Brookdale Senior Living (BKD) Company Report

Brookdale Senior Living Inc. (BKD) has appointed Mary Sue Patchett as its new Chief Operating Officer (COO), effective December 1st.
Ms. Patchett brings 40 years of senior living operations experience to the role, having previously served as Interim Executive Vice President – Community and Field Operations.
This appointment is significant as it is the first time Brookdale has formally appointed a COO in over 10 years, with a stated focus on improving operating performance.

Nov 18, 2025, 9:15 PM

Press Release

Brookdale reports strong Q3 2025 results and raises full-year EBITDA guidance

BKD

Earnings

Guidance Update

CEO Change

Brookdale (BKD) reported strong Q3 2025 financial results, with consolidated weighted average occupancy reaching 81.8% and adjusted EBITDA increasing 20% year-over-year to $111.1 million.
The company raised its full-year 2025 adjusted EBITDA guidance to a revised range of $455-$460 million.
Mike was appointed as the new CEO in October 2025, and the company continues its portfolio optimization, aiming for approximately 550 communities by mid-2026.
Adjusted annualized leverage improved to 9.0 times adjusted EBITDA at the end of Q3 2025 and is projected to fall below six times in the coming years.
Brookdale also began disclosing FFO, emphasizing its role as the third-largest owner of senior living real estate.

Nov 7, 2025, 2:00 PM

Transcript

Brookdale Reports Strong Q3 2025 Results and Raises 2025 Guidance

BKD

Earnings

Guidance Update

Revenue Acceleration/Inflection

Brookdale reported strong Q3 2025 financial and operational results, including a 20% increase in Adjusted EBITDA over the prior year third quarter and 290 basis points consolidated weighted average occupancy growth.
The company's consolidated occupancy reached 83.8% by September 2025 month-end, marking the tenth consecutive month of sequential growth.
Brookdale positively revised its 2025 Adjusted EBITDA guidance to a range of $455 to $460 million, an increase of $7.5 million at the midpoint.
Adjusted Free Cash Flow for Q3 2025 was $21.8 million, an improvement of $7.9 million from $13.9 million in Q3 2024.
The company expects to reduce its annualized leverage to $1,500 million by year-end 2025, a significant decrease from $4,500 million at year-end 2022.

Nov 7, 2025, 2:00 PM

Presentation

Brookdale Senior Living Inc. Announces Q3 2025 Results and Increased Adjusted EBITDA Guidance

BKD

Earnings

Guidance Update

Management Change

Brookdale Senior Living Inc. reported a net loss of $114.7 million for the third quarter of 2025, which includes a $62.7 million non-cash impairment charge related to anticipated dispositions.
Adjusted EBITDA grew 20.4% over the prior year period to $111.1 million in Q3 2025.
Consolidated weighted average occupancy for Q3 2025 was 81.8%, an increase of 290 basis points year-over-year, marking its highest since the first quarter of 2020.
The company increased its full year 2025 Adjusted EBITDA guidance to a range of $455 million to $460 million.
Nick Stengle joined as Brookdale's Chief Executive Officer.

Nov 6, 2025, 9:27 PM

8-K

Brookdale Senior Living Announces Third Quarter 2025 Results and Increases Adjusted EBITDA Annual Guidance

BKD

Earnings

Guidance Update

Revenue Acceleration/Inflection

Brookdale Senior Living reported a net loss of $114.7 million for the third quarter of 2025, which included a $62.7 million non-cash impairment charge related to anticipated dispositions.
The company's Adjusted EBITDA grew 20.4% over the prior year period to $111.1 million in the third quarter of 2025.
Consolidated weighted average occupancy for the third quarter of 2025 was 81.8%, an increase of 290 basis points year-over-year.
Brookdale raised its full-year 2025 Adjusted EBITDA guidance to a range of $455 million to $460 million, up from the previous range of $445 million to $455 million.
The company reiterated its expectation for positive Adjusted Free Cash Flow in the range of $30 million to $50 million for the full year 2025.

