BKD earnings call summary

Prepared Highlights

• Q1 2026 consolidated occupancy 82.1%, up 280 bps YoY; same-community occupancy 82.7%, up 170 bps from 81.0% (CFO, prepared).
• April 2026 occupancy improved 30 bps sequentially to 82.3% consolidated and 82.8% same-community, stronger than post-COVID historical average April improvement of 10–20 bps (CEO, prepared).
• Q1 resident fees $722 million, down 7.1% YoY due to 14.2% reduction in consolidated average units, partially offset by 8.2% RevPAR increase (CFO, prepared).
• RevPAR growth 8.2% YoY consolidated, 5.5% same-community; revenue per occupied room (RevPOR) +4.5% YoY and +6% sequentially from Q4 2025 (CFO, prepared).
• Consolidated expense per occupied unit (ExPOR) +3.2% YoY; RevPOR growth of 4.5% exceeded ExPOR growth, generating 130 bps positive spread (CFO, prepared).
• Senior housing operating income grew 14% sequentially with 330 bps margin expansion; operating margin improved 80 bps YoY (CFO, prepared).
• Adjusted EBITDA $131 million, +5.6% YoY despite 14% decline in weighted average consolidated unit count; normalized YoY growth would have been ~11% after adjusting prior-year G&A timing (CEO, CFO, prepared).
• G&A (ex-stock comp, transaction, restructuring) $40.6 million for Q1, down 3.8% YoY; full-year G&A guidance lowered to $157 million from $162 million (CFO, prepared).
• Cash facility operating lease payments Q1 $44.7 million, down $12 million from $56.7 million prior year; full-year expected ~$180 million (CFO, prepared).
• Q1 lease terminations exited 2 communities (152 units); dispositions sold 7 communities (330 units) for $22 million net; through Q2 to date, sold 3 more communities (545 units) for $88 million; total 2026 disposition proceeds estimated ~$200 million (CFO, prepared).
• Managed portfolio booked $2.5 million exit fee in Q1; management fees expected ~$1 million for remainder of 2026; G&A already rightsized with no impact on adjusted EBITDA guidance (CEO, prepared).
• Balance sheet: annualized leverage 8.8x at quarter end; total liquidity $369 million; refinanced $185 million non-recourse mortgage debt (7 communities) to extend maturities to April 2033 (CFO, prepared).
• Adjusted free cash flow: Q1 seasonal outflow of $12 million (CFO, prepared).

Official Guidance:

• Full-year 2026: RevPAR growth 8%–9%; adjusted EBITDA $502 million–$516 million (mid-teens growth from 2025 baseline of $445 million) (CEO, CFO, prepared).
• Multi-year outlook 2028: maintain mid-teens annual adjusted EBITDA growth; reduce annualized leverage to below 6x by end of 2028 (CFO, prepared).
• Pacing: Q2 adjusted EBITDA growth low-to-mid single-digit YoY; Q3 return to mid-teens growth; Q4 growth stronger (CFO, prepared).

Mgmt Quotes:

• “The table is now set for Brookdale to fully capitalize on the supply and demand realities that exist in the senior living industry.” (CEO)
• “Our April occupancy sequential growth of 30 basis points was stronger than our historical average post-COVID April sequential occupancy improvement of 10 to 20 basis points.” (CEO)
• “Our February and March 2026 trailing 12-month Net Promoter Scores were our highest levels achieved since we resumed monthly surveys following the COVID pandemic in 2022.” (CEO)
• “We expect year-over-year RevPAR growth to accelerate over the remainder of the year based on improving community-level execution and the positive mix impact of dispositions.” (CFO)
• “We have taken decisive action steps. We are already seeing the initial positive impact of our efforts, as our senior housing operating margin for March was on target after lagging our budget for the first 2 months of the quarter.” (CEO)

Prepared Metrics

Q&A Batch (1-5 of 5)

Q1 — Brian Tanquilut

• Topic: 季度EBITDA增长、定价能力与资本支出
• Key points:
  • 一季度调整后EBITDA同比增长5.6%（按报告基础）；二季度预期低至中个位数同比增长，因季节性、Merit全季度、处置托管物业及成本节约集中在下半年
  • 一季度RevPAR增长8.2%；四月入住率环比增长30个基点（历史同期通常持平或增10–20基点），成为Q2销售季早期积极信号
  • 一月份高个位数租金上涨导致可控搬出略增，但符合预期，体现定价粘性；社区更新项目ROI良好
• Mgmt stance: 看涨——管理层认为组织变革、资产优化后已转向运营驱动，四月数据及RevPAR指引强化信心

Q2 — Benjamin Hendrix

• Topic: 全年RevPAR加速与G&A节省节奏
• Key points:
  • 一季度RevPAR增长8.2%，二季度预计相近；下半年受益于处置19个较小社区（4月1日完成最大一笔）带来的轻微增厚，且RevPOR在Q3/Q4因增厚抵消正常下行而保持坚挺
  • G&A指引下调500万美元，大部分体现在下半年；Q2 G&A预计与Q1持平，因额外天数、绩效调薪抵消了部分节约
• Mgmt stance: 看涨——管理层认为RevPAR增长路径明确，G&A节约在下半年集中释放

Q3 — Joanna Gajuk

• Topic: 收购策略、社区费与高占用资产定价能力
• Key points:
  • 并购聚焦于现有市场的1–3个社区小型交易，不进入新州/新市场；不与大型REIT直接竞争，因后者寻求大规模交易
  • 社区费（一次性非退款费用）随入住率提升而增长，是灵活的定价工具；高占用社区（>95%）获得低双位数租金涨幅，低占用社区为中个位数
  • 在Slide 18中，高占用社区的EBITDA per available unit同比显著提升
• Mgmt stance: 看涨——并购策略差异化，社区费持续增长，高占用社区定价能力强劲

Q4 — Andrew Mok

• Topic: 相同店铺RevPOR趋势与冬季风暴影响
• Key points:
  • 相同店铺RevPOR（剔除处置）一季度同比增长3.4%，受年度化优惠拖累；预计下半年随着劳动成本压力缓解和利润释放，RevPOR增长将加速
  • 冬季风暴直接成本300–400万美元，约2/3计入其他运营费用（公用事业），1/3计入人工费用；未量化收入端影响
• Mgmt stance: 中性偏积极——RevPOR趋势符合正常季节性，下半年加速；风暴成本已部分量化但未对指引产生重大影响

Q5 — Raj Kumar

• Topic: 资本支出策略、Health Plus项目与租赁组合表现
• Key points:
  • 资本支出指引维持不变；优先投资于能驱动高回报的大型社区翻新，而非零散项目
  • Health Plus覆盖约180个社区，已减少住院和急诊，有望延长居民停留时间；NPS和员工流动率改善为领先指标
  • 租赁组合（约占24%）一季度实现NOI扩张，且调整后自由现金流为正；通过与业主的CapEx报销机会来优化投资
• Mgmt stance: 看涨——管理层认为资本配置转向高回报项目、Health Plus成熟及租赁组合改善将支撑长期指引