Brookdale Announces Fourth Quarter and Full Year 2025 Results

prnewswire.com · Feb 18, 2026 · Collected from GDELT

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, /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter and full year ended December 31, 2025, which are consistent with the preliminary results announced on January 28, 2026. 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 $7.0 million of legal expenses recognized in the fourth quarter of 2024, partially offset by the decrease in resident fees. Adjusted EBITDA: The increase was primarily due to the increase in same community resident fees, partially offset by the increase in same community facility operating expense. FULL YEAR RESULTS Consolidated summary of operating results and metrics: Year-Over-YearIncrease / (Decrease) ($ 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-YearIncrease / (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 4Q 2024 Increase / (Decrease) Net cash provided by operating activities $ 34.5 $ 45.2 $ (10.7) Non-development capital expenditures, net 42.3 42.1 0.2 Adjusted Free Cash Flow(1) (22.7) (11.5) (11.2) The decreases in net cash provided by operating activities and Adjusted Free Cash Flow were primarily due to changes in working capital. Total liquidity: Total liquidity of $377.7 million as of December 31, 2025 included $279.1 million of unrestricted cash and cash equivalents and $98.6 million of availability on the Company's secured credit facility. Total liquidity as of December 31, 2025 increased $26.1 million from September 30, 2025, primarily attributable to the net impact of the Company's financing transactions in the fourth quarter of 2025. Consolidated summary of liquidity metrics for the full year: ($ in millions) 2025 2024 Increase / (Decrease) Net cash provided by operating activities $ 218.0 $ 166.2 $ 51.8 Non-development capital expenditures, net 170.7 186.8 (16.1) Adjusted Free Cash Flow 22.8 (29.5) 52.3 TRANSACTION AND FINANCING UPDATE Mortgage Debt In December 2025, the Company completed a series of financing transactions with multiple lenders totaling $596.9 million. Through these transactions, the Company refinanced all of its $346.3 million remaining 2026 mortgage debt maturities and $190.7 million of its 2027 mortgage debt maturities, while further strengthening its balance sheet. For more information related to the December 2025 financing transactions, refer to the press release issued by the Company on January 8, 2026. Lease Terminations