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Brookdale Senior Living (NYSE: BKD) returns to profit and refinances debt in Q2 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Brookdale Senior Living Inc. reported stronger second quarter 2026 performance, highlighted by a return to profitability and improved operating metrics. Net income was $23.3 million versus a net loss of $43.0 million a year earlier, while Adjusted EBITDA rose to $122.1 million from $117.1 million. Consolidated RevPAR increased 8.2% to $5,497 and weighted average occupancy improved 230 basis points to 82.4%, supported by same community RevPAR growth of 5.5%.

Reported resident fees declined to $708.5 million from $775.6 million, mainly due to asset sales and lease terminations, which also reduced facility operating, lease, and G&A expenses. Brookdale received about $150 million of cash proceeds from community sales year-to-date and agreed to acquire 17 currently leased communities for approximately $157 million, plus a previously managed Houston community for $23.4 million.

Balance sheet actions included refinancing 2027 mortgage maturities through a $248.9 million loan maturing in 2031 and $188.0 million of new non-recourse mortgages maturing in 2036, leaving no mortgage debt maturities until 2028 and expanding the revolver commitment to $200 million. Liquidity reached $565.8 million as of June 30, 2026. Management reiterated full-year 2026 guidance for 8.0%–9.0% RevPAR growth and $502–$516 million of Adjusted EBITDA.

Positive

  • Returned to profitability with Q2 2026 net income of $23.3 million versus a $43.0 million loss in Q2 2025, driven by gains on asset sales, lower depreciation, and tighter cost structure.
  • Adjusted EBITDA grew to $122.1 million from $117.1 million and management reiterated full-year 2026 guidance of $502–$516 million, signaling confidence in operating performance.
  • Occupancy and pricing improved: consolidated RevPAR rose 8.2% to $5,497 and weighted average occupancy increased to 82.4%, supporting margin expansion despite a smaller asset base.
  • Liquidity strengthened materially to $565.8 million as of June 30, 2026, up $197.1 million since March 31, 2026, enhancing financial flexibility.
  • Debt profile de-risked by refinancing 2027 mortgage maturities with longer-dated, largely non-recourse loans and expanding the revolver to $200 million, leaving no mortgage maturities until 2028.

Negative

  • Total revenue declined to $718.6 million in Q2 2026 from $812.9 million a year earlier, reflecting the impact of community dispositions on top-line scale.
  • Balance sheet remains highly leveraged, with Net Debt of $3.90 billion, Adjusted Net Debt of $5.07 billion, and stockholders’ equity still negative at $(29.0) million.
  • Portfolio shrinkage continues: consolidated average units fell to 42,820 from 50,812 and communities to 535 from 617, concentrating growth on a smaller footprint.
  • Resident fees decreased to $708.5 million from $775.6 million despite strong RevPAR, underscoring reliance on asset sales and mix improvements to offset lost volume.

Filing Explained

The refinancing is complete, but the 17-community purchase remains conditional and would add $157 million of debt- and cash-funded property ownership.

The Form 8-K reports specified material events, and this filing furnishes Brookdale’s second-quarter results and supplemental information under Items 2.02 and 7.01; the exhibits are not treated as filed for Section 18 purposes.

The mortgage refinancing is completed, while the proposed purchase of 17 currently leased communities remains pending; if completed, it would move $157 million of purchase consideration and 735 units into the owned portfolio using mortgage financing and cash.

In July, Brookdale obtained a $248.9 million fixed-rate loan at 6.16% maturing in 2031 and repaid $244.1 million of debt scheduled for 2027; the company also obtained $188.0 million of debt in June maturing in July 2036, leaving no mortgage maturities until 2028.

The acquisition agreement covers 17 communities for approximately $157 million plus transaction costs, with expected fourth-quarter 2026 completion subject to customary closing conditions; the company expects to use non-recourse mortgage financing and cash on hand.

After June 30, Brookdale completed sales of three owned communities totaling 228 units for $2.5 million net of transaction costs, while sales of 13 additional communities totaling 898 units remain planned and subject to marketing, approvals, and other closing conditions.

The amended revolving facility provides up to $200 million through April 2029, but that is borrowing capacity rather than reported proceeds; the filing reports a $23 million line-of-credit balance as of June 30.

Brookdale also states that December 2026 occupancy results will be its last monthly report because monthly occupancy reporting will stop beginning in 2027.

