Brookdale Senior Living Teases Stronger-Than-Expected Revenue Growth Ahead of Earnings

Brookdale Senior Living (NYSE: BKD) is expecting first-quarter earnings surpassing the previous expectations of top leadership — and the company’s own stated guidance.

In the first quarter of the year, Brookdale management expects to report revenue per available room (RevPAR) that is 12.9% higher than it was in the first quarter of 2022. The company previously was expecting first-quarter RevPAR growth of 11% to 12%.

The Brentwood, Tennessee-based company’s first-quarter occupancy rate of 76.3% represents a sequential 80-basis-point decline from the fourth quarter of 2022, but an increase of 290 basis points over the same period in 2022.


At the same time, facility operating expenses in the first quarter were relatively in-line with what the company reported in 4Q22.

These results are expected to push Brookdale’s first-quarter adjusted EBITDA “meaningfully above” the guidance it previously offered, according to management.

“I’m pleased that our disciplined execution has resulted in preliminary financial results that have meaningfully surpassed our expectations and previously provided guidance,” Brookdale CEO Cindy Baier noted in a press release. “I want to thank our residents for the opportunity to serve them and to recognize the tremendous efforts of our associates who continue to prioritize providing high-quality care and service to our residents.”


As of March 31, Brookdale managed 673 communities in 41 states. The company’s next earnings release will be after the market closes on May 8, with a call scheduled for the next morning.

The company in March chose not to renew a lease with landlord LTC Properties (NYSE: LTC) with Baier noting the operator was “better served” by exiting the lease.

Brookdale’s optimism about Q1 comes months after the company held a fourth-quarter earnings call, when Baier noted she thought the company was “off to a great start” in 2023 thanks in part to higher revenue and improvements in staffing. Key to the company’s plans was an effort to foster “growth mindset” executive directors.

“In 2023, we seek to raise the bar even higher,” Baier said during that call.

Brookdale has also been a hot topic of discussion as of late thanks in part to sale rumors from late 2022.

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