Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q4 2025 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, Feb 18, 2026
Slide 1: Supplemental Information 4th Quarter 2025
Supplemental Information 4th Quarter 2025 Exhibit 99.2
Slide 2: Table of Contents
2 Overview 3 Segment Overview 6 Senior Housing 7 General and Administrative ("G&A") Expense 12 Capital Expenditures 13 Cash Facility Lease Payments 14 Capital Structure 15 Definitions 16 Appendix: Non-GAAP Financial Measures 18 Table of Contents
Slide 3: Overview
3 Managed 4,374 Owned 33,262 Leased 10,608 Managed 36 Owned 370 Leased 178 584 communities 48,244 units During the six months ended December 31, 2025, the Company completed terminations of leases on 57 communities (6,294 units), which completed the terminations of leases on 55 communities provided i
Slide 4: Segment Overview
4 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Resident fees $ 744,241 $ 739,709 $ 743,729 $ 744,371 $ 2,972,050 $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 (4.0) % 2.4 % Management fees 2,618 2,616 2,676 2,611 10,521 2,620 2,623
Slide 5: Segment Overview by Portfolio
5 (1) All Other primarily includes communities operated by the Company pursuant to management agreements. (2) Resident fee revenue excluded from definitions of RevPAR and RevPOR is $1.7 million and $5.4 million, for the fourth quarter of 2025 and the full year 2025, respectively. (3) Excludes non-ca
Slide 6: Senior Housing
6 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Total Senior Housing and All Other Revenue (1) $ 746,859 $ 742,325 $ 746,405 $ 746,982 $ 2,982,571 $ 780,074 $ 778,237 $ 777,838 $ 717,416 $ 3,053,565 (4.0) % 2.4 %
Slide 7: Senior Housing: Independent Living
7 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Independent Living Revenue $ 148,948 $ 149,542 $ 150,380 $ 150,052 $ 598,922 $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 (19.0) % (0.9) % Segment Operating In
Slide 8: Senior Housing Same Community
8 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 625,150 $ 622,238 $ 625,415 $ 626,447 $ 2,499,250 $ 656,047 $ 653,996 $ 659,060 $ 657,527 $ 2,626,630 5.0 % 5.1 % Community Labor Expense (285,814) (284,9
Slide 9: Same Community: Independent Living
9 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Independent Living Revenue $ 106,045 $ 105,928 $ 106,283 $ 105,598 $ 423,854 $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 6.2 % 5.3 % Community Labor Expense (
Slide 10: Senior Housing Owned Portfolio
10 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 440,231 $ 435,741 $ 436,238 $ 435,824 $ 1,748,034 $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 16.2 % 15.7 % Facility operating expense (328,545)
Slide 11: Senior Housing Leased Portfolio
11 2024(2) 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 304,010 $ 303,968 $ 307,491 $ 308,547 $ 1,224,016 $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 (32.6) % (16.7) % Facility operating expense (21
Slide 12: General and Administrative Expense
12 (1) G&A allocations are calculated based on the proportional amount of resident fee revenue (consolidated and under management) attributable to the segment or portfolio. G&A allocations presented herein exclude non-cash stock-based compensation expense and Transaction, Legal, and Organizational R
Slide 13: Capital Expenditures
13 ($ in 000s, except for community level capital expenditures, per average unit) 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $ 25,309 $ 25,404 $ 25,296
Slide 14: Cash Facility Lease Payments
14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2024 2025 4Q25 vs 4Q24 Full Year 25 vs 24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Operating Lease Obligations Facility operating lease expense $ 51,
Slide 15: Capital Structure
15 (1) Amount excludes $45.8 million in deferred financing costs, net. (2) Reflects rates as of December 31, 2025. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (4) Fixed rate maturities include $369.4 million of 3.50% convertible senior n
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divide
Slide 18: Appendix: Non-GAAP Financial Measures
18 2024 2025 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Net income (loss) $ (29,581) $ (37,742) $ (50,734) $ (83,937) $ (201,994) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) Provision (benefit) for income taxes (40) 449 677 3,560 4,646 (676) (271) 167 (1,171) (1,951) Loss (
Slide 19: Net Debt and Adjusted Net Debt Reconciliations
19 Net Debt and Adjusted Net Debt Reconciliations Appendix: Non-GAAP Financial Measures (continued) ($ in 000s) As of December 31, 2025 Long-term debt (including current portion) $ 4,292,497 Cash and cash equivalents (279,122) Cash held as collateral against existing debt (6,222) Net Debt 4,007,153
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2024 2025 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Net cash provided by (used in) operating activities $ (1,146) $ 55,670 $ 66,455 $ 45,198 $ 166,177 $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 Net cash provided by (used in) investing activities (6,946) (68,457) (58,113) (144,550
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