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  4. [8-K] Brookdale Senior Living Inc. Reports Material Event

Brookdale cuts 2026 adjusted EBITDA outlook to $495M–$502M

Contingent on the 30-community acquisition closing, a separate 39-community lease would extend four years to June 2036.

Available on EDGAR Accepted by SEC EDGAR
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Form Type
8-K

Rhea-AI Filing Summary

Brookdale Senior Living Inc. (BKD) reported third-quarter 2026 Adjusted EBITDA of $124.3 million, up 12.0% year over year, and a net loss of $13.9 million versus $114.7 million a year earlier. Consolidated RevPAR rose 7.5% to $5,546 and weighted average occupancy rose 130 basis points to 83.1%; resident fees fell 8.7% to $707.3 million, primarily reflecting community dispositions.

The company lowered full-year 2026 guidance to Adjusted EBITDA of $495 million to $502 million and RevPAR growth of 7.4% to 7.9%. It cited occupancy carryover, marketing investment, transaction activity and estimated effects from a fire at its vacant 97-unit Clinton, Mississippi community. Brookdale completed a $157.4 million acquisition of 17 communities in September. A further 30-community, 1,152-unit acquisition for $290.0 million is expected to close in the fourth quarter of 2026, subject to customary closing conditions. The company reported $523.6 million of total liquidity as of September 30, 2026.

3 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

  • Moderate pointAdjusted EBITDA rose 12.0% to $124.3 million year over year.
  • Moderate pointSame-community resident fees increased 5.3% year over year.
  • Moderate pointNet loss narrowed to $13.9 million from $114.7 million.

Negative

  • Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 Adjusted EBITDA guidance was reduced to $495 million to $502 million.
  • Moderate pointConsolidated resident fees declined 8.7% year over year to $707.3 million.

Filing Explained

The 2026 Notes are retired through cash-and-share settlement, and the associated capped call also returned cash and shares held in treasury.

The 2026 Notes were settled at maturity in October 2026: Brookdale paid $23.3 million in cash and delivered 0.9 million common shares.

The associated capped-call settlement brought $45.9 million in cash and 0.4 million shares, which the company said would be held as treasury shares.

A refinancing repaid $244.1 million of mortgage-facility debt scheduled to mature in 2027; the filing says no mortgage debt maturities remained until 2028.

If the 30-community acquisition closes, a separate lease would be extended four years to June 2036, and its purchase option would become exercisable at Brookdale’s election at any time, subject to a floor of a 6.5% yield on in-place rent.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Adjusted EBITDA $124.3 million Third quarter 2026; up 12.0% year over year
Net loss $13.9 million Third quarter 2026, compared with a $114.7 million net loss in third quarter 2025
Consolidated RevPAR $5,546 per available unit per month Third quarter 2026; up 7.5% year over year
Weighted average occupancy 83.1% Consolidated third-quarter 2026 occupancy; up 130 basis points year over year
Revised full-year Adjusted EBITDA guidance $495 million to $502 million Full year 2026
Total liquidity $523.6 million As of September 30, 2026
Purchase price for pending 30-community acquisition $290.0 million Agreement covers 1,152 units; expected to close in the fourth quarter of 2026, subject to customary closing conditions
Cash proceeds from 2026 community sales $178.6 million Net of transaction costs for 24 owned communities sold in 2026 to date
Adjusted EBITDA financial
"Adjusted EBITDA of $124.3 million for the third quarter of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
RevPAR financial
"average monthly senior housing resident fee revenue per available unit"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
non-recourse mortgage debt financial
"funded with cash on hand and non-recourse mortgage debt"
capped call transactions financial
"settled the privately negotiated capped call transactions"
Capped call transactions are agreements where investors buy options that give them the chance to benefit if a stock's price goes up, but with a limit on how much they can gain. This helps protect them from paying too much if the stock's price rises a lot, similar to having a maximum limit on a reward. They matter because they help investors manage risk while still allowing some upside potential.
Adjusted EBITDA $124.3 million Up 12.0% year over year
Net loss $13.9 million Compared with a $114.7 million net loss in third quarter 2025
Consolidated RevPAR $5,546 per available unit per month Up 7.5% year over year
Weighted average occupancy 83.1% Up 130 basis points year over year
Guidance

Full-year 2026 guidance: Adjusted EBITDA of $495 million to $502 million and RevPAR year-over-year growth of 7.4% to 7.9%.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did BKD perform in the third quarter of 2026?
Brookdale reported $124.3 million of Adjusted EBITDA, up 12.0% year over year, and a $13.9 million net loss versus $114.7 million in third quarter 2025. Consolidated RevPAR rose 7.5% to $5,546, while weighted average occupancy was 83.1%, up 130 basis points.

What is BKD's revised 2026 guidance?
Brookdale's revised full-year 2026 guidance is Adjusted EBITDA of $495 million to $502 million and RevPAR year-over-year growth of 7.4% to 7.9%. The company cited occupancy results, its fourth-quarter outlook, transaction activity and estimated effects from the fire at its 97-unit Clinton, Mississippi community.

What are the terms of BKD's planned 30-community acquisition?
Brookdale agreed to acquire 30 leased communities with 1,152 units for $290.0 million. The company expects the transaction to close in the fourth quarter of 2026, subject to customary closing conditions, and expects it to reduce 2027 annual cash rent payments by approximately $17.8 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001332349false00013323492026-11-062026-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)November 6, 2026
Brookdale Senior Living Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3264120-3068069
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
105 Westwood Place,Suite 400,Brentwood,Tennessee37027
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code(615)221-2250
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par Value Per ShareBKDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On November 6, 2026, Brookdale Senior Living Inc. (the "Company") issued a press release announcing its third quarter 2026 financial results and announcing a conference call to review these results. A copy of the press release is furnished herewith as Exhibit 99.1.

Supplemental information related to the Company's third quarter 2026 results is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this Current Report on Form 8-K (including the exhibits hereto) shall not be considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth by specific reference in such filing that such information is to be considered "filed" or incorporated by reference therein.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure.

The information set forth in Item 2.02 of this report is incorporated herein by reference.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits

99.1     Press Release dated November 6, 2026

99.2     Supplemental Information

104     Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BROOKDALE SENIOR LIVING INC.
Date:November 6, 2026By:/s/ Chad C. White
Name:Chad C. White
Title:Executive Vice President, General Counsel and Secretary




Exhibit 99.1
logo2a10.jpg

Brookdale Announces Third Quarter 2026 Results

Brentwood, Tenn., November 6, 2026 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended September 30, 2026.

HIGHLIGHTS

•Net loss for the third quarter of 2026 was $13.9 million compared to $114.7 million for the third quarter of 2025. Adjusted EBITDA(1) of $124.3 million for the third quarter of 2026 grew 12.0% over the third quarter of 2025.

•Increased third quarter 2026 consolidated revenue per available unit (RevPAR) by 7.5% year-over-year.

•Improved third quarter 2026 consolidated weighted average occupancy by 130 basis points year-over-year to 83.1%.

•Completed acquisition of 17 communities and announced agreement to purchase an additional 30 leased communities.

•Received approximately $180 million of cash proceeds for communities sold in 2026 to date.

•Updated full year 2026 guidance to $495 million to $502 million of Adjusted EBITDA and RevPAR year-over-year growth of 7.4% to 7.9%.

“During the third quarter, we continued to make significant progress against our key objectives, and we experienced improvement in occupancy, rate, net loss, and Adjusted EBITDA,” said Nick Stengle, Brookdale’s Chief Executive Officer. “While we achieved our quarterly plan for Adjusted EBITDA, we fell short of our RevPAR goal due to slower occupancy growth, particularly late in the quarter. Based primarily on third quarter occupancy carryover, additional marketing investments to bolster internal lead generation, and the expected revenue and expense impact of the recent fire at our 97-unit Clinton, Mississippi community, we are revising our 2026 guidance to Adjusted EBITDA of $495 million to $502 million and RevPAR growth of 7.4% to 7.9%. We remain excited about our ability to address the compelling senior housing opportunity ahead of us, and we believe we remain well-positioned for longer-term Adjusted EBITDA growth in the mid-teens range.”

SUMMARY OF THIRD QUARTER FINANCIAL RESULTS

Consolidated summary of operating results and metrics:

Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)3Q 20263Q 2025AmountPercent
Resident fees$707.3$775.1$(67.8)(8.7)%
Facility operating expense503.5567.0(63.5)(11.2)%
General and administrative expense41.950.9(9.0)(17.7)%
Cash facility operating lease payments43.256.7(13.5)(23.7)%
Net income (loss)(13.9)(114.7)(100.8)(87.9)%
Adjusted EBITDA124.3111.113.212.0%
RevPAR$5,546$5,158$3887.5%
Weighted average occupancy83.1%81.8%130 bpsn/a
RevPOR$6,673$6,307$3665.8%
Total average units42,38350,012(7,629)(15.3)%

(1)    Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. See "Non-GAAP Financial Measure" for the Company's definition of such measure, a reconciliation to the most comparable GAAP financial measure, and other important information regarding the use of the Company's non-GAAP financial measure.




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Same community(2) summary of operating results and metrics:

Year-Over-Year
Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)3Q 20263Q 2025AmountPercent
Resident fees$693.0$657.8$35.25.3%
Facility operating expense$490.5$469.4$21.14.5%
RevPAR$5,602$5,317$2855.4%
Weighted average occupancy83.6%83.1%50 bpsn/a
RevPOR$6,703$6,396$3074.8%

(2)    The same community senior housing portfolio includes operating results and data for 515 communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition including through asset sales or lease terminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. To aid in comparability, same community operating results exclude natural disaster expense.