Nov 6, 2025, 9:15 PM

Press Release

Brookdale Senior Living Reports Occupancy Gains and Forecasts 2025 EBITDA Growth

BKD

Revenue Acceleration/Inflection

Guidance Update

Brookdale Senior Living Inc. reported a significant 330 basis point year-over-year increase in its weighted average consolidated occupancy rate to 82.5% for September 2025, with the third quarter weighted average at 81.8%, a 290 basis point year-over-year gain.
These occupancy gains are expected to boost resident fee revenues, which comprise nearly 96% of total revenues, supporting a forecasted 16.5% increase in adjusted EBITDA for 2025, projected to be between $445 million and $455 million.
Despite operational improvements, the company faces significant financial challenges including high debt levels, negative profitability margins, and valuation concerns, with its stock trading near historical highs and a negative earnings per share.
Analysts provide a mixed outlook, noting operational momentum but cautioning about the company's financial health and valuation risks, leading to a 'Sell' rating with a $6.00 price target.

Oct 8, 2025, 10:34 PM

Morningstar

Brookdale Senior Living Inc. Reports Strong September and Q3 2025 Occupancy

BKD

Earnings

Revenue Acceleration/Inflection

Brookdale Senior Living Inc. reported a consolidated weighted average occupancy of 82.5% for September 2025, representing a 330 basis point increase year-over-year and a 70 basis point sequential increase.
For the third quarter of 2025, the company's weighted average consolidated occupancy reached 81.8%, which is a 290 basis point increase year-over-year and a 170 basis point sequential growth.
Month-end consolidated occupancy for September 2025 was 83.8%, increasing 60 basis points sequentially.
Same community weighted average occupancy for September 2025 was 82.7%, up 270 basis points year-over-year and 40 basis points sequentially, driven by higher move-in and lower move-out activity.

Oct 8, 2025, 8:20 PM

8-K

Brookdale Senior Living Reports September 2025 Occupancy

BKD

Revenue Acceleration/Inflection

Brookdale Senior Living Inc. reported that its September consolidated weighted average occupancy reached 82.5%, an increase of 330 basis points year-over-year and 70 basis points sequentially.
The company's third quarter weighted average consolidated occupancy was 81.8%, marking a 290 basis point year-over-year increase and 170 basis point sequential growth.
September same community weighted average occupancy stood at 82.7%, up 270 basis points year-over-year and 40 basis points sequentially.
Third quarter weighted average same community occupancy was 82.3%, reflecting a 260 basis point year-over-year increase and 150 basis point sequential growth, which is the highest sequential growth since 2022.

Oct 8, 2025, 8:15 PM

Press Release

Brookdale Senior Living Reports Occupancy Growth, Deleveraging Efforts, and Favorable Market Outlook

BKD

Revenue Acceleration/Inflection

New Projects/Investments

Brookdale Senior Living achieved an 80% occupancy inflection point in Q2 2025, resulting in cash flow positive results for both Q1 and Q2 2025, with August occupancy further increasing to 81.5%. The company anticipates returning to its pre-pandemic occupancy of 89% and expects to achieve pre-pandemic margins.
The company is actively focused on delevering its balance sheet, with current guidance projecting leverage at low nine times, a significant reduction from nearly 20 times post-COVID. This deleveraging is primarily driven by Adjusted EBITDA growth and the planned disposition of 14 assets this year and 28 additional assets over the next 12-18 months.
Brookdale is rationalizing its portfolio, reducing the number of communities from 645 in Q2 2025 to an expected 550 by mid-2026, and is shifting its asset base to be 70% owned by mid-2026, up from over 50% leased historically.
The senior housing market benefits from a favorable supply-demand imbalance, characterized by new construction at an all-time low and an anticipated one million baby boomers turning 80 annually through 2026, creating strong tailwinds for the industry.