Company Overview - Brookdale Senior Living Inc. is the leading operator of senior living communities in the United States, with 584 communities across 41 states, serving approximately 51,000 residents as of December 31, 2025 [1] - The company offers a range of living options including independent living, assisted living, memory care, and continuing care retirement communities, focusing on empowering seniors to live with dignity and purpose [1] - Brookdale emphasizes its commitment to exceptional service and care, guided by core values of passion, courage, partnership, and trust [1] Occupancy Results - The consolidated weighted average occupancy for the fourth quarter was 82.5%, reflecting a 70 basis point increase from the third quarter of 2025 and a 310 basis point increase year-over-year [4] - In December, the weighted average occupancy was 82.4%, which also marked a 310 basis point increase year-over-year and a 30 basis point increase sequentially, driven by strong move-in and move-out activity [4] - The sequential weighted average occupancy saw a slight decrease of 10 basis points, which is an improvement compared to the historical seasonal trend of approximately 30 basis points decline [4]

Core Insights - Sienna Senior Living Inc. is experiencing significant growth momentum across its business segments, driven by occupancy gains, project completions, and acquisitions, positioning the company for continued growth in 2025 [3][20][21] Financial Performance - For Q3 2025, revenue increased by 16.4% year-over-year to $261.7 million, primarily due to occupancy growth and rental rate increases in the Retirement segment [13] - Same Property Net Operating Income (NOI) rose by 9.7% year-over-year to $46.4 million in Q3 2025, with the Retirement segment up 13.2% and the Long-Term Care (LTC) segment up 6.7% [5][13] - Adjusted Funds from Operations (AFFO) increased by 36.1% year-over-year to $27.7 million in Q3 2025, with a per-share increase of 12.0% [5][13] - The AFFO Payout Ratio improved to 78.7% in Q3 2025 from 91.3% in Q3 2024, reflecting strong operating results [5][13] Portfolio Expansion - Sienna has completed $652 million in acquisitions and developments in 2025, with an additional $161 million under contract, bringing total portfolio expansion to over $800 million [5][21] - The company has made three significant acquisitions in the Greater Toronto Area in 2025, enhancing its market presence [10][21] Occupancy and Growth Targets - Average Same Property occupancy in the Retirement segment increased by 230 basis points year-over-year to 94.1% in Q3 2025, with expectations to reach 95% by year-end 2025 [5][22] - The company anticipates Same Property NOI growth of approximately 13% - 14% in the Retirement segment for 2025, with margin growth targets increased to 200 - 250 basis points compared to 2024 [24][28] Development Projects - Sienna completed two long-term care redevelopment projects and a retirement development in Ontario during Q3 2025, which are expected to provide stable, government-funded cash flows [16] - The company expects to achieve full occupancy at these redeveloped communities within two months of opening, targeting annual improvements to AFFO of approximately $4.7 million per project [16][17] Leadership Changes - Ali Mir joined Sienna as Executive Vice President, Long-Term Care Operations, bringing extensive experience in health care and senior care [19] Market Outlook - The long-term fundamentals in Canadian senior living are driven by the increasing needs of seniors and limited new supply, positioning Sienna to leverage these dynamics for growth [20][21]

Company Overview - Brookdale operates 623 senior living communities across 41 states[10, 18] - The company can serve approximately 57,000 residents[8, 10] - 94% of senior living resident fees are private pay[10] Financial Performance & Guidance - Third quarter Adjusted EBITDA increased by 20% year-over-year[30] - Same community weighted average occupancy was 82.3%, up 150 bps sequentially[30] - Adjusted Free Cash Flow improved by $8 million year-over-year to $22 million in the third quarter[30] - 2025 Adjusted EBITDA guidance increased by $7.5 million at the midpoint, with a range of $455 to $460 million[34, 33] - RevPAR year-over-year growth is guided at 5.25% to 6.00% for 2025[33] - Adjusted Free Cash Flow is projected between $30 to $50 million for 2025[33] Occupancy & Market Trends - Consolidated weighted average occupancy grew by 290 bps year-over-year in the third quarter[30] - September 2025 month-end consolidated occupancy reached 83.8%, marking the tenth consecutive month of sequential growth[30] - New senior housing starts are significantly lower, with 3Q25 starts down 91% from their peak[65] - Construction costs have increased by 35% since 2020[62]

Core Insights - Sunshine Retirement Living is expanding its national presence through a new management agreement with Sabra Health Care REIT, Inc., adding five independent living communities and increasing its portfolio from 35 to 40 communities across 17 states [1][5] - This marks Sunshine Retirement Living's first third-party management agreement, transitioning the company from an owner-operator to a full-scale third-party management provider [2][5] - The demand for senior housing is growing, and the company aims to enhance the lives of seniors nationwide by extending its service model to third-party owners [3][5] Company Strategy - Sunshine Retirement Living focuses on affordability, compassionate care, community engagement, and culinary excellence, addressing the needs of the underserved mid-market segment in senior housing [2][4] - The company is committed to wellness-focused living, offering innovative programs that promote physical fitness, mindfulness, and lifelong learning, including the introduction of the Blue Zones program [4][5] - Sunshine Retirement Living is actively seeking partnerships with real estate investment trusts (REITs) and other senior housing owners to maximize occupancy and enhance resident satisfaction [6][5] Market Trends - The senior housing market is experiencing favorable long-term demographic trends, with the 85+ population expected to triple by 2050, driving demand for quality senior housing [4][5] - The mid-market segment remains one of the fastest-growing areas in senior housing, and Sunshine Retirement Living is positioned to pioneer innovative solutions to make high-quality senior living accessible [3][4]