SUMMARY OF OCCUPANCY TREND

Recent consolidated occupancy trend:

2025
JanFebMarAprMayJunJulAugSepOctNovDec
Weighted average79.2%79.3%79.5%79.8%80.0%80.5%81.1%81.8%82.5%82.6%82.5%82.4%
Month end80.6%80.8%80.9%81.0%81.5%82.2%82.6%83.2%83.8%83.7%83.4%83.7%

2026
JanFebMarAprMayJunJulAugSepOct
Weighted average82.3%82.1%82.0%82.3%82.5%82.5%82.7%83.2%83.4%83.5%
Month end83.3%83.2%83.3%83.4%83.5%83.7%84.1%84.5%84.6%84.4%

Recent same community occupancy trend:

2025
JanFebMarAprMayJunJulAugSepOctNovDec
Weighted average80.9%81.0%81.3%81.5%81.7%82.1%82.8%83.2%83.5%83.7%83.6%83.4%
Month end82.3%82.5%82.7%82.7%83.1%83.8%84.1%84.5%84.8%84.9%84.4%84.4%

2026
JanFebMarAprMayJunJulAugSepOct
Weighted average83.0%82.8%82.5%82.8%82.9%83.0%83.3%83.7%83.8%83.9%
Month end84.0%83.9%83.9%83.9%84.0%84.3%84.6%84.9%84.9%84.8%

OVERVIEW OF RESULTS: 3Q 2026 vs 3Q 2025

•Resident fees:
•The decrease was primarily attributable to the disposition of communities since the beginning of the prior year period, primarily through lease terminations in the second half of 2025, which resulted in $106.4 million less in resident fees during the third quarter of 2026.
•The decrease was partially offset by a 5.4% increase in same community RevPAR, comprised of a 4.8% increase in same community RevPOR and a 50 basis point increase in same community weighted average occupancy.

•Facility operating expense:
•The decrease was primarily attributable to the disposition of communities since the beginning of the prior year period, which resulted in $87.3 million less in facility operating expense during the third quarter of 2026.
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•The decrease was partially offset by a 4.5% increase in same community facility operating expense primarily attributable to increases in wage rates, estimated insurance expense, estimated losses on accounts receivable, utilities expense, and maintenance expense, partially offset by reduced labor hours worked through improved productivity.

•General and administrative expense: The decrease was primarily attributable to the Company's efforts to reduce general and administrative expense as the Company scaled its general and administrative costs in connection with community dispositions and management agreement terminations.

•Cash facility operating lease payments: The decrease was primarily attributable to the disposition of communities through lease terminations.

•Net loss: The decrease was primarily attributable to a $58.2 million decrease in non-cash impairment charges from the prior year period and a $20.5 million decrease in depreciation and amortization expense primarily due to the disposition of communities since the beginning of the prior year period.

•Adjusted EBITDA: The increase was primarily attributable to the increase in same community resident fees, partially offset by the increase in same community facility operating expense.

TRANSACTION AND FINANCING UPDATE

Community Transactions

In October 2026, the Company entered into a definitive agreement to acquire 30 currently leased communities (1,152 units) for a purchase price of $290.0 million. The Company expects this transaction to reduce 2027 annual cash rent payments by approximately $17.8 million, and the lease would have otherwise matured in 2032. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, and to be funded with cash on hand and non-recourse mortgage debt. Contingent upon closing the 30-community acquisition, a separate 39-community lease would be extended by four years to June 2036. In connection with the amendment, the lease's existing fair market value purchase option would become exercisable at any time at the Company's election, rather than only in connection with the lease's maturity, subject to a floor of a 6.5% yield on in-place rent.

In July 2026, the Company entered into an agreement to acquire 17 communities that were leased by the Company for a purchase price of $157.4 million plus $2.6 million of transaction costs. In September 2026, the Company completed the acquisition. The Company funded the acquisition of the 17 communities through proceeds from non-recourse mortgage financings and cash on hand.

Since July 1, 2026, the Company completed the sale of 11 owned communities (856 units) and received cash proceeds of $31.2 million, net of transaction costs. The Company completed the sale of 24 owned communities (1,964 units) and received cash proceeds of $178.6 million, net of transaction costs in 2026 to date.

As previously announced, the Company plans to sell five additional owned communities (270 units) during 2026. The closings of the expected sales of assets are subject to the satisfaction of various conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

Financing Transactions

In September 2026, the Company obtained $108.0 million of debt secured by first priority mortgages on 17 communities. The loan bears interest at a variable rate based on SOFR plus a margin of 215 basis points. The debt has an initial five-year term and two one-year extension options, exercisable subject to certain performance criteria.

In July 2026, the Company obtained $248.9 million of debt secured by non-recourse first mortgages on 45 communities, which also continue to secure $518.5 million of additional outstanding mortgages with maturities in 2031 and 2032. The $248.9 million loan bears interest at a fixed rate of 6.16% and matures in 2031. At the closing, the Company repaid $244.1 million of debt under the mortgage facility, which was scheduled to mature in 2027, using proceeds from the loan. The closing of this transaction results in no remaining mortgage debt maturities until 2028.

As of September 30, 2026, $23.3 million in aggregate principal amount of the Company’s 2.00% convertible senior notes due 2026 (the "2026 Notes") was outstanding. In October 2026, the Company paid $23.3 million in cash and delivered 0.9 million shares of the Company’s common stock to settle the outstanding 2026 Notes in connection with the maturity. In connection with the maturity of the 2026 Notes, the Company also settled the privately negotiated capped call transactions that had been entered into initially with the offering of the 2026 Notes in 2021. The capped call covered the number of shares of the Company’s common stock that were initially underlying the $230.0 million initial principal amount of 2026 Notes. The Company received
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$45.9 million in cash and 0.4 million shares of the Company’s common stock, which will be held as treasury shares, in connection with the settlement of the capped call transactions.

LIQUIDITY

Total liquidity of $523.6 million as of September 30, 2026 included $323.4 million of unrestricted cash and cash equivalents (excluding restricted cash of $73.2 million), $24.7 million of marketable securities, and $175.6 million of availability on the Company's secured credit facility. Total liquidity as of September 30, 2026 decreased $42.3 million from June 30, 2026.

2026 OUTLOOK

Reflecting the Company's recent occupancy results and outlook for the fourth quarter, the Company has revised its 2026 annual guidance as follows:

Full Year 2026 Metric
Previous Guidance
Revised Guidance
RevPAR year-over-year growth
8.0% to 9.0%7.4% to 7.9%
Adjusted EBITDA$502 million to $516 million$495 million to $502 million

Full year 2026 guidance reflects management's current expectations around:
•Transaction activity
•Current estimates of the fourth quarter revenue and expense impact of the recent fire at the Company's 97-unit Clinton, Mississippi community, which is currently vacant.

Reconciliation of the non-GAAP financial measure included in the foregoing guidance to the most comparable GAAP financial measure is not available without unreasonable effort due to the inherent difficulty in forecasting the timing or amounts of items required to reconcile Adjusted EBITDA from the Company's net income (loss). Variability in the timing or amounts of items required to reconcile the measure may have a significant impact on the Company's future GAAP results.

SUPPLEMENTAL INFORMATION

The Company will post on its website at brookdaleinvestors.com supplemental information relating to the Company's third quarter results, an updated investor presentation, and a copy of this earnings release. The supplemental information and a copy of this earnings release will also be furnished in a Form 8-K to be filed with the SEC.

EARNINGS CONFERENCE CALL

Brookdale's management will conduct a conference call to discuss the financial results for the third quarter on November 6, 2026 at 8:30 AM ET.

A live webcast of the conference call will be available to the public on a listen-only basis at brookdaleinvestors.com. Please allow extra time before the call to download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available through the website following the call.

ABOUT BROOKDALE SENIOR LIVING

Brookdale Senior Living Inc. is the nation’s premier operator of senior living communities. With 529 communities across 41 states and the ability to serve approximately 45,000 residents as of September 30, 2026, Brookdale is committed to its mission of enriching the lives of seniors through compassionate care, clinical expertise, and exceptional service. The Company, through its affiliates, operates independent living, assisted living, memory care, and continuing care retirement communities, offering tailored solutions that help empower seniors to live with dignity, connection, and purpose. Leveraging deep expertise in healthcare, hospitality, and real estate, Brookdale creates opportunities for wellness, personal growth, and meaningful relationships in settings that feel like home. Guided by its four cornerstones of passion, courage, partnership, and trust, Brookdale is committed to delivering exceptional value and redefining senior living for a brighter, healthier future. 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 at facebook.com/brookdaleseniorliving or YouTube at youtube.com/BrookdaleLiving.

DEFINITIONS OF REVPAR AND REVPOR

RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.

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RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.

