Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q2 2026 Earnings Presentation
37 slides from Brookdale Senior Living's earnings presentation, Aug 11, 2026
Slide 1: Investor Presentation August 10, 2026
Investor Presentation August 10, 2026
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
About Brookdale OUR MISSION OUR VISION Enriching the Lives To be the nation’s of those we serve First Choice with compassion, respect, in senior living excellence and integrity
Slide 4: Brookdale is the leading senior living owner-operator in the United States
Brookdale is the leading senior living owner-operator in the United States 48 Brookdale is the nation‘s premier owner-operator of senior living communities, with communities in 41 states. We offer a broad continuum of services across various sectors of the senior living industry, including independe
Slide 5: Brookdale offers tailored product lines to support a diverse range of needs
Brookdale offers tailored product lines to support a diverse range of needs Pie charts represent percentage of total consolidated units Assisted Living (AL) Independent Living (IL) Our assisted living product provides a Our independent living product is ideal for redefined independence through 24-ho
Slide 6: Brookdale portfolio is diversified by community type, size and geography
Brookdale portfolio is diversified by community type, size and geography 535 Consolidated Communities across 41 States Industry Mix(2) Brookdale Mix(1) 53% SNF SNF 8% 2% AL 39% IL IL 23% 39% AL MC 57% MC 14% 18% 75% Brookdale is 22% higher in needs-based AL & MC Community Count 0 1 69 Consolidated P
Slide 7: Brookdale’s strategy: Three key levers to achieving our multiyear projection
Brookdale’s strategy: Three key levers to achieving our multiyear projection Achieve critical mass Leverage supply and Excel operationally at market level demand dynamics Leverage insights from Prioritize whole markets based Senior housing is entering an ongoing surveys and feedback on the opportuni
Slide 8: 2Q 2026 Results & 2026 Guidance
2Q 2026 Results & 2026 Guidance
Slide 9: Continued multi-year occupancy and RevPAR growth
Continued multi-year occupancy and RevPAR growth RevPAR and Weighted Average Occupancy(1) 1,330 bps growth since inflection point 85% $5,800 $5,400 80% March 2021 – Pandemic $5,000 recovery inflection point $4,600 75% $4,200 $3,800 70% $3,400 65% $3,000 Mar21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23
Slide 10: Second quarter 2026 financial and operational highlights
Second quarter 2026 financial and operational highlights Business Highlights and Recent Performance Brookdale reiterates 2026 annual guidance of $502 million to $516 million of Adjusted EBITDA and RevPAR year-over-year growth of 8% to 9% +8.2% RevPAR year-over-year increase in second quarter +5.2% R
Slide 11: 2026 guidance – strong RevPAR drives mid-teens Adjusted EBITDA growth
2026 guidance – strong RevPAR drives mid-teens Adjusted EBITDA growth 2026 Annual Guidance Consolidated RevPAR Growth & Average Occupancy 20% 100% RevPAR YOY Growth 8.0% to 9.0% 77.2% 78.6% 80.9% ~83% 80% 15% Adjusted EBITDA $502 to $516 million 11.3% 60% Reconciliation of the non-GAAP financial mea
Slide 12: 2026 RevPAR and Adjusted EBITDA year-over-year growth pacing
2026 RevPAR and Adjusted EBITDA year-over-year growth pacing RevPAR and Adjusted EBITDA improvement in the second half reflect improving occupancy as well as the accretive impact of dispositions 2026 Quarterly Pacing 1QA 2QA 3Q 4Q Average Units 43,637 42,820 ~42,200 ~41,500 Consolidated Average (dow
Slide 13: Capital structure anchored in attractive fixed-rate, non-recourse mortgages
Capital structure anchored in attractive fixed-rate, non-recourse mortgages $0M 77% 89% 100% mortgage debt maturities of debt is fixed rate debt of debt is non-recourse of variable rate debt is through 2027 with 23% variable property-level mortgage subject to interest rate financings cap/swap agreem
Slide 14: Meaningful leverage reduction on significant Adjusted EBITDA growth
Meaningful leverage reduction on significant Adjusted EBITDA growth 30% anticipated leverage reduction over three years Adjusted EBITDA and Year-End Leverage(1) (mm) $1,200 11.1x 12 9.9x $1,000 8.9x 10 ~8.0x $800 8 $600 $502-$516 6 $458 $386 $400 $336 4 $200 2 $0 0 2023 2024 2025 2026E Adj EBITDA Ad
Slide 15: Long-Term Organic Growth Potential
Long-Term Organic Growth Potential
Slide 16: Limited new supply and growing demand underpin significant opportunity
