Brookdale Senior Living (BKD) Q1 2026 earnings summary

Executive summary

• Underwent major organizational transformation, including new leadership, hiring a COO, and aligning teams for improved accountability and performance.

• Achieved strong Q1 2026 results with 8.2% year-over-year RevPAR growth, 280 bps occupancy gain, and industry recognition for 294 communities.

• Ongoing portfolio optimization with 10 communities sold in 2026 for over $100 million, targeting $200 million in dispositions, and managed portfolio reduced to seven communities.

• Net loss narrowed to $6.9 million from $65 million year-over-year; Adjusted EBITDA rose 5.6% to $131.1 million.

• Operates 568 senior living communities in 41 states, serving about 51,000 residents as of March 31, 2026.

Financial highlights

• Q1 2026 consolidated occupancy rose 280 bps year-over-year to 82.1%; same-community occupancy up 170 bps to 82.7%.

• Resident fees declined 7.1% year-over-year to $722.5 million due to asset sales, but same community RevPAR rose 5.5% and RevPOR increased 4.5%.

• Adjusted EBITDA increased 5.6% year-over-year to $131.1 million, despite a 14% decline in unit count.

• Facility operating expenses decreased 8.2% year-over-year, reflecting asset dispositions.

• Net loss improved by $58.1 million year-over-year, primarily due to lower depreciation, amortization, and lease expenses.

Outlook and guidance

• Reaffirmed 2026 guidance: 8%-9% RevPAR growth and adjusted EBITDA of $502 million-$516 million.

• Expects mid-teens adjusted EBITDA growth through 2028, with leverage projected to fall below 6x by end of 2028.

• G&A expense guidance for 2026 reduced to $157 million, with most savings realized in the second half.

• April occupancy trends and strong move-in volume support confidence in achieving full-year targets.

• Expects to fund liquidity needs for at least the next 12 months through cash, operations, credit facility, and asset sales.