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SAFE HARBOR

Certain statements in this press release and the associated earnings call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target," or other similar words or expressions, and include statements regarding the Company's expected financial and operational results. These forward-looking statements are based on certain assumptions and expectations, and the Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees, including downturns in the economy, housing market, consumer confidence, or the equity markets and unemployment among resident family members; the effects of senior housing construction and development, lower industry occupancy, and increased competition; conditions of housing markets, regulatory changes, acts of nature, and the effects of climate change in geographic areas where the Company is concentrated; terminations of the Company's resident agreements and vacancies in the living spaces it leases; changes in reimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; failure to maintain the security and functionality of the Company's information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; the Company's ability to complete its capital expenditures in accordance with its plans; the Company's ability to identify and pursue development, investment, and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; the Company's ability to complete pending or expected disposition, acquisition, or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company's ability to identify and pursue any such opportunities in the future; risks related to the implementation of the Company's strategy, including initiatives undertaken to execute on the Company's strategic priorities and their effect on its results; limits on the Company's ability to use net operating loss carryovers to reduce future tax payments; delays in obtaining regulatory approvals; the risks associated with tariffs and the uncertain duration of trade conflicts; disruptions in the financial markets or decreases in the appraised values or performance of the Company's communities that affect the Company's ability to obtain financing or extend or refinance debt as it matures and the Company's financing costs; the Company's ability to generate sufficient cash flow to cover required interest, principal, and long-term lease payments and to fund its planned capital projects; the effect of any non-compliance with any of the Company's debt or lease agreements (including the financial or other covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of the Company's non-compliance with any such agreements and the risk of loss of the Company's property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the inability to renew, restructure, or extend leases, or exercise purchase options at or prior to the end of any existing lease term; the effect of the Company's indebtedness and long-term leases on the Company's liquidity and its ability to operate its business; increases in market interest rates that increase the costs of the Company's debt obligations; the Company's ability to obtain additional capital on terms acceptable to it; departures of key officers and potential disruption caused by changes in management; increased competition for, or a shortage of, associates, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; an adverse determination or resolution of complaints filed against the Company, including putative class action complaints; negative publicity with respect to any lawsuits, claims, or other legal or regulatory proceedings; costs to respond to, and adverse determinations resulting from, government inquiries, reviews, audits, and investigations; the cost and difficulty of complying with increasing and evolving regulation, including new disclosure obligations; changes in, or its failure to comply with, employment-related laws and regulations; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; the risks associated with current global economic conditions and general economic factors on the Company and the Company's business partners such as inflation, commodity costs, fuel and other energy costs, competition in the labor market, costs of salaries, wages, benefits, and insurance, interest rates, tax rates, tariffs, and geopolitical tensions or conflicts, the impact of seasonal contagious illness or other contagious disease in the markets in which the Company operates; actions of activist stockholders; as well as other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including those set forth in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this press release and/or associated earnings call. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained in this press release and/or associated earnings call to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.
Page 6


Condensed Consolidated Statements of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands, except per share data)2026202520262025
Resident fees$707,335 $775,140 $2,138,273 $2,328,208 
Management fees396 2,698 6,511 7,941 
Reimbursed costs incurred on behalf of managed communities4,337 35,327 50,723 103,824 
Total revenue712,068 813,165 2,195,507 2,439,973 
Facility operating expense (excluding facility depreciation and amortization of $69,740, $90,248, $205,304, and $264,637, respectively)
503,545 566,985 1,518,470 1,686,289 
General and administrative expense (including non-cash stock-based compensation expense of $3,698, $2,633, $11,099, and $9,701, respectively)
41,871 50,866 134,060 153,713 
Facility operating lease expense42,366 51,993 130,118 157,520 
Depreciation and amortization74,248 94,792 218,820 278,621 
Asset impairment4,476 62,696 14,491 65,060 
Loss (gain) on sale of communities, net197 (139)(49,228)(182)
Loss (gain) on facility operating lease termination, net— 4,480 — 4,480 
Costs incurred on behalf of managed communities4,337 35,327 50,723 103,824 
Income (loss) from operations41,028 (53,835)178,053 (9,352)
Interest income4,415 3,020 11,609 9,587 
Interest expense:
Debt(57,750)(58,089)(169,532)(170,396)
Financing lease obligations(3,518)(1,764)(7,109)(9,114)
Amortization of deferred financing costs(3,287)(3,747)(9,775)(11,089)
Change in fair value of derivatives6,132 26 10,121 (1,087)
Gain (loss) on debt modification and extinguishment, net(4,482)(326)(10,202)(35,661)
Other non-operating income (loss)352 144 1,175 3,562 
Income (loss) before income taxes(17,110)(114,571)4,340 (223,550)
Benefit (provision) for income taxes3,192 (167)(1,905)780 
Net income (loss)(13,918)(114,738)2,435 (222,770)
Net (income) loss attributable to noncontrolling interest12 12 35 41 
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders$(13,906)$(114,726)$2,470 $(222,729)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders$(0.06)$(0.48)$0.01 $(0.95)
Weighted average common shares outstanding:
Basic239,144 237,487 238,800 234,326 
Diluted239,144 237,487 241,075 234,326 
Page 7


Condensed Consolidated Balance Sheets
(in thousands)September 30, 2026December 31, 2025
Cash and cash equivalents$323,374 $279,122 
Marketable securities24,666 — 
Restricted cash35,249 33,227 
Accounts receivable, net52,641 67,680 
Assets held for sale18,435 77,206 
Prepaid expenses and other current assets, net85,260 96,705 
Total current assets539,625 553,940 
Property, plant and equipment and leasehold intangibles, net4,328,486 4,272,697 
Operating lease right-of-use assets946,060 1,032,140 
Other assets, net111,687 93,466 
Total assets$5,925,858 $5,952,243 
Current portion of long-term debt$62,289 $77,492 
Current portion of lease obligations76,117 75,733 
Other current liabilities374,567 414,700 
Total current liabilities512,973 567,925 
Long-term debt, less current portion4,289,800 4,215,005 
Lease obligations, less current portion1,074,851 1,147,892 
Line of credit23,000 — 
Other liabilities63,114 64,798 
Total liabilities5,963,738 5,995,620 
Total Brookdale Senior Living Inc. stockholders' equity (deficit)(39,221)(44,753)
Noncontrolling interest1,341 1,376 
Total equity (deficit)(37,880)(43,377)
Total liabilities and equity (deficit)$5,925,858 $5,952,243 
Page 8


Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30,
(in thousands)20262025
Cash Flows from Operating Activities
Net income (loss)$2,435 $(222,770)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss (gain) on debt modification and extinguishment, net10,202 35,661 
Depreciation and amortization, net228,595 289,710 
Asset impairment14,491 65,060 
Deferred income tax (benefit) provision313 (2,221)
Operating lease expense adjustment(2,624)(13,384)
Change in fair value of derivatives(10,121)1,087 
Loss (gain) on sale of assets, net(49,228)(182)
Loss (gain) on facility operating lease termination, net— 4,480 
Non-cash stock-based compensation expense11,099 9,701 
Property and casualty insurance income(1,020)(3,691)
Changes in operating assets and liabilities:
Accounts receivable, net15,039 (15,664)
Prepaid expenses and other assets, net13,274 (13,183)
Prepaid insurance premiums financed with notes payable(6,832)(7,610)
Trade accounts payable and accrued expenses(44,339)35,319 
Refundable fees and deferred revenue(7,475)1,140 
Operating lease assets and liabilities for lessor capital expenditure reimbursements23,892 20,038 
Net cash provided by operating activities197,701 183,491 
Cash Flows from Investing Activities
Purchase of marketable securities(44,414)— 
Sale and maturities of marketable securities20,000 20,000 
Capital expenditures, net of related payables(154,053)(137,872)
Acquisition of assets(184,026)(311,028)
Proceeds from sale of assets, net168,487 8,133 
Property and casualty insurance proceeds1,020 3,691 
Change in lease acquisition deposits, net— 5,000 
Other(1,877)727 
Net cash provided by (used in) investing activities(194,863)(411,349)
Cash Flows from Financing Activities
Proceeds from debt776,587 320,774 
Repayment of debt and financing lease obligations(717,029)(127,371)
Proceeds from line of credit23,000 — 
Payment of financing costs, net of related payables(23,790)(7,880)
Payments of employee taxes for withheld shares(8,017)(6,178)
Payments for settlement of convertible notes(52)— 
Net cash provided by (used in) financing activities50,699 179,345 
Net increase (decrease) in cash, cash equivalents, and restricted cash53,537 (48,513)
Cash, cash equivalents, and restricted cash at beginning of period343,008 379,840 
Cash, cash equivalents, and restricted cash at end of period$396,545 $331,327 
Page 9


Non-GAAP Financial Measure

This earnings release contains the financial measure Adjusted EBITDA, which is not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Presentations of this non-GAAP financial measure is intended to aid investors in better understanding the factors and trends affecting the Company’s performance. However, investors should not consider this non-GAAP financial measure as a substitute for financial measures determined in accordance with GAAP, including net income (loss) or income (loss) from operations. The Company cautions investors that amounts presented in accordance with the Company’s definitions of this non-GAAP financial measure may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. The Company urges investors to review the following reconciliation of this non-GAAP financial measure from the most comparable financial measure determined in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, legal, cost reduction, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include non-cash impairment charges, operating lease expense adjustment, non-cash stock-based compensation expense, gain/loss on sale of communities, gain/loss on facility operating lease termination, and transaction, legal, and organizational restructuring costs. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its senior leadership changes, including severance.

The Company believes that presentation of Adjusted EBITDA as a performance measure is useful to investors because (i) it is one of the metrics used by the Company’s management for budgeting and other planning purposes, to review the Company’s historic and prospective core operating performance, and to make day-to-day operating decisions; (ii) it provides an assessment of operational factors that management can impact in the short-term, namely revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods; (iii) the Company believes that this measure is used by research analysts and investors to evaluate the Company’s operating results and to value companies in its industry; and (iv) the Company uses the measure for components of executive compensation.

