Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q3 2025 Earnings Presentation
37 slides from Brookdale Senior Living's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation November 6, 2025
Investor Presentation November 6, 2025
Slide 2: Forward-Looking Statements – Safe Harbor
Forward-Looking Statements – Safe Harbor Certain statements in this Investor Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include
Slide 3: About Brookdale
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Slide 4: Leading senior living operator in the United States
Leading senior living operator in the United States Brookdale is the nation‘s premier operator of senior living communities, with communities in 41 47 states and the ability to serve approximately 57,000 residents. We offer a broad continuum of services across various sectors of the senior living in
Slide 5: Tailored product lines support a diverse range of needs
Tailored product lines support a diverse range of needs Independent Living (IL) Memory Care (MC) Our independent living communities are ideal Our memory care program is rooted in a for older adults who desire to live in a person-centered approach that preserves residential setting that feels like ho
Slide 6: Varied community types in markets with rapidly growing senior population
Varied community types in markets with rapidly growing senior population 623 Communities across 41 States Industry Mix(2) Brookdale Mix(1) 51% SNF SNF 9% 2% AL 37% IL IL 24% 40% AL MC 57% 14% MC 74% 17% Brookdale is 23% higher in needs-based AL & MC 1 80 Consolidated Portfolio: Units Broad Range of
Slide 7: Commitment to growth and excellence through 2025 strategic priorities
Commitment to growth and excellence through 2025 strategic priorities Health and Well-Being of Residents and Associates Get every available unit in Attract, engage, develop and Earn resident and family trust service at the best profitable retain the best associates and satisfaction by providing rate
Slide 8: A solid long-term investment option for significant value creation
A solid long-term investment option for significant value creation Nation’s premier operator of senior living communities known for Strong Brand and Leadership clinical expertise and for providing exceptional care and services to older adults and their families Brookdale’s innovative initiatives com
Slide 9: 3Q 2025 Results & 2025 Guidance
3Q 2025 Results & 2025 Guidance
Slide 10: Continued occupancy growth in 2025 with positive outlook for 2026
Continued occupancy growth in 2025 with positive outlook for 2026 RevPAR & Weighted Average Occupancy(1) 1,320 bps growth 85% since inflection point $5,400 $5,000 80% March 2021 – Pandemic $4,600 recovery inflection point 75% $4,200 $3,800 70% $3,400 65% $3,000 Mar21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q
Slide 11: Strong third quarter financial and operational results
Strong third quarter financial and operational results Business Highlights and Recent Performance 20% increase in Adjusted EBITDA over the prior year third quarter Third quarter consolidated weighted average occupancy growth of 290 bps over the prior year, a continued significant acceleration from p
Slide 12: Positively revised 2025 guidance on strong third quarter occupancy growth
Positively revised 2025 guidance on strong third quarter occupancy growth Execution of Strategic Priorities is Delivering 2025 Adjusted EBITDA Guidance Increased by Meaningful Adjusted EBITDA Growth $7.5 Million at the Midpoint (mm) 2023 (mm) YoY Growth $455 to $460 +27% +20% 2024 $450 2024 +15% $12
Slide 13: Capital structure anchored in attractive fixed-rate, non-recourse mortgages
Capital structure anchored in attractive fixed-rate, non-recourse mortgages $0M 72% 88% 92% mortgage debt maturities of debt is non-recourse of variable rate debt is of debt is fixed rate debt without extension options property-level mortgage subject to interest rate with 28% variable through June 2
Slide 14: Meaningful leverage reduction on significant Adjusted EBITDA growth
Meaningful leverage reduction on significant Adjusted EBITDA growth Leverage reduced by nearly half over two year period (mm) (mm) $500 $4,500 $450 $4,000 $400 19.8x $3,500 $350 $3,000 $300 $2,500 $250 11.1x 10.4x Approx. 9x $2,000 $200 9.9x $150 adjusted(1) $1,500 $100 $1,000 $50 $500 $- $- 12/31/2
Slide 15: Long-Term Organic Growth Potential
Long-Term Organic Growth Potential
Slide 16: Limited new supply and growing demand underpin opportunity
Limited new supply and growing demand underpin opportunity New construction is expected to lag demand, creating a shortage of available senior housing units and increasing demand for existing Brookdale communities Estimated Supply and Demand for Seniors Housing(1) 3.5 35 Population (80+) 3.0 30 Dema
Slide 17: Robust operating income opportunity from continued occupancy growth
Robust operating income opportunity from continued occupancy growth As occupancy grows, incremental margin will drive operating income higher resulting in an expected acceleration in Adjusted EBITDA and Adjusted Free Cash Flow growth 100 bps occupancy increase yields ~$25M 1% RevPOR increase above e
Slide 18: Third quarter 2025 YTD pro forma results
Third quarter 2025 YTD pro forma results Stronger pro forma portfolio, including a significantly improved lease portfolio, positioned to deliver substantial shareholder value Remove: YTD 3Q 2025 Remaining 3Q 2025 YTD Results * Same Announced Brookdale Pro Forma** ($ millions) Community* Dispositions
