Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q1 2025 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, May 6, 2025
Slide 1: Supplemental Information 1st Quarter 2025
Supplemental Information 1st Quarter 2025 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 33,768 Leased 17,073 Managed 28 Owned 383 Leased 236 647 communities 55,097 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: Segment Overview
4 2024 2025 1Q25 vs 1Q24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Resident fees $ 744,241 $ 739,709 $ 743,729 $ 744,371 $ 2,972,050 $ 777,454 4.5 % Management fees 2,618 2,616 2,676 2,611 10,521 2,620 0.1 % Facility operating expense (542,550) (537,507) (548,282) (554,922) (2,183,261) (556,987) (2.
Slide 5: Adjusted EBITDA and Adjusted Free Cash Flow Distribution
5 (1) In February 2025, the Company acquired 30 previously leased communities. The results of operations of the previously leased communities are included in the Senior Housing Owned Portfolio and are excluded from the Senior Housing Leased Portfolio for the full first quarter of 2025. (2) All Other
Slide 6: Senior Housing
6 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Total Senior Housing and All Other Revenue (1) $ 746,859 $ 742,325 $ 746,405 $ 746,982 $ 2,982,571 $ 780,074 4.4 % Combined Segment Operating Income $ 204,309 $ 204,818 $ 198,123 $ 192,060 $ 799,310 $ 223,08
Slide 7: Senior Housing Segments
7 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Independent Living Revenue $ 148,948 $ 149,542 $ 150,380 $ 150,052 $ 598,922 $ 157,117 5.5 % Segment Operating Income $ 48,643 $ 50,334 $ 48,747 $ 47,358 $ 195,082 $ 54,232 11.5 % Segment operating margin 32
Slide 8: Same Community Senior Housing
8 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $ 663,387 $ 659,268 $ 662,920 $ 663,407 $ 2,648,982 $ 693,080 4.5 % Community Labor Expense (309,536) (308,271) (313,117) (319,057) (1,249,981) (317,748) (2.7) % % of revenue 46.7 % 46.8 % 47.3 % 48.
Slide 9: Same Community Segment Detail
9 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Independent Living Revenue $ 107,654 $ 107,572 $ 107,889 $ 106,965 $ 430,080 $ 111,988 4.0 % Community Labor Expense (40,004) (39,754) (40,353) (40,941) (161,052) (40,825) (2.1) % Other facility operating ex
Slide 10: Senior Housing Owned Portfolio
10 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $ 440,231 $ 435,741 $ 436,238 $ 435,824 $ 1,748,034 $ 503,870 14.5 % Facility operating expense (328,545) (323,358) (329,550) (334,148) (1,315,601) (368,894) (12.3) % Owned Portfolio Operating Incom
Slide 11: Senior Housing Leased Portfolio
11 2024 2025 1Q25 vs 1Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $ 304,010 $ 303,968 $ 307,491 $ 308,547 $ 1,224,016 $ 273,584 (10.0) % Facility operating expense (214,005) (214,149) (218,732) (220,774) (867,660) (188,093) 12.1 % Leased Portfolio Operating Income
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) 2024 2025 1Q25 vs 1Q24 1Q 2Q 3Q 4Q Full Year 1Q B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $ 25,309 $ 25,404 $ 25,296 $ 25,656 $ 101,665 $ 26,803 (5.9) % Senior
Slide 14: Cash Facility Lease Payments
14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2024 2025 1Q25 vs 1Q24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Operating Lease Obligations Facility operating lease expense $ 51,496 $ 50,964 $ 51,937 $ 46,190 $ 200,587 $
Slide 15: Capital Structure
15 (1) Amount excludes $49.9 million in deferred financing costs, net. (2) Reflects rates as of March 31, 2025. (3) Variable rate maturities include $326.1 million of mortgage debt with extension options to 2027. (4) Fixed rate maturities include $23.3 million of 2.00% convertible senior notes ("202
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divided
Slide 18: Appendix: Non-GAAP Financial Measures
18 2024 2025 Twelve Months Ended March 31, 2025($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net income (loss) $ (29,581) $ (37,742) $ (50,734) $ (83,937) $ (201,994) $ (64,993) $ (237,406) Provision (benefit) for income taxes (40) 449 677 3,560 4,646 (676) 4,010 Loss (gain) on debt modification and extingui
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, 2025 Long-term debt (including current portion) $ 4,312,602 Cash and cash equivalents (239,731) Cash held as collateral against existing debt (2,500) Net Debt 4,070,371 Ope
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2024 2025 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net cash provided by (used in) operating activities $ (1,146) $ 55,670 $ 66,455 $ 45,198 $ 166,177 $ 23,402 Net cash provided by (used in) investing activities (6,946) (68,457) (58,113) (144,550) (278,066) (326,755) Net cash provided by (used in) fin
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