Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q2 2026 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, Aug 10, 2026
Slide 1: Supplemental Information 2nd Quarter 2026
Supplemental Information 2nd Quarter 2026 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 570Owned 32,294 Leased 10,456 Managed 6 Owned 359 Leased 176 541 communities 43,320 units Important Note Regarding Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Definitions" and "Non-GA
Slide 4: Segment Overview
4 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 (8.7) % (7.9) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 742 (71.7) % 16.6 % Facility operating expense (5
Slide 5: Segment Overview (continued)
5 (1) Resident fee revenue excluded from definitions of RevPAR and RevPOR is $2.3 million and $4.0 million, for the second quarter of 2026 and the first half of 2026, respectively. (2) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs,
Slide 6: Senior Housing
6 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Total Senior Housing and All Other Revenue (1) $ 780,074 $ 778,237 $ 777,838 $ 717,416 $ 3,053,565 $ 727,829 $ 709,224 (8.9) % (7.8) % Combined Segment Operating Income $ 223,087
Slide 7: Senior Housing by Care Type
7 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 $ 120,330 $ 119,786 (24.3) % (23.8) % Segment Operating Income $ 54,232 $ 53,598 $ 51,503 $ 38,213 $
Slide 8: Same Community Senior Housing
8 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 654,441 $ 652,596 $ 657,848 $ 656,381 $ 2,621,266 $ 690,616 $ 688,720 5.5 % 5.5 % Community Labor Expense (293,048) (300,578) (305,927) (310,563) (1,210,116) (307,903)
Slide 9: Same Community Independent Living
9 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 $ 118,706 $ 118,071 6.0 % 6.6 % Community Labor Expense (40,116) (41,588) (42,243) (42,961) (166,908)
Slide 10: Senior Housing Owned Portfolio
10 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 $ 525,127 $ 512,114 1.7 % 3.0 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1,499,704) (379,6
Slide 11: Senior Housing Leased Portfolio
11 2025(2) 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 $ 197,329 $ 196,368 (27.8) % (27.8) % Facility operating expense (188,093) (190,599) (187,969) (149,651) (716,312)
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 Capital Expenditures (1) Amounts are presented net of lessor reimbursements. ($ in 000s, except for community level capital expenditures, per average unit) 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Community level capital expenditures, including allocations
Slide 14: Cash Facility Lease Payments
14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Operating Lease Obligations Facility operating lease expense $ 52,874 $ 52,653 $
Slide 15: Capital Structure
15 (1) Amount excludes $45.3 million in deferred financing costs, net and the line of credit balance of $23.0 million. (2) Reflects rates as of June 30, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (4) 2027 maturities as of June 30,
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divide
Slide 18: Appendix: Non-GAAP Financial Measures
18 2025 2026 Twelve Months Ended June 30, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 $ 16,353 $ (138,361) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) 5,526 5,097 4,093 Lo
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 June 30, 2026 Long-term debt (including current portion) $ 4,272,618 Line of credit 23,000 Cash and cash equivalents (370,388) Marketable securities (19,904) Cash held as collateral
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 112,802 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) 37,600 7,866 Net ca
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