Adjusted EBITDA has material limitations as a performance measure, including: (i) excluded interest and income tax are necessary to operate the Company’s business under its current financing and capital structure; (ii) excluded depreciation, amortization, and impairment charges may represent the wear and tear and/or reduction in value of the Company’s communities, goodwill, and other assets and may be indicative of future needs for capital expenditures; and (iii) the Company may incur income/expense similar to those for which adjustments are made, such as gain/loss on sale of assets, facility operating lease termination, or debt modification and extinguishment, non-cash stock-based compensation expense, and transaction, legal, and other costs, and such income/expense may significantly affect the Company’s operating results.

Page 10


The table below reconciles Adjusted EBITDA from net income (loss).

Three Months Ended
(in thousands)September 30, 2026September 30, 2025
Net income (loss)$(13,918)$(114,738)
Provision (benefit) for income taxes(3,192)167 
Loss (gain) on debt modification and extinguishment, net4,482 326 
Other non-operating (income) loss(352)(144)
Interest expense58,423 63,574 
Interest income(4,415)(3,020)
Income (loss) from operations41,028 (53,835)
Depreciation and amortization74,248 94,792 
Asset impairment4,476 62,696 
Loss (gain) on sale of communities, net197 (139)
Loss (gain) on facility operating lease termination, net— 4,480 
Operating lease expense adjustment(864)(4,685)
Non-cash stock-based compensation expense3,698 2,633 
Transaction, legal, and organizational restructuring costs1,565 5,129 
Adjusted EBITDA$124,348 $111,071 


Contact:
Mike Grant
VP Investor Relations
(615) 564-8104
Mike.Grant@brookdale.com
Page 11

Supplemental Information 3rd Quarter 2026 Exhibit 99.2

 

2 Overview 3 Segment Overview 6 Senior Housing 7 General and Administrative ("G&A") Expense 12 Capital Expenditures 13 Cash Facility Lease Payments 14 Capital Structure 15 Definitions 16 Appendix: Non-GAAP Financial Measures 18 Table of Contents

 

3 Managed 359 Owned 32,367 Leased 9,721 Managed 4 Owned 366 Leased 159 529 communities 42,447 units Important Note Regarding Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Definitions" and "Non-GAAP Financial Measures" for the definitions of such measures and other important information regarding such measures, including reconciliations to the most comparable GAAP measures. 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q Better B (Worse) (W) B(W) RevPAR $ 5,090 $ 5,080 $ 5,158 $ 5,219 $ 5,134 $ 5,506 $ 5,497 $ 5,546 7.5 % 8.0 % Weighted average occupancy 79.3% 80.1% 81.8% 82.5% 80.9% 82.1% 82.4% 83.1% 130 bps 210 bps RevPOR $ 6,416 $ 6,343 $ 6,307 $ 6,324 $ 6,347 $ 6,705 $ 6,670 $ 6,673 5.8 % 5.2 % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 42,820 42,383 (15.3) % (15.0) % Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 707,335 $ 2,138,273 (8. ) % (8.2) % Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 $ (13,918) 87.9 % NM Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 84,899 10.9 % 7.7 % Adjusted EBITDA $ 124,139 $ 117,050 $ 111,071 $ 105,559 $ 457,819 $ 131,052 $ 122,062 $ 124,348 12.0 % 7.2 % Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 $ 13,158 (39.6) % (13.9) % 3Q 2026 weighted average occupancy (consolidated communities) Occupancy Band Community Count % of Period End Communities Greater than 95% 105 20% 90% > 95% 81 16% 85% > 90% 82 16% 80% > 85% 65 12% 75% > 80% 69 13% 70% > 75% 54 10% Less than 70% 69 13% Total 525 100% Overview As of September 30, 2026 Consolidated: 42,088 Consolidated: 525

 

4 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 707,335 (8.7) % (8.2) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 742 396 (85.3) % (18.0) % Facility operating expense (556,987) (562,317) (566,985) (529,727) (2,216,016) (511,470) (503,455) (503,545) 11.2 % 10.0 % Combined Segment Operating Income 223,087 215,920 210,853 187,689 837,549 216,359 205,769 204,186 (3.2) % (3.6) % General and administrative expense (1) (42,221) (41,371) (43,104) (38,422) (165,118) (40,606) (38,896) (36,608) 15.1 % 8.4 % Cash facility operating lease payments (see page 14) (56,727) (57,499) (56,678) (43,708) (214,612) (44,701) (44,811) (43,230) 23.7 % 22.3 % Adjusted EBITDA 124,139 117,050 111,071 105,559 457,819 131,052 122,062 124,348 12.0 % 7.2 % Transaction, Legal, and Organizational Restructuring Costs (2) (1,674) (10,513) (5,129) (770) (18,086) (771) (4,515) (1,565) 69.5 % 60.4 % Interest expense, net (see page 14) (56,611) (56,479) (56,833) (56,032) (225,955) (54,257) (53,922) (56,853) — % 2.9 % Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (310) (2.0) % (2.0) % Changes in working capital (3) (21,535) 17,378 11,769 (29,137) (21,525) (39,132) 12,887 2,744 (76.7) % NM Non-Development Capital Expenditures, net (4) (41,127) (48,814) (38,441) (42,318) (170,700) (48,380) (37,958) (55,277) (43.8) % (10.3) % Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 667 213 4.4 % (72.4) % Other (538) (489) (543) 160 (1,410) 3 2 (581) (714) (142) 73.8 % 8.5 % Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 $ 13,158 (39.6) % (13.9) % Adjusted EBITDA and Adjusted Free Cash Flow (1) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs, see page 12. (2) Transaction, Legal, and Organizational Restructuring Costs includes transaction costs for stockholder relations advisory matters of $8.0 million and organizational restructuring costs of $9.3 million for the full year 2025. (3) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (4) Amounts are presented net of lessor reimbursements, see page 13.

 

5 (1) In September 2026, the Company acquired 17 previously leased communities. The results of operations of the previously leased communities are included in the Senior Housing Leased Portfolio and are excluded from the Senior Housing Owned Portfolio for all periods presented herein. (2) Resident fee revenue excluded from definitions of RevPAR and RevPOR is $2.1  million and $6.2  million, for the third quarter of 2026 and the nine months ended September 30, 2026, respectively. (3) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs, see page 12. (4) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (5) Amounts are presented net of lessor reimbursements of $9.6 million and $23.9 million, for the third quarter of 2026 and the nine months ended September 30, 2026, respectively. 3Q26 YTD 3Q26 ($ in 000s) Total Senior Housing Owned Portfolio Senior Housing Leased Portfolio Corporate and All Other Total Senior Housing Owned Portfolio Senior Housing Leased Portfolio Corporate and All Other Resident fees (2) $ 707,335 $ 509,227 $ 198,108 $ — $ 2,138,273 $ 1,546,468 $ 591,805 $ — Management fees 396 — — 396 6,511 — — 6,511 Facility operating expense (503,545) (369,552) (133,993) — (1,518,470) (1,120,904) (397,566) — Combined Segment Operating Income 204,186 139,675 64,115 396 626,314 425,564 194,239 6,511 Combined segment operating margin 28.9 % 27.4 % 32.4 % 100.0 % 29.2 % 27.5 % 32.8 % 100.0 % General and administrative expense (3) (36,608) (26,117) (10,160) (331) (116,110) (81,085) (31,027) (3,998) Cash facility operating lease payments (43,230) — (42,934) (296) (132,742) — (131,775) (967) Adjusted EBITDA 124,348 113,558 11,021 (231) 377,462 344,479 31,437 1,546 Transaction, Legal, and Organizational Restructuring Costs (1,565) — — (1,565) (6,851) — — (6,851) Interest expense, net (56,853) (57,750) (3,228) 4,125 (165,032) (169,532) (6,168) 10,668 Payment of financing lease obligations (310) — (99) (211) (908) — (284) (624) Changes in working capital (4) 2,744 — — 2,744 (23,501) — — (23,501) Non-Development Capital Expenditures, net (5) (55,277) (41,458) (5,907) (7,912) (141,615) (99,569) (18,873) (23,173) Property and casualty insurance proceeds 213 — — 213 1,020 — — 1,020 Other (142) — — (142) (1,437) — — (1,437) Adjusted Free Cash Flow $ 13,158 $ 14,350 $ 1,787 $ (2,979) $ 39,138 $ 75,378 $ 6,112 $ (42,352) Adjusted EBITDA and Adjusted Free Cash Flow Distribution(1)

 

6 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Total Senior Housing and All Other Revenue (1) $ 780,074 $ 778,237 $ 777,838 $ 717,416 $ 3,053,565 $ 727,829 $ 709,224 $ 707,731 (9.0) % (8.2) % Combined Segment Operating Income $ 223,087 $ 215,920 $ 210,853 $ 187,689 $ 837,549 $ 216,359 $ 205,769 $ 204,186 (3.2) % (3.6) % Combined segment operating margin 28.6 % 27.7 % 27.1 % 26.2 % 27.4 % 29.7 % 29.0 % 28.9 % 180 bps 140 bps Senior Housing Segments (see page 7) Revenue $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 707,335 (8.7) % (8.2) % Senior Housing Operating Income $ 220,467 $ 213,297 $ 208,155 $ 184,777 $ 826,696 $ 210,986 $ 205,027 $ 203,790 (2.1) % (3.4) % Operating margin 28.4 % 27.5 % 26.9 % 25.9 % 27.2 % 29.2 % 28.9 % 28.8 % 190 bps 140 bps Number of communities (period end) 619 617 593 548 548 539 535 525 (11.5) % (11.5) % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 42,820 42,383 (15.3) % (15.0) % RevPAR $ 5,090 $ 5,080 $ 5,158 $ 5,219 $ 5,134 $ 5,506 $ 5,497 $ 5,546 7.5 % 8.0 % Weighted average occupancy 79.3 % 80.1 % 81.8 % 82.5 % 80.9 % 82.1 % 82.4 % 83.1 % 130 bps 210 bps RevPOR $ 6,416 $ 6,343 $ 6,307 $ 6,324 $ 6,347 $ 6,705 $ 6,670 $ 6,673 5.8 % 5.2 % All Other All Other Segment Operating Income (comprised solely of management fees) $ 2,620 $ 2,623 $ 2,698 $ 2,912 $ 10,853 $ 5,373 $ 742 $ 396 (85.3) % (18.0) % Resident fee revenue under management (2) $ 53,560 $ 53,264 $ 54,635 $ 52,701 $ 214,160 $ 57,522 $ 12,500 $ 6,448 (88.2) % (52.6) % Segment Overview (1) Excludes reimbursed costs on behalf of managed communities. (2) Not included in consolidated reported amounts.

