Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q4 2024 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, Feb 18, 2025
Slide 1: Supplemental Information 4th Quarter 2024
Supplemental Information 4th Quarter 2024 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 4,256 Owned 32,206 Leased 18,633 Managed 28 Owned 353 Leased 266 647 communities 55,095 units (1) As of December 31, 2024, owned communities and units include 11 previously leased communities (1,228 units) acquired in December 2024. Important Note Regarding Non-GAAP Financial Measures • Ad
Slide 4: Segment Overview
4 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Resident fees $ 713,404 $ 710,161 $ 717,123 $ 716,582 $ 2,857,270 $ 744,241 $ 739,709 $ 743,729 $ 744,371 $ 2,972,050 3.9 % 4.0 % Management fees 2,577 2,510 2,566 2,508 10,161 2,618 2,616 2
Slide 5: Segment Overview Footnotes
5 (1) In December 2024, the Company acquired 11 previously leased communities. The results of operations of the previously leased communities are included in the Senior Housing Leased Portfolio and are excluded from the Senior Housing Owned Portfolio for all periods presented herein. (2) All Other p
Slide 6: Senior Housing
6 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ 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) $ 715,981 $ 712,671 $ 719,689 $ 719,090 $ 2,867,431 $ 746,859 $ 742,325 $ 746,405 $ 746,982 $ 2,982,571 3.9 % 4.0 % O
Slide 7: Independent Living
7 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ 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 $ 140,602 $ 140,670 $ 141,234 $ 141,506 $ 564,012 $ 148,948 $ 149,542 $ 150,380 $ 150,052 $ 598,922 6.0 % 6.2 % Other operating income $
Slide 8: Assisted Living and Memory Care
8 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 684,371 $ 683,553 $ 690,262 $ 693,045 $ 2,751,231 $ 727,401 $ 724,119 $ 729,103 $ 729,381 $ 2,910,004 5.2 % 5.8 % Other operating income 2,215 4,049 2,444
Slide 9: Independent Living Same Community
9 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ 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 $ 140,602 $ 140,670 $ 141,234 $ 141,506 $ 564,012 $ 148,948 $ 149,542 $ 150,380 $ 150,052 $ 598,922 6.0 % 6.2 % Other operating income 54
Slide 10: Senior Housing Owned Portfolio
10 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 418,624 $ 416,298 $ 420,351 $ 419,830 $ 1,675,103 $ 440,231 $ 435,741 $ 436,238 $ 435,824 $ 1,748,034 3.8 % 4.4 % Other operating income 1,885 3,515 1,82
Slide 11: Senior Housing Leased Portfolio
11 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year B(W) B(W) Revenue $ 294,780 $ 293,863 $ 296,772 $ 296,752 $ 1,182,167 $ 304,010 $ 303,968 $ 307,491 $ 308,547 $ 1,224,016 4.0 % 3.5 % Other operating income 443 607 795 — 1,
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) 2023 2024 4Q24 vs 4Q23 Full Year 24 vs 23 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 $ 27,135 $ 32,882 $ 23,066
Slide 14: Cash Facility Lease Payments
14 (1) Classification of amounts prospectively impacted by lease amendments in the second quarter of 2023 and acquisition agreements in the third quarter of 2024 with no impact to total cash facility lease payments. (2) Includes cash lease payments for leases of community support centers and informa
Slide 15: Capital Structure
15 (1) Amount excludes $49.1 million in deferred financing costs, net. (2) Reflects rates as of December 31, 2024. (3) Variable rate maturities include $326.1 million of mortgage debt with extension options to 2027. (4) Fixed rate maturities include $23.3 million of 2.00% convertible senior notes ("
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities and entra
Slide 18: Appendix: Non-GAAP Financial Measures
18 2023 2024 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Net income (loss) $ (44,563) $ (4,526) $ (48,811) $ (91,170) $ (189,070) $ (29,581) $ (37,742) $ (50,734) $ (83,937) $ (201,994) Provision (benefit) for income taxes 572 275 (1,876) 9,813 8,784 (40) 449 677 3,560 4,646 Equity in (e
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, 2024 Long-term debt (including current portion) $ 4,062,787 Cash and cash equivalents (308,925) Marketable securities (19,879) Cash held as collateral against existing d
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2023 2024 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year Net cash provided by (used in) operating activities $ 24,042 $ 63,824 $ 45,763 $ 29,294 $ 162,923 $ (1,146) $ 55,670 $ 66,455 $ 45,198 $ 166,177 Net cash provided by (used in) investing activities (62,019) (41,891) (31,837) 22,383
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