HIGHLIGHTS
Increased full year 2025 consolidated revenue per available unit (RevPAR) by 5.7% over the prior year, which is above the midpoint of the Company's previously announced guidance range.
Improved fourth quarter 2025 consolidated weighted average occupancy by 310 basis points over the prior year quarter on strong move-in volume.
Full year 2025 net loss was $263 million, and full year 2025 Adjusted EBITDA(1) of $458 million is above the midpoint of the Company's previously announced full-year guidance range.
Beneficially refinanced all of the approximately $350 million remaining 2026 mortgage debt maturities and approximately $200 million of 2027 mortgage debt maturities, while further strengthening balance sheet.
"Brookdale's fourth quarter results continued the positive momentum displayed throughout 2025, as we position Brookdale to capitalize on increasing industry demand in a suppressed supply growth environment," said Nick Stengle, Brookdale's Chief Executive Officer. "We are pleased with the results we delivered as we focus on operational excellence and delivering shareholder value. We are excited about the opportunities in 2026 for further progress, which is demonstrated by our recently provided annual guidance of mid-teens year over year growth in Adjusted EBITDA for our ongoing portfolio and 8% to 9% RevPAR growth."
SUMMARY OF FOURTH QUARTER FINANCIAL RESULTS
Consolidated summary of operating results and metrics:
Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)
4Q 2025
4Q 2024
Amount
Percent
Resident fees
$ 714.5
$ 744.4
$ (29.9)
(4.0) %
Facility operating expense
529.7
554.9
(25.2)
(4.5) %
General and administrative expense
41.4
48.5
(7.1)
(14.6) %
Cash facility operating lease payments
43.7
55.9
(12.2)
(21.8) %
Net income (loss)
(40.0)
(83.9)
(43.9)
(52.4) %
Adjusted EBITDA
105.6
98.5
7.1
7.1 %
RevPAR
$ 5,219
$ 4,873
$ 346
7.1 %
Weighted average occupancy
82.5 %
79.4 %
310 bps
n/a
RevPOR
$ 6,324
$ 6,136
$ 188
3.1 %
(1)
Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Non-GAAP Financial Measures" for the Company's definition of such measures, reconciliations to the most comparable GAAP financial measures, and other important information regarding the use of the Company's non-GAAP financial measures.
Same community(2) summary of operating results and metrics:
Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)
4Q 2025
4Q 2024
Amount
Percent
Resident fees
$ 657.5
$ 626.4
$ 31.1
5.0 %
Facility operating expense
$ 475.8
$ 451.7
$ 24.1
5.3 %
RevPAR
$ 5,295
$ 5,045
$ 250
5.0 %
Weighted average occupancy
83.5 %
81.0 %
250 bps
n/a
RevPOR
$ 6,341
$ 6,231
$ 110
1.8 %
(2)
The same community senior housing portfolio includes operating results and data for 517 communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition including through asset sales or lease terminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. To aid in comparability, same community operating results exclude natural disaster expense. The same community portfolio excludes 31 communities, including 29 communities (2,364 units) that the Company plans to sell.