Limited new supply and growing demand underpin significant opportunity New construction is expected to continue to lag demand, creating a shortage of available senior housing units and increasing demand for existing Brookdale units Senior Housing Supply and Population Growth(1,2) 8% New senior housi
Slide 17: Robust operating income opportunity from occupancy and rate growth
Robust operating income opportunity from occupancy and rate growth Operating income is expected to increase due to the significant flow-through from increases in occupancy and rate increases above cost inflation Illustrative Operating Income through Occupancy and Pricing Gains 100 bps occupancy incr
Slide 18: Higher occupancy drives significantly higher operating income
Higher occupancy drives significantly higher operating income Moving communities up from lower occupancy bands would deliver significant operating income and Adjusted EBITDA Key Considerations Our higher occupancy communities generate significantly more operating income per unit on average We are fo
Slide 19: Recent community renovation CapEx investment projects demonstrate ROI
Recent community renovation CapEx investment projects demonstrate ROI Brookdale Montclair Brookdale Carriage Club Brookdale River Valley Poulsbo, Washington Providence, North Carolina Tualatin, Oregon Project Cost $1.6m Project Cost $2.7m Project Cost $1.8m Occupancy 97% (+260 bps) Occupancy 85% (+1
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 U.S. Construction Cost(1) Cost to build surged and has 160 remained elevated amid high Index (Base Year=2015) material, labor and capital costs 140 120 Construction costs have risen 42% since 2020 due to supply chain issues 100 and i
Slide 22: Extremely few competitive communities are under construction
Extremely few competitive communities are under construction Senior Housing Inventory Senior Housing Starts Senior Housing Units under Construction and Percent Growth(1) and as Percent of Inventory(1) and as Percent of Inventory(1) (k) (k) (k) 1200 5% 50 5% 80 8% 70 7% 1000 4% 40 4% 60 6% 800 50 5%
Slide 23: Age-driven demand for senior living is growing
Age-driven demand for senior living is growing Demographic Trends (mm) Births by Year(1,2) (mm) U.S. Population Age 80+(3) 35 30.1M 29.9M 29.8M 29.6M 29.7M 29.4M 29.1M 28.6M 30 28.1M 27.5M 26.8M 26.1M 25.3M 24.5M 23.7M 25 22.9M 22.1M 21.2M 20.4M 19.6M 18.8M 20 18.0M 17.2M 16.3M 15.2M 14.7M 14,3M 13.
Slide 24: Challenges experienced by older adults are also on the rise
Challenges experienced by older adults are also 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's a
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 +$16 +$133 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 Strong Clinical Expertise Quality Care Industry-Leading Scale Approximately 10% of workforce are Highly-individualized care and personal Scale provides deep, effective reach to nurses service senior population Senior living leader in va
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 assistance with and management of preventive healthcare services, like Proactive Care Coordination – annual wellness visits, immunizations and health screenings That’
Slide 28: Brookdale and industry strengths drive investment opportunity
Brookdale and industry strengths drive investment opportunity Unprecedented senior population growth expected in coming years Accelerating Demographic Growth combined with Brookdale’s innovative initiatives contribute to our confidence in a strong future Senior living inventory growth remains at rec
Slide 29: Appendix & Endnotes
Appendix & Endnotes v “4 BROOKDALE SENIOR LIVING
Slide 30: Appendix: Definitions and Non-GAAP Financial Measures
Appendix: Definitions and Non-GAAP Financial Measures Definitions Community Operating Income is defined by the Company as resident fee revenue less facility operating expense for one of the Company's communities. Community Operating Income does not include general and administrative expense or depre
Slide 31: 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 32: 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). 32
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 2Q 2026 2. “2025 ASHA 50: The 50 largest U.S. seniors housing real estate owners and operators” American Seniors Housing Association, August 2025 4 3. Brookdale’s Senior Housin
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, July 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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