 

7 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 $ 120,330 $ 119,786 $ 122,652 (21.9) % (23.2) % Segment Operating Income $ 54,232 $ 53,598 $ 51,503 $ 38,213 $ 197,546 $ 43,212 $ 41,828 $ 43,181 (16.2) % (19.5) % Segment operating margin 34.5 % 33.9 % 32.8 % 31.4 % 33.3 % 35.9 % 34.9 % 35.2 % 240 bps 160 bps Number of communities (period end) 68 68 66 53 53 53 54 54 (18.2) % (18.2) % Total Average Units 12,582 12,584 12,337 9,754 11,814 9,138 9,138 9,326 (24.4) % (26.4) % RevPAR $ 4,162 $ 4,189 $ 4,242 $ 4,154 $ 4,189 $ 4,389 $ 4,370 $ 4,384 3.3 % 4.4 % Weighted average occupancy 81.2 % 82.0 % 83.8 % 84.5 % 82.8 % 84.1 % 84.2 % 84.2 % 40 bps 190 bps RevPOR $ 5,127 $ 5,109 $ 5,063 $ 4,917 $ 5,061 $ 5,217 $ 5,190 $ 5,207 2.8 % 2.1 % Assisted Living and Memory Care Revenue $ 533,379 $ 531,318 $ 531,941 $ 506,665 $ 2,103,303 $ 523,188 $ 516,589 $ 514,325 (3.3) % (2.7) % Segment Operating Income $ 149,553 $ 142,707 $ 140,685 $ 130,465 $ 563,410 $ 150,316 $ 145,776 $ 144,039 2.4 % 1.7 % Segment operating margin 28.0 % 26.9 % 26.4 % 25.7 % 26.8 % 28.7 % 28.2 % 28.0 % 160 bps 120 bps Number of communities (period end) 534 532 510 480 480 472 468 458 (10.2) % (10.2) % Total Average Units 33,524 33,494 32,941 31,043 32,750 30,415 30,041 29,447 (10.6) % (10.1) % RevPAR $ 5,292 $ 5,276 $ 5,370 $ 5,422 $ 5,338 $ 5,716 $ 5,706 $ 5,798 8.0 % 8.0 % Weighted average occupancy 78.7 % 79.6 % 81.4 % 82.4 % 80.5 % 81.5 % 81.8 % 82.9 % 150 bps 220 bps RevPOR $ 6,720 $ 6,627 $ 6,595 $ 6,583 $ 6,632 $ 7,011 $ 6,975 $ 6,992 6.0 % 5.2 % CCRCs Revenue $ 86,958 $ 86,161 $ 86,203 $ 86,274 $ 345,596 $ 78,938 $ 72,107 $ 70,358 (18.4) % (14.6) % Segment Operating Income $ 16,682 $ 16,992 $ 15,967 $ 16,099 $ 65,740 $ 17,458 $ 17,423 $ 16,570 3.8 % 3.6 % Segment operating margin 19.2 % 19.7 % 18.5 % 18.7 % 19.0 % 22.1 % 24.2 % 23.6 % 510 bps 410 bps Number of communities (period end) 17 17 17 15 15 14 13 13 (23.5) % (23.5) % Total Average Units 4,734 4,734 4,734 4,729 4,733 4,084 3,641 3,610 (23.7) % (20.2) % RevPAR $ 6,123 $ 6,067 $ 6,070 $ 6,081 $ 6,085 $ 6,443 $ 6,601 $ 6,497 7.0 % 7.0 % Weighted average occupancy 78.5 % 78.5 % 79.2 % 79.6 % 78.9 % 82.0 % 82.9 % 81.9 % 270 bps 360 bps RevPOR $ 7,798 $ 7,729 $ 7,669 $ 7,644 $ 7,709 $ 7,859 $ 7,959 $ 7,934 3.5 % 2.4 % Senior Housing Segments

 

8 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 654,441 $ 652,596 $ 657,848 $ 656,381 $ 2,621,266 $ 690,616 $ 688,720 $ 693,023 5.3 % 5.5 % Community Labor Expense (293,048) (300,578) (305,927) (310,563) (1,210,116) (307,903) (311,389) (313,784) (2.6) % (3.7) % % of revenue 44.8 % 46.1 % 46.5 % 47.3 % 46.2 % 44.6 % 45.2 % 45.3 % 120 bps 80 bps Other facility operating expense (160,819) (159,399) (163,435) (163,812) (647,465) (172,901) (173,852) (176,743) (8.1) % (8.2) % % of revenue 24.6 % 24.4 % 24.8 % 25.0 % 24.7 % 25.0 % 25.3 % 25.5 % (70) bps (70) bps Facility operating expense (2) (453,867) (459,977) (469,362) (474,375) (1,857,581) (480,804) (485,241) (490,527) (4.5) % (5.3) % Same Community Operating Income $ 200,574 $ 192,619 $ 188,486 $ 182,006 $ 763,685 $ 209,812 $ 203,479 $ 202,496 7.4 % 5.9 % Same Community operating margin 30.6 % 29.5 % 28.7 % 27.7 % 29.1 % 30.4 % 29.5 % 29.2 % 50 bps 10 bps Total Average Units 41,236 41,237 41,239 41,239 41,238 41,237 41,238 41,239 — % — % RevPAR $ 5,290 $ 5,275 $ 5,317 $ 5,306 $ 5,297 $ 5,582 $ 5,567 $ 5,602 5.4 % 5.5 % Weighted average occupancy 81.1 % 81.8 % 83.1 % 83.6 % 82.4 % 82.8 % 82.9 % 83.6 % 50 bps 110 bps RevPOR $ 6,526 $ 6,452 $ 6,396 $ 6,348 $ 6,429 $ 6,745 $ 6,714 $ 6,703 4.8 % 4.1 % Senior Housing: Same Community (1) Same Community RevPAR / Weighted Average Occupancy $5,290 $5,275 $5,317 $5,306 $5,582 $5,567 $5,602 81.1% 81.8% 83.1% 83.6% 82.8% 82.9% 83.6% RevPAR Weighted Average Occupancy 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 (1) Same Community portfolio reflects 515 communities which represents 98.1% of the Company's total consolidated communities. (2) Excludes natural disaster expense, consisting primarily of remediation of storm damage, net of related insurance recoveries, of $1.1 million for the full year 2025. Same Community Other Facility Operating Expenses as a % of Revenue 24.8% 24.8% 25.3% 25.0% 24.6% 24.4% 24.8% 25.0% 25.0% 25.3% 25.5% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Same Community Community Labor Expenses as a % of Revenue 45.7% 45.8% 46.3% 47.1% 44.8% 46.1% 46.5% 47.3% 44.6% 45.2% 45.3% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Same Community Revenue Same Community Facility Operating Expense RevPAR / Weighted Average Occupancy Community Labor Expe se: % of Revenue Other Facility Operating Expense: % of Revenue

 

