BKD · Brookdale Senior Living Inc.

Brookdale Senior Living reported first quarter 2026 results that showed continued operational improvement. Consolidated RevPAR increased 8.2% year-over-year to $5,506, driven by a 4.5% rise in RevPOR and a 280 basis point improvement in weighted average occupancy to 82.1%. The net loss narrowed significantly to $7 million from $65 million in the prior year quarter, primarily due to a $32.8 million loss on extinguishment of a financing obligation in the prior year period and lower depreciation and amortization expense from community dispositions. Adjusted EBITDA grew 5.6% to $131 million, benefiting from same community revenue growth of 5.5% partially offset by a 5.9% increase in same community facility operating expenses, which were driven by higher wage rates, insurance costs, and winter storm-related utilities and maintenance. Management highlighted pricing improvements, a streamlined cost structure, and portfolio optimization. The company refinanced $184.9 million of debt on seven communities at a fixed rate of 5.38%, extending maturities to 2033, and repaid $190.6 million of debt maturing in 2027. Subsequent to quarter end, Brookdale completed the sale of three owned communities for $88 million in net cash proceeds. The company reiterated its full-year 2026 guidance of RevPAR growth of 8% to 9% and Adjusted EBITDA of $502 million to $516 million, reflecting confidence in the demand-supply dynamics in senior housing.