Core Viewpoint - Brookdale Senior Living Inc. (BKD) reported a first-quarter loss and experienced a decline in share price despite some revenue growth, primarily due to rising operational costs and decreased interest income [1][2]. Financial Performance - BKD incurred a first-quarter loss of 11 cents per share, which is an improvement from a loss of 13 cents in the prior year [2]. - Total revenues increased by 4% year over year to $813.9 million, driven by higher resident and management fee revenues, but fell short of the Zacks Consensus Estimate by 0.8% [2]. - Resident fees reached $777.5 million, up 4.5% year over year, but were below the consensus estimate of $781.3 million [3]. - Management fees rose slightly by 0.1% year over year to $2.6 million, missing the consensus mark of $2.7 million [3]. Operational Metrics - Revenue per occupied unit (RevPOR) increased by 3% year over year, attributed to annual rate increases [4]. - Weighted average occupancy improved by 140 basis points year over year to 79.3% [4]. - Revenue per available unit (RevPAR) saw a 4.9% year-over-year increase [4]. Cost Structure - Facility operating expenses totaled $557 million, reflecting a 2.7% year-over-year increase due to higher wage rates and utility costs [4]. - General and administrative costs rose by 4.7% year over year to $47.9 million [4]. - Interest income decreased by 23.7% year over year to $3.6 million [5]. Net Loss and Cash Flow - The net loss for the quarter was $65 million, wider than the previous year's loss of $29.6 million, primarily due to increased operating and interest expenses [5]. - Adjusted EBITDA rose by 27.2% year over year to $124.1 million [5]. - BKD generated $23.4 million of net cash from operations, a significant improvement from a net cash usage of $1.1 million in the prior year [7]. - Adjusted free cash inflow was $3.8 million, compared to an outflow of $26.3 million in the previous year [7]. Balance Sheet Overview - As of March 31, 2025, BKD had cash and cash equivalents of $239.7 million, down from $308.9 million at the end of 2024 [5]. - Total assets decreased to $6.2 billion from $6.3 billion at the end of 2024 [6]. - Long-term debt increased to $4.2 billion from $4 billion as of December 31, 2024 [6]. - Total equity dropped to $148.1 million from $213.9 million at the end of 2024 [6]. Future Outlook - Management now estimates RevPAR growth for 2025 in the range of 5%-5.75%, an increase from the previous estimate of 4.75%-5.75% [8]. - Adjusted EBITDA is projected to be between $440-$450 million, up from the earlier range of $430-$445 million [8]. - Non-development capital expenditures are expected to remain within $175-$180 million for 2025 [8].