SUMMARY OF OCCUPANCY RESULTS: 2024 - 2026 YEAR TO DATE
Recent consolidated occupancy trend:
2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Weighted average
78.0 %
77.9 %
77.9 %
77.9 %
78.1 %
78.2 %
78.6 %
78.9 %
79.2 %
79.4 %
79.5 %
79.3 %
Month end
79.3 %
79.2 %
79.1 %
79.2 %
79.5 %
79.7 %
79.9 %
80.4 %
80.5 %
80.8 %
80.4 %
80.5 %
2025
2026
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Weighted average
79.2 %
79.3 %
79.5 %
79.8 %
80.0 %
80.5 %
81.1 %
81.8 %
82.5 %
82.6 %
82.5 %
82.4 %
82.3 %
Month end
80.6 %
80.8 %
80.9 %
81.0 %
81.5 %
82.2 %
82.6 %
83.2 %
83.8 %
83.7 %
83.4 %
83.7 %
83.3 %
Recent same community occupancy trend:
2024
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Weighted average
79.6 %
79.5 %
79.5 %
79.6 %
79.7 %
79.8 %
80.2 %
80.5 %
80.8 %
80.9 %
81.1 %
80.9 %
Month end
80.9 %
80.8 %
80.7 %
80.9 %
81.1 %
81.3 %
81.5 %
82.0 %
82.0 %
82.4 %
82.0 %
82.1 %
2025
2026
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Weighted average
80.8 %
81.0 %
81.2 %
81.5 %
81.6 %
82.0 %
82.7 %
83.1 %
83.4 %
83.6 %
83.5 %
83.3 %
82.9 %
Month end
82.2 %
82.5 %
82.6 %
82.7 %
83.0 %
83.7 %
84.0 %
84.4 %
84.7 %
84.9 %
84.3 %
84.3 %
83.9 %
January 2026 occupancy slightly decreased on a sequential basis from December 2025, reflecting the normal seasonal trend. Month-end occupancy was slightly impacted by the winter storms across much of the southern United States which resulted in delayed move-in activity.
OVERVIEW OF RESULTS: 4Q 2025 vs 4Q 2024
Resident fees:
The decrease was primarily due to the disposition of communities, primarily through lease terminations, since the beginning of the prior year period, which resulted in $63.1 million less in resident fees during the fourth quarter of 2025.
The decrease was partially offset by the 5.0% increase in same community resident fees, which was primarily due to the 250 basis point increase in same community weighted average occupancy and the increase in RevPOR, primarily the result of the current year annual rate increase.
Facility operating expense: The decrease was primarily due to the disposition of communities since the beginning of the prior year period, which resulted in $46.8 million less in facility operating expense during the fourth quarter of 2025, partially offset by increases in wage rates, use of premium labor, and estimated incentive compensation expense for the Company's same community portfolio.
General and administrative expense: The decrease was primarily due to $7.0 million of legal expenses related to certain putative class action litigation recognized in the fourth quarter of 2024.
Cash facility operating lease payments: The decrease was primarily due to the disposition of communities through lease terminations.
Net income (loss): The decrease in net loss was primarily attributable to the decrease in facility operating expense, a decrease in depreciation and amortization expense primarily due to the disposition of communities through lease terminations, a $15.5 million loss on debt extinguishment recognized in the fourth quarter of 2024 for the Company's convertible notes exchange and issuance transactions, and the $7.0 million of legal expenses recognized in the fourth quarter of 2024, partially offset by the decrease in resident fees.
Adjusted EBITDA: The increase was primarily due to the increase in same community resident fees, partially offset by the increase in same community facility operating expense.
FULL YEAR RESULTS
Consolidated summary of operating results and metrics:
Year-Over-Year
Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)
2025
2024
Amount
Percent
Resident fee revenue
$ 3,042.7
$ 2,972.1
$ 70.6
2.4 %
Facility operating expense
2,216.0
2,183.3
32.7
1.5 %
General and administrative expense
195.1
185.9
9.2
5.0 %
Cash facility operating lease payments
214.6
249.4
(34.8)
(13.9) %
Net income (loss)
(262.7)
(202.0)
60.7
30.1 %
Adjusted EBITDA
457.8
386.2
71.6
18.5 %
RevPAR
$ 5,134
$ 4,858
$ 276
5.7 %
Weighted average occupancy
80.9 %
78.6 %
230 bps
n/a
RevPOR
$ 6,347
$ 6,182
$ 165
2.7 %
Same community summary of operating results and metrics:
Year-Over-Year
Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)
2025
2024
Amount
Percent
Resident fee revenue
$ 2,626.6
$ 2,499.3
$ 127.3
5.1 %
Facility operating expense
$ 1,863.5
$ 1,779.7
$ 83.8
4.7 %
RevPAR
$ 5,288
$ 5,032
$ 256
5.1 %
Weighted average occupancy
82.3 %
80.2 %
210 bps
n/a
RevPOR
$ 6,423
$ 6,276
$ 147
2.3 %
LIQUIDITY
Consolidated summary of liquidity metrics:
($ in millions)
4Q 2025