9 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 $ 118,706 $ 118,071 $ 118,352 5.5 % 6.3 % Community Labor Expense (40,116) (41,588) (42,243) (42,961) (166,908) (42,745) (43,525) (43,370) (2.7) % (4.6) % Other facility operating expense (31,514) (31,452) (32,368) (32,499) (127,833) (33,418) (33,833) (33,649) (4.0) % (5.8) % Facility operating expense (71,630) (73,040) (74,611) (75,460) (294,741) (76,163) (77,358) (77,019) (3.2) % (5.1) % Same Community Operating Income $ 39,014 $ 38,341 $ 37,552 $ 36,724 $ 151,631 $ 42,543 $ 40,713 $ 41,333 10.1 % 8.4 % Same Community operating margin 35.3 % 34.4 % 33.5 % 32.7 % 34.0 % 35.8 % 34.5 % 34.9 % 140 bps 70 bps Total Average Units 8,940 8,940 8,940 8,940 8,940 8,941 8,941 8,941 — % — % RevPAR $ 4,125 $ 4,153 $ 4,182 $ 4,183 $ 4,161 $ 4,426 $ 4,402 $ 4,412 5.5 % 6.3 % Weighted average occupancy 82.8 % 83.5 % 84.8 % 85.1 % 84.1 % 84.4 % 84.4 % 84.6 % (20) bps 70 bps RevPOR $ 4,984 $ 4,972 $ 4,930 $ 4,915 $ 4,950 $ 5,242 $ 5,218 $ 5,218 5.8 % 5.3 % Assisted Living and Memory Care Revenue $ 476,069 $ 474,134 $ 479,151 $ 477,125 $ 1,906,479 $ 501,526 $ 499,754 $ 504,571 5.3 % 5.4 % Community Labor Expense (218,365) (224,328) (228,578) (232,910) (904,181) (229,954) (232,657) (234,802) (2.7) % (3.9) % Other facility operating expense (111,540) (110,924) (113,824) (113,366) (449,654) (121,323) (121,910) (125,061) (9.9) % (9.5) % Facility operating expense (329,905) (335,252) (342,402) (346,276) (1,353,835) (351,277) (354,567) (359,863) (5.1) % (5.8) % Same Community Operating Income $ 146,164 $ 138,882 $ 136,749 $ 130,849 $ 552,644 $ 150,249 $ 145,187 $ 144,708 5.8 % 4.4 % Same Community operating margin 30.7 % 29.3 % 28.5 % 27.4 % 29.0 % 30.0 % 29.1 % 28.7 % 20 bps (30) bps Total Average Units 28,686 28,687 28,689 28,689 28,688 28,686 28,687 28,688 — % — % RevPAR $ 5,532 $ 5,509 $ 5,567 $ 5,544 $ 5,538 $ 5,828 $ 5,807 $ 5,863 5.3 % 5.3 % Weighted average occupancy 80.6 % 81.3 % 82.8 % 83.3 % 82.0 % 82.2 % 82.5 % 83.5 % 70 bps 110 bps RevPOR $ 6,866 $ 6,775 $ 6,720 $ 6,654 $ 6,752 $ 7,086 $ 7,042 $ 7,024 4.5 % 3.9 % CCRCs Revenue $ 67,728 $ 67,081 $ 66,534 $ 67,072 $ 268,415 $ 70,384 $ 70,895 $ 70,100 5.4 % 5.0 % Community Labor Expense (34,567) (34,662) (35,106) (34,692) (139,027) (35,204) (35,207) (35,612) (1.4) % (1.6) % Other facility operating expense (17,765) (17,023) (17,243) (17,947) (69,978) (18,160) (18,109) (18,033) (4.6) % (4.4) % Facility operating expense (52,332) (51,685) (52,349) (52,639) (209,005) (53,364) (53,316) (53,645) (2.5) % (2.5) % Same Community Operating Income $ 15,396 $ 15,396 $ 14,185 $ 14,433 $ 59,410 $ 17,020 $ 17,579 $ 16,455 16.0 % 13.5 % Same Community operating margin 22.7 % 23.0 % 21.3 % 21.5 % 22.1 % 24.2 % 24.8 % 23.5 % 220 bps 190 bps Total Average Units 3,610 3,610 3,610 3,610 3,610 3,610 3,610 3,610 — % — % RevPAR $ 6,254 $ 6,194 $ 6,143 $ 6,193 $ 6,196 $ 6,499 $ 6,546 $ 6,473 5.4 % 5.0 % Weighted average occupancy 80.7 % 80.8 % 81.2 % 81.9 % 81.2 % 82.8 % 82.9 % 81.9 % 70 bps 160 bps RevPOR $ 7,745 $ 7,661 $ 7,562 $ 7,559 $ 7,631 $ 7,848 $ 7,895 $ 7,904 4.5 % 3.0 % Senior Housing Segments: Same Community (1) (1) Same Community portfolio reflects 52 Independent Living communities, 450 Assisted Living and Memory Care communities, and 13 CCRCs.

 

10 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q(2) 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 $ 525,127 $ 512,114 $ 509,227 0.1 % 2.0 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1,499,704) (379,699) (371,653) (369,552) 2.5 % (0.1) % Owned Portfolio Operating Income $ 134,976 $ 131,893 $ 129,486 $ 126,539 $ 522,894 $ 145,428 $ 140,461 $ 139,675 7.9 % 7.4 % Owned Portfolio operating margin 26.8 % 26.2 % 25.5 % 25.0 % 25.9 % 27.7 % 27.4 % 27.4 % 190 bps 140 bps Additional Information Interest expense: debt $ (54,659) $ (57,648) $ (58,089) $ (57,144) $ (227,540) $ (55,670) $ (56,112) $ (57,750) 0.6 % 0.5 % Community level capital expenditures, net (see page 13) $ (26,803) $ (32,810) $ (29,266) $ (36,220) $ (125,099) $ (30,992) $ (27,119) $ (41,458) (41.7) % (12.0) % Number of communities (period end) 383 382 372 370 370 363 359 366(3) (1.6) % (1.6) % Total Average Units 33,768 33,764 33,635 33,440 33,651 33,080 32,364 31,927 (5.1) % (3.8) % RevPAR $ 4,962 $ 4,960 $ 5,027 $ 5,033 $ 4,995 $ 5,275 $ 5,250 $ 5,294 5.3 % 5.8 % Weighted average occupancy 78.9 % 80.0 % 81.7 % 82.3 % 80.7 % 81.7 % 81.9 % 82.6 % 90 bps 180 bps RevPOR $ 6,288 $ 6,202 $ 6,156 $ 6,115 $ 6,189 $ 6,458 $ 6,410 $ 6,412 4.2 % 3.4 % Senior Housing Owned Portfolio(1) Interest Coverage for the twelve months ended September 30, 2026 1.9x Net Debt as of September 30, 2026 (see page 15) $4,018,933 (1) The results of operations of 17 previously leased communities acquired in September 2026 are excluded from the Senior Housing Owned Portfolio for all periods presented herein. (2) The results of operations of 30 previously leased communities acquired in February 2025 are included within the Senior Housing Owned Portfolio beginning with the full first quarter of 2025. (3) The number of owned communities (period end) for the third quarter of 2026 includes the 17 communities acquired in September 2026.

 

11 2025(2) 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q(3) 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 $ 197,329 $ 196,368 $ 198,108 (25.7) % (27.1) % Facility operating expense (188,093) (190,599) (187,969) (149,651) (716,312) (131,771) (131,802) (133,993) 28.7 % 29.8 % Leased Portfolio Operating Income $ 85,491 $ 81,404 $ 78,669 $ 58,238 $ 303,802 $ 65,558 $ 64,566 $ 64,115 (18.5) % (20.9) % Leased Portfolio operating margin 31.2 % 29.9 % 29.5 % 28.0 % 29.8 % 33.2 % 32.9 % 32.4 % 290 bps 260 bps Additional Information Cash facility lease payments on leased portfolio (see page 14) $ (58,244) $ (58,987) $ (57,898) $ (44,932) $ (220,061) $ (45,929) $ (46,037) $ (46,261) 20.1 % 21.1 % Community level capital expenditures, net (see page 13) $ (9,783) $ (6,822) $ (4,165) $ 1,534 $ (19,236) $ (9,072) $ (3,894) $ (5,907) (41.8) % 9.1 % Number of communities (period end) 236 235 221 178 178 176 176 159(4) (28.1) % (28.1) % Total Average Units 17,072 17,048 16,377 12,086 15,646 10,557 10,456 10,456 (36.2) % (37.7) % RevPAR $ 5,342 $ 5,318 $ 5,427 $ 5,734 $ 5,433 $ 6,231 $ 6,260 $ 6,316 16.4 % 16.9 % Weighted average occupancy 80.2 % 80.3 % 82.0 % 83.1 % 81.3 % 83.5 % 84.0 % 84.8 % 280 bps 330 bps RevPOR $ 6,664 $ 6,621 $ 6,615 $ 6,896 $ 6,686 $ 7,463 $ 7,455 $ 7,451 12.6 % 12.4 % Lease Coverage for the nine months ended September 30, 2026 1.17x Operating and financing lease obligations as of September 30, 2026 (see page 19) $ 1,122,803 Senior Housing Leased Portfolio(1) Facility Lease Maturity Information (Leased Portfolio as of September 30, 2026)(5) Initial Lease Maturities Community Count Total Units Lease Payments (6) 2026 — — $ — 2027 — — $ — 2028 1 116 $ 1,970 2029 — — $ — 2030 — — $ — Thereafter 158 9,605 $ 128,243 Total 159 9,721 $ 130,213 (1) The results of operations of 17 previously leased communities acquired in September 2026 are included in the Senior Housing Leased Portfolio for all periods presented herein. (2) During the six months ended December 31, 2025, the Company completed terminations of leases on 57 communities (6,294 units). (3) The results of operations of 30 previously leased communities acquired in February 2025 are excluded from the Senior Housing Leased Portfolio beginning with the full first quarter of 2025. (4) The number of leased communities (period end) for the third quarter of 2026 excludes the 17 communities acquired in September 2026. (5) Excludes the 17 communities acquired in September 2026. (6) Cash facility lease payments for the nine months ended September 30, 2026.

