2025, is expected to be approximately 5.7%.
For the full year 2026, the company is providing guidance for RevPAR year-over-year growth of 8.0% to 9.0% and Adjusted EBITDA between $502 million and $516 million.

Jan 28, 2026, 9:17 PM

8-K

Brookdale Senior Living Announces Preliminary Full-Year 2025 Results and Full-Year 2026 Guidance

BKD

Earnings

Guidance Update

Revenue Acceleration/Inflection

Brookdale Senior Living announced preliminary full-year 2025 results, reporting revenue of approximately $3.2 billion, a net loss of approximately $263 million, and Adjusted EBITDA of approximately $458 million, which represents an approximate 19% increase from the prior year.
The company expects RevPAR year-over-year growth for full-year 2025 to be approximately 5.7%.
For full-year 2026, Brookdale introduced guidance projecting RevPAR year-over-year growth of 8.0% to 9.0% and Adjusted EBITDA between $502 million and $516 million.
These 2025 financial results are preliminary and unaudited, with actual results potentially differing.