Companies · BKD
Brookdale Senior Living
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Latest analysis
Updated Nov 6, 2026
Brookdale Q3 2026: Same-Community RevPAR +5.4%, Adjusted EBITDA +12% YoY as Portfolio Rationalization Masks Underlying Operating Strength
Brookdale's same-community portfolio delivered 5.4% RevPAR growth and 50 basis points of occupancy improvement in Q3 2026, driving Adjusted EBITDA to $124.3 million, up 12.0% year-over-year, even as total resident fees declined due to deliberate community dispositions. The most consequential development this quarter is a definitive agreement announced in October 2026 to acquire 30 Welltower-leased communities for $290.0 million, converting lease obligations to owned assets and simultaneously unlocking a purchase option on a separate 39-community Welltower lease extended to June 2036. With $4.4 billion of debt outstanding, 2027 mortgage maturities fully refinanced, and total liquidity at $523.6 million, Brookdale's capital structure is stabilizing even as wage inflation, insurance costs, and estimated losses on accounts receivable continue to pressure same-community operating expense.
Tone: mixedRevenue
$3.2B
BKD 10-K · FY 2025
Employees
33,000
Revenue FY2024
$3.1B
Founded
2005
Profile
BKD 10-K Item 1 · Feb 19, 2026Brookdale Senior Living is the largest operator of senior living communities in the United States, operating and managing 584 communities across 41 states as of December 31, 2025. The company offers independent living, assisted living, memory care, and continuing care retirement communities to approximately 51,000 residents. Revenue is overwhelmingly private-pay, with government reimbursement accounting for less than 5% of resident fee revenue.
Read filing description ↓ Collapse description ↑
We are the nation's premier operator of senior living communities, operating and managing 584 communities in 41 states as of December 31, 2025, with the ability to serve approximately 51,000 residents. We offer our residents access to a broad continuum of services across the most attractive sectors of the senior living industry. We operate and manage independent living, assisted living, memory care, and continuing care retirement communities ('CCRCs'). As of December 31, 2025, we owned 370 communities (33,262 units), leased 178 communities (10,608 units), and managed 36 communities (4,374 units). Our senior living communities and our comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home. Our expertise in healthcare, hospitality, and real estate provides residents with opportunities to improve wellness, pursue passions, make new friends, and stay connected with loved ones. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to age-in-place, which we believe enables them to maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents' families who are concerned with care decisions for their elderly relatives. Our goal is to be the first choice in senior living by being the nation's most trusted and effective senior living provider. We are focused on operational excellence that will position us for growth and capitalize on positive trends in demand demographics, customer preferences, and lower new supply in the industry, while using our unique Brookdale differentiators and scale to our advantage.
Primary products
- Independent Living Communities
- Assisted Living Communities
- Memory Care Communities
- Continuing Care Retirement Communities (CCRCs)
- Management Services
- Brookdale HealthPlus
Business segments
End markets
Geographies
Named customers
Named competitors
“We are the largest operator of senior living communities in the United States based on total capacity.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue and other operating income increased from $3.13 billion in 2024 to $3.19 billion in 2025, driven primarily by a 2.4% increase in resident fees attributable to a 5.1% increase in same community RevPAR, partially offset by revenue lost from community dispositions.
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