Brookdale Senior Living Inc. reported full‑year 2025 revenue of $3.20 billion, a 3% increase from $3.12 billion in 2024. Adjusted EBITDA rose 19% to $458 million, driven by higher occupancy and modest rate gains across its Independent Living and Assisted Living segments. Net loss widened to $263 million, largely because of a $71 million non‑cash impairment charge related to planned dispositions, compared with a $202 million loss in 2024.
Revenue growth was concentrated in the Independent Living and Assisted Living and Memory Care segments, which together accounted for roughly 70% of total revenue and delivered the majority of the 3% increase. The Continuing Care Retirement Communities segment grew modestly, offset by a slight decline in legacy CCRC operations that were being phased out as part of the portfolio transformation.
Brookdale’s portfolio transformation is progressing as planned. The company has moved to a 70% owned‑asset mix by mid‑2026, reducing lease exposure and debt maturities. In January 2026, it refinanced about $600 million of mortgage debt, eliminating all remaining 2026 maturities. The overall community count is being trimmed from 645 to 550, which is expected to lower operating costs and improve leverage.
For 2026, Brookdale is guiding to Adjusted EBITDA of $502 million to $516 million and RevPAR growth of 8.0% to 9.0% year‑over‑year. Management attributes the RevPAR outlook to completed dispositions, lease terminations, and targeted rate increases, while the EBITDA range reflects confidence in continued operational efficiency and the benefits of a higher owned‑asset portfolio. The company also reiterated its goal of achieving leverage below 6.0x by year‑end 2028.
Chief Executive Officer Nick Stengle said the company is “pleased with the progress we made in 2025 and excited about the opportunity to further drive value for shareholders” amid favorable supply‑and‑demand dynamics. He added that the 2026 guidance reflects “mid‑teens” Adjusted EBITDA growth and that the firm will continue to improve leverage each year. Stengle also cautioned that headwinds such as rising labor costs, inflationary pressures, and evolving regulatory requirements will require disciplined cost management and continued focus on operational excellence.
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