Brookdale Reports June 2024 Occupancy
Rhea-AI Summary
Brookdale Senior Living (NYSE: BKD) reported a significant increase in occupancy rates for June 2024. The weighted average occupancy rose by 140 basis points year-over-year to 78.2%, driven by increased move-ins and decreased move-outs. Sequentially, June's weighted average occupancy increased by 10 basis points, and month-end occupancy grew by 20 basis points. This supported a 20 basis point sequential increase for Q2 2024 compared to Q1 2024. Q2's weighted average occupancy also increased by 160 basis points compared to the same quarter last year. Brookdale operates 649 communities across 41 states, serving approximately 59,000 residents.
Positive
- June 2024 weighted average occupancy increased by 140 basis points year-over-year to 78.2%.
- Sequential June weighted average occupancy grew by 10 basis points and month-end occupancy by 20 basis points.
- Q2 2024 weighted average occupancy rose by 20 basis points sequentially and by 160 basis points year-over-year.
Negative
- None.
News Market Reaction
On the day this news was published, BKD declined 1.82%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NASHVILLE, Tenn., July 9, 2024 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) reported today its consolidated occupancy for June 2024.
June 2024 Observations:
- June 2024 weighted average occupancy increased 140 basis points over the prior year to
78.2% . - June year-over-year growth was supported by move-in volumes above pre-pandemic average and comparable to the prior year period, and move-outs below the prior year period, as adjusted for dispositions.
- Sequentially, June weighted average occupancy grew 10 basis points while June month end occupancy grew 20 basis points, supporting a second quarter 2024 weighted average sequential occupancy increase of 20 basis points compared to the first quarter 2024.
- Both June and second quarter weighted average occupancy results reflected a continued outperformance versus pre-pandemic normal seasonality.
- Second quarter weighted average occupancy increased 160 basis points compared to the prior year quarter.
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
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