 

12 (1) G&A allocations are calculated based on the proportional amount of resident fee revenue (consolidated and under management) attributable to the segment or portfolio. G&A allocations presented herein exclude non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs. (2) Not included in consolidated reported amounts. Consolidated, unless otherwise noted 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $ 25,599 $ 25,136 $ 26,415 $ 25,372 $ 102,522 $ 27,340 $ 27,628 $ 26,117 1.1 % (5.1) % Senior Housing Leased Portfolio allocation 13,899 13,576 13,851 10,411 51,737 10,273 10,594 10,160 26.6 % 24.9 % All Other allocation 2,723 2,659 2,838 2,639 10,859 2,993 674 331 88.3 % 51.4 % Subtotal G&A expense allocations 42,221 41,371 43,104 38,422 165,118 40,606 38,896 36,608 15.1 % 8.4 % Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 3,721 3,698 (40.4) % (14.4) % Transaction, Legal, and Organizational Restructuring Costs (see page 4) 1,674 10,513 5,129 770 18,086 771 4,515 1,565 69.5% 60.4% General and administrative expense $ 47,874 $ 54,973 $ 50,866 $ 41,428 $ 195,141 $ 45,057 $ 47,132 $ 41,871 17.7 % 12.8 % 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee revenue $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 707,335 (8.7) % (8.2) % Resident fee revenue under management (2) 53,560 53,264 54,635 52,701 214,160 57,522 12,500 6,448 (88.2) % (52.6) % Total (consolidated and under management) $ 831,014 $ 828,878 $ 829,775 $ 767,205 $ 3,256,872 $ 779,978 $ 720,982 $ 713,783 (14.0) % (11.0) % G&A Expense as a Percentage of Resident Fee Revenue (Consolidated and Under Management) G&A expense (excluding non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs) 5.1% 5.0% 5.2% 5.0% 5.1% 5.2% 5.4% 5.1% 10 bps (10) bps G&A expense (including non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs) 5.8% 6.6% 6.1% 5.4% 6.0% 5.8% 6.5% 5.9% 20 bps 10 bps G&A Expense

 

13 Capital Expenditures (1) Amounts are presented net of lessor reimbursements. ($ in 000s, except for community level capital expenditures, per average unit) 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $ 26,803 $ 32,810 $ 29,266 $ 36,220 $ 125,099 $ 30,992 $ 27,119 $ 41,458 (41.7) % (12.0) % Senior Housing Leased Portfolio 9,783 6,822 4,165 (1,534) 19,236 9,072 3,894 5,907 (41.8) % 9.1 % Community level capital expenditures, net (A) 36,586 39,632 33,431 34,686 144,335 40,064 31,013 47,365 (41.7) % (8.0) % Corporate capital expenditures 4,541 9,182 5,010 7,632 26,365 8,316 6,945 7,912 (57.9) % (23.7) % Non-Development Capital Expenditures, net (1) $ 41,127 $ 48,814 $ 38,441 $ 42,318 $ 170,700 $ 48,380 $ 37,958 $ 55,277 (43.8) % (10.3) % Property and casualty insurance proceeds (1,415) (2,072) (204) (184) (3,875) (140) (667) (213) 4.4 % (72.4) % Non-Development capital expenditures, net of property and casualty insurance proceeds received (1) $ 39,712 $ 46,742 $ 38,237 $ 42,134 $ 166,825 $ 48,240 $ 37,291 $ 55,064 (44.0) % (12.8) % Capital Expenditures Reconciliation to Statements of Cash Flow Non-Development Capital Expenditures, net (1) $ 41,127 $ 48,814 $ 38,441 $ 42,318 $ 170,700 $ 48,380 $ 37,958 $ 55,277 Lessor reimbursements: non-development capital expenditures 2,013 9,324 8,741 12,497 32,575 4,775 9,482 9,635 Change in related payables (1,332) (3,675) (5,594) 8,838 (1,763) (6,679) 983 (5,882) Development Capital Expenditures, net 9 3 1 — 13 — — 124 Total cash paid for capital expenditures $ 41,817 $ 54,466 $ 41,589 $ 63,653 $ 201,525 $ 46,476 $ 48,423 $ 59,154 (42.2) % (11.7) % Senior Housing Total Average Units (B) 50,840 50,812 50,012 45,526 49,297 43,637 42,820 42,383 (15.3) % (15.0) % Community level capital expenditures, net, per average unit (A/B) $ 720 $ 780 $ 668 $ 762 $ 2,928 $ 918 $ 724 $ 1,118 (67.4) % (27.2) %

 

14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Operating Lease Obligations Facility operating lease expense $ 52,874 $ 52,653 $ 51,993 $ 42,743 $ 200,263 $ 43,981 $ 43,771 $ 42,366 Operating lease expense adjustment 3,853 4,846 4,685 965 14,349 720 1,040 864 Cash facility operating lease payments 56,727 57,499 56,678 43,708 214,612 44,701 44,811 43,230 23.7 % 22.3 % Financing Lease Obligations Interest expense: financing lease obligations 5,600 1,750 1,764 1,683 10,797 1,700 1,891 3,518 Payment of financing lease obligations 289 297 304 305 1,195 296 302 310 Cash financing lease payments 5,889 2,047 2,068 1,988 11,992 1,996 2,193 3,828 (85.1) % 19.9 % Total cash facility lease payments (1) $ 62,616 $ 59,546 $ 58,746 $ 45,696 $ 226,604 $ 46,697 $ 47,004 $ 47,058 19.9 % 22.2 % Interest Expense Reconciliation to Income Statement Interest expense: financing lease obligations $ 5,600 $ 1,750 $ 1,764 $ 1,683 $ 10,797 $ 1,700 $ 1,891 $ 3,518 (99.4) % 22.0 % Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (4,081) (4,415) 46.2 % 21.1 % Interest expense: debt 54,659 57,648 58,089 57,144 227,540 55,670 56,112 57,750 0.6 % 0.5 % Interest expense, net 56,611 56,479 56,833 56,032 225,955 54,257 53,922 56,853 — % 2.9 % Amortization of deferred financing costs 3,630 3,712 3,747 3,686 14,775 3,483 3,005 3,287 Change in fair value of derivatives 1,142 (29) (26) 93 1,180 (1,301) (2,688) (6,132) Interest income 3,648 2,919 3,020 2,795 12,382 3,113 4,081 4,415 Interest expense per income statement $ 65,031 $ 63,081 $ 63,574 $ 62,606 $ 254,292 $ 59,552 $ 58,320 $ 58,423 8.1 % 8.0 % Cash Facility Lease Payments

 

15 (1) Amount excludes $46.7 million in deferred financing costs, net and the line of credit balance of $23.0 million. (2) Reflects rates as of September 30, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). The 2026 Notes were settled in October 2026 with $23.3 million paid in cash and 0.9 million shares of the Company's common stock. (4) Variable rate maturities include $376.2 million of mortgage debt with extension options to 2030. (5) Fixed rate maturities include $369.4 million of 3.50% convertible senior notes ("2029 Notes"). (6) Excludes convertible senior notes. (7) Includes the carrying amount of debt of which 89.8%, or $4.0 billion, represented non-recourse property-level mortgage financings. (8) Excludes operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA. (9) Adjusted to exclude $10.3 million of cash facility lease payments for previously leased communities acquired in September 2026. Important Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments, Net Debt, and Adjusted Net Debt are financial measures that are not calculated in accordance with GAAP. See "Definitions" and "Non-GAAP Financial Measures" for the definitions of such measures and other important information regarding such measures, including reconciliations to the most comparable GAAP measures. $352 $378 $369 $566 $524 09/30/2025 12/31/2025 03/31/2026 06/30/2026 09/30/2026 Total Liquidity ($ in millions) Leverage Ratio ($ in 000s) Twelve Months Ended September 30, 2026 Cash facility operating lease payments (see page 14) $ (176,450) Adjusted EBITDA 483,021 Cash financing lease payments (see page 14) (10,005) Adjusted EBITDA after cash financing lease payments (A) $ 473,016 As of September 30, 2026 Debt (net of $46.7 million in deferred financing costs) (7) $ 4,352,089 Line of credit 23,000 Cash and cash equivalents (323,374) Marketable securities (24,666) Restricted cash held as collateral against existing debt (8,116) Net Debt (B) 4,018,933 Operating and financing lease obligations (see page 19) (8) 1,126,628 Adjusted Net Debt $ 5,145,561 Annualized Leverage (B/A) 8.5 x Adjusted Annualized Leverage (9) 8.3 x Debt Principal (1) ($ in millions) Fixed Rate Maturities Variable Rate Maturities Recurring Principal Payments Total Weighted Rate (2) 2026 (3) $ 23 $ — $ 15 $ 38 3.22 % 2027 — — 48 48 5.03 % 2028 (4) 333 575 48 956 5.70 % 2029 (5) 714 78 43 835 4.33 % 2030 506 289 31 826 4.36 % Thereafter 1,512 128 56 1,696 5.92 % Total $ 3,088 $ 1,070 $ 241 $ 4,399 5.24 % Capital Structure Line of credit available to draw ($176 million as of September 30, 2026) Cash and cash equivalents and marketable securities ($348 million as of September 30, 2026) Variable rate debt with interest rate caps and swaps $1,105 Fixed rate convertible senior notes $393 66% 25% As of September 30, 2026 Weighted Rate Fixed rate debt (6) 5.14 % Variable rate debt 6.16 % 2026 Notes 2.00 % 2029 Notes 3.50 % Total debt 5.24 % 9% Fixed rate debt (7) $2,901

 

