Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q1 2026 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, May 6, 2026
Slide 1: Supplemental Information 1st Quarter 2026
Supplemental Information 1st 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 4,293 Owned 32,879 Leased 10,456 Managed 29 Owned 363 Leased 176 568 communities 47,628 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 "No
Slide 4: Consolidated Results and Adjusted EBITDA
4 2025 2026 1Q26 vs 1Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 (7.1) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 105.1 % Facility operating expense (556,987) (562,317) (566,985) (529,727) (2,216,016) (511,470)
Slide 5: Segment Overview
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 $1.7 million. (3) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restruc
Slide 6: Senior Housing Segments
6 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Total Senior Housing and All Other Revenue (1) $ 780,074 $ 778,237 $ 777,838 $ 717,416 $ 3,053,565 $ 727,829 (6.7) % Combined Segment Operating Income $ 223,087 $ 215,920 $ 210,853 $ 187,689 $ 837,549 $ 216,
Slide 7: Senior Housing by Care Type
7 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Independent Living Revenue $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 $ 120,330 (23.4) % Segment Operating Income $ 54,232 $ 53,598 $ 51,503 $ 38,213 $ 197,546 $ 43,212 (20.3) % Segment operating marg
Slide 8: Same Community Senior Housing
8 2025 2026 1Q26 vs 1Q25 1Q26 vs 4Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) B(W) Revenue $ 654,682 $ 652,833 $ 658,102 $ 656,641 $ 2,622,258 $ 690,939 5.5 % 5.2 % Community Labor Expense (293,247) (300,782) (306,122) (310,774) (1,210,925) (308,088) (5.1) % 0.9 % % of re
Slide 9: Same Community Independent Living
9 2025 2026 1Q26 vs 1Q25 1Q26 vs 4Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) B(W) Independent Living Revenue $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 $ 118,706 7.3 % 5.8 % Community Labor Expense (40,116) (41,588) (42,243) (42,961) (166,908) (42,745) (6.6) % 0.5
Slide 10: Senior Housing Owned Portfolio
10 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 $ 525,127 4.2 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1,499,704) (379,699) (2.9) % Owned Portfolio Operating Income
Slide 11: Senior Housing Leased Portfolio
11 2025(2) 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 $ 197,329 (27.9) % Facility operating expense (188,093) (190,599) (187,969) (149,651) (716,312) (131,771) 29.9 % Leased Portfolio Operating Inc
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 1Q26 vs 1Q25 1Q 2Q 3Q 4Q Full Year 1Q B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Por
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 1Q26 vs 1Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Operating Lease Obligations Facility operating lease expense $ 52,874 $ 52,653 $ 51,993 $ 42,743 $ 200,263 $
Slide 15: Capital Structure
15 Variable rate debt - unhedged $40 (1) Amount excludes $45.4 million in deferred financing costs, net. (2) Reflects rates as of March 31, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (4) Fixed rate maturities include $369.4 millio
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divide
Slide 18: Appendix: Non-GAAP Financial Measures
18 2025 2026 Twelve Months Ended March 31, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ (204,657) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) (1,704) Loss (gain) on debt modification and
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 March 31, 2026 Long-term debt (including current portion) $ 4,306,985 Cash and cash equivalents (265,204) Marketable securities (4,939) Cash held as collateral against existing debt
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) Net cash provided by (used in) financing acti
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