Brookdale Reports August 2024 Occupancy

Rhea-AI Summary

Brookdale Senior Living Inc. (NYSE: BKD) reported its consolidated occupancy for August 2024, showing positive trends in its senior living communities. The weighted average occupancy increased by 30 basis points to 78.9%, reaching a new high since the recovery began in March 2021. Notably, the month-end occupancy surpassed 80%, closing at 80.4%. Compared to the previous year, August's weighted average occupancy rose by 130 basis points, while the third quarter-to-date showed a 140 basis point increase. Brookdale, the nation's premier operator of senior living communities, manages 649 communities across 41 states, serving approximately 59,000 residents as of June 30, 2024.

Positive

• Weighted average occupancy increased by 30 basis points to 78.9% in August 2024
• Month-end occupancy surpassed 80%, closing at 80.4%
• Year-over-year increase of 130 basis points in weighted average occupancy for August
• Third quarter-to-date occupancy up 140 basis points compared to 2023

Negative

• None.

Insights

Financial Analyst

Brookdale's August 2024 occupancy report shows positive momentum in the senior living sector. The 30 basis point increase to 78.9% in weighted average occupancy and reaching 80.4% month-end occupancy are significant milestones. This 130 basis point year-over-year improvement suggests a robust recovery trend.

However, investors should note that while these figures represent progress, they still indicate substantial room for growth to reach pre-pandemic levels. The impact on Brookdale's financials will depend on how effectively they can translate this occupancy increase into revenue growth and margin expansion. It's important to monitor upcoming quarterly reports to assess the full financial impact of this occupancy improvement.

Market Research Analyst

The occupancy growth in Brookdale's portfolio is a positive indicator for the broader senior living industry. With the largest operator showing consistent improvement, it suggests a sector-wide recovery from pandemic-related challenges. This trend could signal increased investor confidence in senior living REITs and operators.

However, it's important to consider demographic trends and potential market saturation. The aging baby boomer population should drive demand, but new supply entering the market could impact occupancy rates. Investors should also watch for potential shifts in care preferences, such as increased desire for aging-in-place options, which could affect long-term occupancy trends in traditional senior living communities.

NASHVILLE, Tenn., Sept. 10, 2024 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) reported today its consolidated occupancy for August 2024.

August 2024 Observations:

• August weighted average occupancy increased 30 basis points sequentially to 78.9%, which is a new high since the start of the recovery in March 2021.
• Month end occupancy surpassed 80.0% with August closing at 80.4%.
• Versus the prior year, weighted average occupancy increased 130 basis points in August and 140 basis points third quarter-to-date when compared to the comparable 2023 periods.

About Brookdale Senior Living
Brookdale Senior Living Inc. is the nation's premier operator of senior living communities. The Company is committed to its mission of enriching the lives of the people it serves with compassion, respect, excellence, and integrity. The Company, through its affiliates, operates independent living, assisted living, memory care, and continuing care retirement communities. Through its comprehensive network, Brookdale helps to provide seniors with care, connection, and services in an environment that feels like home. The Company's 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. Brookdale, through its affiliates, operates and manages 649 communities in 41 states as of June 30, 2024, with the ability to serve approximately 59,000 residents. Brookdale's stock trades on the New York Stock Exchange under the ticker symbol BKD. For more information, visit brookdale.com or connect with Brookdale on Facebook or YouTube.

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SOURCE Brookdale Senior Living Inc.

FAQ

What was Brookdale's (BKD) occupancy rate in August 2024?

Brookdale's weighted average occupancy for August 2024 was 78.9%, with month-end occupancy reaching 80.4%.

How did Brookdale's (BKD) August 2024 occupancy compare to the previous month?

Brookdale's August 2024 weighted average occupancy increased by 30 basis points compared to the previous month.

What was the year-over-year change in Brookdale's (BKD) occupancy for August 2024?

Brookdale's weighted average occupancy increased by 130 basis points in August 2024 compared to August 2023.

How many senior living communities does Brookdale (BKD) operate as of June 30, 2024?

As of June 30, 2024, Brookdale operates and manages 649 communities in 41 states.