16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, legal, cost reduction, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include non-cash impairment charges, operating lease expense adjustment, non-cash stock-based compensation expense, gain/loss on sale of communities, gain/loss on facility operating lease termination, and Transaction, Legal, and Organizational Restructuring Costs. Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid insurance premiums financed with notes payable, changes in operating lease assets and liabilities for lease termination, cash paid/received for gain/loss on facility operating lease termination, and lessor capital expenditure reimbursements under operating leases; plus: property and casualty insurance proceeds; less: Non- Development Capital Expenditures and payment of financing lease obligations. Adjusted Net Debt is a non-GAAP financial measure that the Company defines as Net Debt, plus operating and financing lease obligations. Operating and financing lease obligations exclude operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA. Combined Segment Operating Income is defined by the Company as resident fee and management fee revenue of the Company, less facility operating expense. Combined Segment Operating Income does not include general and administrative expense or depreciation and amortization. Community Labor Expense is a component of facility operating expense that includes regular and overtime salaries and wages, bonuses, paid-time-off and holiday wages, payroll taxes, contract labor, employee benefits, and workers' compensation. Development Capital Expenditures means capital expenditures for community expansions, major community redevelopment and repositioning projects, and the development of new communities. Amounts of Development Capital Expenditures are presented net of lessor reimbursements. Interest Coverage is calculated based on the trailing-twelve months Owned Portfolio Operating Income adjusted for an implied 5% management fee and capital expenditures at $350/unit, divided by the trailing-twelve months debt interest expense. Lease Coverage is calculated based on the Leased Portfolio Operating Income, excluding resident fee revenue and facility operating expense of previously leased communities acquired and communities disposed during such period, adjusted for an implied 5% management fee and capital expenditures at an annualized rate of $350/ unit, divided by the cash facility lease payments for both operating leases and financing leases, excluding cash lease payments for leases of previously leased communities acquired and communities disposed during such period, community support centers, information technology systems and equipment, vehicles, and other equipment. Leased Portfolio Operating Income is defined by the Company as resident fee revenue less facility operating expense for the Company’s Senior Housing Leased Portfolio. Leased Portfolio Operating Income does not include general and administrative expense or depreciation and amortization. Net Debt is a non-GAAP financial measure that the Company defines as the total of its debt and the outstanding balance on the line of credit, less unrestricted cash, marketable securities, and cash held as collateral against existing debt. NM means not meaningful. Non-Development Capital Expenditures is comprised of corporate and community- level capital expenditures, including those related to maintenance, renovations, upgrades, and other major building infrastructure projects for the Company’s communities. Non-Development Capital Expenditures does not include capital expenditures for community expansions, major community redevelopment and repositioning projects, and the development of new communities (i.e. Development Capital Expenditures). Amounts of Non-Development Capital Expenditures are presented net of lessor reimbursements. Owned Portfolio Operating Income is defined by the Company as resident fee revenue less facility operating expense for the Company’s Senior Housing Owned Portfolio. Owned Portfolio Operating Income does not include general and administrative expense or depreciation and amortization. Definitions

 

17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period. RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Same Community information reflects operating results and data  of a consistent population of communities by excluding the impact of changes in the composition of the Company's portfolio of communities. The operating results exclude natural disaster expense and related insurance recoveries. The Company defines its same community portfolio as communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition including through asset sales or lease terminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. Same Community Operating Income is defined by the Company as resident fee revenue less facility operating expense (excluding natural disaster expense and related insurance recoveries) for the Company's Same Community portfolio. Same Community Operating Income does not include general and administrative expense or depreciation and amortization. Segment Operating Income is defined by the Company as segment revenue less segment facility operating expense. Segment Operating Income does not include general and administrative expense or depreciation and amortization. All Other Segment Operating Income consists primarily of the previously reported Management Services segment and excludes revenue for reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities, and there is no facility operating expense associated with the All Other category. See the Segment Information note to the Company’s consolidated financial statements for more information regarding the Company’s segments. Senior Housing Leased Portfolio represents Brookdale leased communities and does not include owned or managed communities, except for 17 previously leased communities which were acquired in September 2026 and are included within the Senior Housing Leased Portfolio for all periods presented herein. Senior Housing Operating Income is defined by the Company as segment revenue less segment facility operating expense for the Company’s Independent Living, Assisted Living and Memory Care, and CCRCs segments on an aggregate basis. Senior Housing Operating Income does not include general and administrative expense or depreciation and amortization. Senior Housing Owned Portfolio represents Brookdale owned communities and does not include leased or managed communities. For all periods presented herein, the Senior Housing Owned Portfolio excludes 17 previously leased communities acquired in September 2026. Total Average Units represents the average number of units operated during the period. Transaction, Legal, and Organizational Restructuring Costs are general and administrative expenses. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its senior leadership changes, including severance. Definitions

 

18 2025 2026 Twelve Months Ended September 30, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 $ (13,918) $ 2,435 $ (37,541) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) 5,526 (3,192) 1,905 734 Loss (gain) on debt modification and extinguishment, net 35,220 115 326 4,426 40,087 2,786 2,934 4,482 10,202 14,628 Other non-operating (income) loss (1,358) (2,060) (144) (240) (3,802) (115) (708) (352) (1,175) (1,415) Interest expense 65,031 63,081 63,574 62,606 254,292 59,552 58,320 58,423 176,295 238,901 Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (4,081) (4,415) (11,609) (14,404) Income (loss) from operations 29,576 14,907 (53,835) 22,850 13,498 51,777 85,248 41,028 178,053 200,903 Depreciation and amortization 90,976 92,853 94,792 76,906 355,527 73,463 71,109 74,248 218,820 295,726 Asset impairment 1,787 577 62,696 6,289 71,349 6,115 3,900 4,476 14,491 20,780 Loss (gain) on sale of communities, net — (43) (139) (2,186) (2,368) (4,034) (45,391) 197 (49,228) (51,414) Loss (gain) on facility operating lease termination, net — — 4,480 (341) 4,139 — — — — (341) Operating lease expense adjustment (3,853) (4,846) (4,685) (965) (14,349) (720) (1,040) (864) (2,624) (3,589) Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 3,721 3,698 11,099 13,335 Transaction, Legal, and Organizational Restructuring Costs 1,674 10,513 5,129 770 18,086 771 4,515 1,565 6,851 7,621 Adjusted EBITDA $ 124,139 $ 117,050 $ 111,071 $ 105,559 $ 457,819 $ 131,052 $ 122,062 $ 124,348 $ 377,462 $ 483,021 Interest expense: financing lease obligations (5,600) (1,750) (1,764) (1,683) (10,797) (1,700) (1,891) (3,518) (7,109) (8,792) Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (310) (908) (1,213) Adjusted EBITDA after cash financing lease payments $ 118,250 $ 115,003 $ 109,003 $ 103,571 $ 445,827 $ 129,056 $ 119,869 $ 120,520 $ 369,445 $ 473,016 Adjusted EBITDA and Adjusted EBITDA after Cash Financing Lease Payments Reconciliations Appendix: Non-GAAP Financial Measures This Supplemental Information contains the financial measures Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments, Adjusted Free Cash Flow, Net Debt, and Adjusted Net Debt (each as defined in the "Definitions" section), which are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Presentations of these non- GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, short-term debt, long-term debt less current portion, or current portion of long-term debt. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations set forth in this Appendix of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP and to review the information under "Non-GAAP Financial Measure" in the Company’s earnings release dated November 6, 2026 for additional information regarding the Company’s use and the limitations of Adjusted EBITDA.

 

19 Net Debt and Adjusted Net Debt Reconciliations Appendix: Non-GAAP Financial Measures (continued) ($ in 000s) As of September 30, 2026 Long-term debt (including current portion) $ 4,352,089 Line of credit 23,000 Cash and cash equivalents (323,374) Marketable securities (24,666) Cash held as collateral against existing debt (8,116) Net Debt 4,018,933 Operating and financing lease obligations 1,150,968 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (24,340) Adjusted Net Debt $ 5,145,561 Operating and financing lease obligations $ 1,150,968 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (24,340) Adjusted operating and financing lease obligations 1,126,628 Operating and financing lease obligations related to community support centers and information technology leases (3,825) Operating and financing lease obligations for Leased Portfolio $ 1,122,803

 

20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 84,899 $ 197,701 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) 37,600 (202,729) (194,863) Net cash provided by (used in) financing activities 239,669 (25,759) (34,565) 21,744 201,089 (508) (21,632) 72,839 50,699 Net increase (decrease) in cash, cash equivalents and restricted cash $ (63,684) $ 7,406 $ 7,765 $ 11,681 $ (36,832) $ (9,355) $ 107,883 $ (44,991) $ 53,537 Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 84,899 $ 197,701 Changes in prepaid insurance premiums financed with notes payable 22,392 (7,298) (7,484) (7,610) — 20,199 (6,636) (6,731) 6,832 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (2,013) (9,319) (8,706) (12,149) (32,187) (4,775) (9,481) (9,636) (23,892) Changes in operating lease assets and liabilities for lease termination — — — 5,000 5,000 — — — — Non-development capital expenditures, net (41,127) (48,814) (38,441) (42,318) (170,700) (48,380) (37,958) (55,277) (141,615) Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 667 213 1,020 Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (310) (908) Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 $ 13,158 $ 39,138 The Company believes that presentation of Adjusted Free Cash Flow as a liquidity measure is useful to investors because (i) it is one of the metrics used by the Company’s management for budgeting and other planning purposes, to review the Company’s historic and prospective sources of operating liquidity, and to review the Company’s ability to service its outstanding indebtedness, pay dividends to stockholders, engage in share repurchases, and make capital expenditures, including development capital expenditures; and (ii) it provides an indicator to management to determine if adjustments to current spending decisions are needed. Adjusted Free Cash Flow has material limitations as a liquidity measure, including: (i) it does not represent cash available for dividends, share repurchases, or discretionary expenditures since certain non-discretionary expenditures, including mandatory debt principal payments, are not reflected in this measure; (ii) the cash portion of non- recurring charges related to gain/loss on facility lease termination generally represent charges/gains that may significantly affect the Company’s liquidity; and (iii) the impact of timing of cash expenditures, including the timing of non-development capital expenditures, limits the usefulness of the measure for short-term comparisons. Adjusted Free Cash Flow Reconciliation Appendix: Non-GAAP Financial Measures (continued) Brookdale Senior Living Inc. 105 Westwood Place Brentwood, TN 37027 (615) 221-2250 brookdale.com

 

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