Slide 19: Higher occupancy drives significantly higher operating income
Higher occupancy drives significantly higher operating income Increasing occupancy and operating income margin would deliver significant operating income and Adjusted EBITDA growth Key Considerations Our higher occupancy communities generate significantly more operating income per unit on average We
Slide 20: Key Drivers To Achieving Long-Term Growth Potential
Key Drivers To Achieving Long- Term Growth Potential Limited Rapidly Brookdale’s New Growing Unique Supply Demographic Differentiators Less New Greater Competitive Competition Demand Advantage
Slide 21: Macroeconomic factors have influenced pace of industry development
Macroeconomic factors have influenced pace of industry development … ● Higher cost materials ● Labor shortage ● Elevated interest rates ● Tighter credit conditions U.S. Construction Cost(1) 160 Cost to build surged and has Index (Base Year=2015) 140 remained elevated amid high material, labor and ca
Slide 22: … which has led to extremely few competitive communities under construction
… which has led to extremely few competitive communities under construction Inventory growth currently Lower seniors housing starts reflect continued near record lows(1) deceleration in construction activity(2) Inventory Growth New Seniors Housing Starts(2) in NIC Primary Markets(1) (k) Starts in NI
Slide 23: Age-driven demand for senior living is growing …
Age-driven demand for senior living is growing … ● Higher cost materials ● Labor shortage ● Elevated interest rates ● Tighter credit conditions Demographic Trends Target Population(2) >1 million new seniors enter In 2026, Baby Boomers begin (mm) +54% (5 yrs.) target market age cohort every celebrati
Slide 24: … and difficulties experienced by older adults are on the rise
… and difficulties experienced by older adults are on the rise Chronic conditions in residential care(2) US adults new dementia cases by year(3) 70% of adults age 65+ develop Higher severe need of long-term services High Blood Pressure High Blood Pressure 980K 1,030K Acuity and support(1) Alzheimer'
Slide 25: Senior living improves affordability of support for an aging population
Senior living improves affordability of support for an aging population Brookdale Communities are 66% of total net wealth in $410k median Boomer Well Positioned for Affordability(5) net worth - would cover 5+ U.S. is held by Baby Boomer +$14 +$174 years living in a Brookdale and Silent generations(1
Slide 26: Brookdale is differentiated within a highly fragmented industry
Brookdale is differentiated within a highly fragmented industry Well Recognized Leadership Position Highly fragmented (2) competitive landscape with ~2,500 operators, ~90% of which operate five or fewer communities(1) Earned most senior living community recognitions by brand 2022-2025 Strong Clinica
Slide 27: Industry-leading clinical expertise through programs like Brookdale HealthPlus
Industry-leading clinical expertise through programs like Brookdale HealthPlus® Benefits Community-Based, Care Coordination Proactive Care Coordination – Proactive assistance with and management of preventive healthcare That’s Brookdale HealthPlus® services, like annual wellness visits, immunization
Slide 28: Appendix & Endnotes
Appendix & Endnotes
Slide 29: Appendix: Definitions and Non-GAAP Financial Measures
Appendix: Definitions and Non-GAAP Financial Measures Definitions 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
Slide 30: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA 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
Slide 31: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA (Continued) The table below reconciles Senior Housing Owned Portfolio Adjusted EBITDA from net income (loss). 31
Slide 32: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted Free Cash Flow Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in p
Slide 33: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA after cash financing lease payments and Net Debt Net Debt is a non-GAAP financial measure that the Company defines as the total of its debt and the outstanding balance on the line of credit, less unrestricted cash, marketable securities, and cash
Slide 34: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Funds from Operations (“FFO”) and Normalized FFO Funds from Operations (“FFO”), is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization, gain/loss on sale of communities, and non-cash impairment ch
Slide 35: Endnotes
Endnotes Slide Reference 1. National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units, NIC Supply Set 3Q 2025 4 2. Brookdale’s Senior Housing segments’ resident fees for the trailing 12 months ending September 30, 2025 3. “2025 Largest Providers Report” Argentum, July 2025, Sk
Slide 36: Endnotes
Endnotes Slide Reference 1. “What is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” Office of Disability, Aging and Long-Term Care Policy, HHS, April 2019 2. “Residential Care Community Resident Characteristics: United States, 2018” National Center for Health Statistics
Slide 37: Endnotes
Endnotes Normal Seasonality Sequential View 1Q 2Q 3Q 4Q Lower due to increased Historically highest Generally remains flat to Begins to turn positive Occupancy Sequential Change incidence and severity of sequential growth period of slightly positive to third toward end of quarter flu the year quarte
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