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]

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]