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, and exhibit attachments filed with this report.
Total revenue Q2 2026 $718.6 million Quarter ended June 30, 2026; down from $812.9 million in Q2 2025
Net income Q2 2026 $23.3 million Quarter ended June 30, 2026 versus $43.0 million loss in prior-year quarter
Adjusted EBITDA Q2 2026 $122.1 million Non-GAAP metric, up from $117.1 million in Q2 2025
Consolidated RevPAR $5,497 Second quarter 2026; 8.2% year-over-year increase
Weighted average occupancy 82.4% Consolidated communities, Q2 2026; up 230 basis points year-over-year
Total liquidity $565.8 million As of June 30, 2026, including cash, securities, and revolver availability
Net Debt $3.90 billion As of June 30, 2026; Adjusted Net Debt $5.07 billion, leverage 8.4x
2026 Adjusted EBITDA guidance $502–$516 million Full-year 2026 outlook reiterated by management
RevPAR financial
"Increased second quarter 2026 consolidated revenue per available unit (RevPAR) by 8.2% year-over-year."
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.
RevPOR financial
"RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue"
Adjusted EBITDA financial
"Adjusted EBITDA of $122 million for the second quarter of 2026 grew 4.3% over the second quarter of 2025."
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.
non-recourse first mortgages financial
"obtained $248.9 million of debt secured by non-recourse first mortgages on 45 communities"
Net Debt financial
"Net Debt is a non-GAAP financial measure that the Company defines as the total of its debt"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Same Community financial
"The same community senior housing portfolio includes operating results and data for 515 communities consolidated"
“Same community” means a shared geographic area or group of people who live, work, or interact in similar ways and who are relevant to a company’s business, customers, employees or regulators. For investors it signals overlap in markets, customers or regulatory exposure—like several stores on the same street sharing the same foot traffic—so events affecting that community can meaningfully change revenue, risk or reputation across connected businesses.
Total revenue $718.6 million compared with $812.9 million in Q2 2025
Net income $23.3 million compared with $43.0 million net loss in Q2 2025
Adjusted EBITDA $122.1 million compared with $117.1 million in Q2 2025
RevPAR $5,497 up 8.2% year-over-year
Weighted average occupancy 82.4% up 230 basis points year-over-year
Guidance

Full-year 2026 RevPAR growth of 8.0%–9.0% and Adjusted EBITDA of $502–$516 million.

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FAQ

How did Brookdale Senior Living (BKD) perform financially in Q2 2026?
Brookdale reported Q2 2026 net income of $23.3 million, a sharp improvement from a $43.0 million loss in Q2 2025. Total revenue was $718.6 million, down from $812.9 million as dispositions reduced portfolio size but improved profitability.

What were Brookdale Senior Living (BKD)’s key operating metrics for Q2 2026?
Consolidated RevPAR increased 8.2% to $5,497, while consolidated weighted average occupancy rose to 82.4%, up 230 basis points year-over-year. Same community RevPAR grew 5.5% to $5,567, with RevPOR up 4.1% and occupancy up 110 basis points.

What guidance did Brookdale Senior Living (BKD) provide for full-year 2026?
Management reiterated 2026 guidance for RevPAR growth of 8.0%–9.0% year-over-year and Adjusted EBITDA of $502–$516 million. The outlook reflects current expectations for transaction activity and excludes a detailed GAAP reconciliation due to forecasting complexity.

How strong is Brookdale Senior Living (BKD)’s liquidity as of June 30, 2026?
Total liquidity was $565.8 million, including $370.4 million of unrestricted cash, $19.9 million of marketable securities, and $175.6 million of availability on the secured credit facility. Liquidity increased $197.1 million from March 31, 2026.

What major real estate transactions did Brookdale Senior Living (BKD) announce in 2026?
Brookdale plans to acquire 17 leased communities (735 units) for about $157 million and bought a 244‑unit Houston community for $23.4 million. It also sold six owned communities for $125.3 million and three more for $2.5 million in cash proceeds.

How has Brookdale Senior Living (BKD) managed its debt maturities in 2026?
In July 2026, Brookdale raised $248.9 million of non-recourse mortgage debt maturing in 2031 and in June added $188.0 million maturing in 2036, using proceeds to refinance 2027 debt. The company now has no mortgage debt maturities until 2028.

What is Brookdale Senior Living (BKD)’s leverage and net debt position?
As of June 30, 2026, Net Debt was $3.90 billion and Adjusted Net Debt was $5.07 billion, producing an annualized leverage ratio of 8.4x based on trailing twelve-month Adjusted EBITDA after cash financing lease payments.
0001332349false00013323492026-08-102026-08-10

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)August 10, 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 August 10, 2026, Brookdale Senior Living Inc. (the "Company") issued a press release announcing its second 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 second 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 August 10, 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:August 10, 2026By:/s/ Chad C. White
Name:Chad C. White
Title:Executive Vice President, General Counsel and Secretary




Exhibit 99.1
logo2a10a.jpg

Brookdale Announces Second Quarter 2026 Results

Brentwood, Tenn., August 10, 2026 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended June 30, 2026.

HIGHLIGHTS

•Increased second quarter 2026 consolidated revenue per available unit (RevPAR) by 8.2% year-over-year.

•Improved second quarter 2026 consolidated weighted average occupancy by 230 basis points year-over-year to 82.4%.

•Net income for the second quarter of 2026 was $23 million compared to a net loss of $43 million for the second quarter of 2025. Adjusted EBITDA(1) of $122 million for the second quarter of 2026 grew 4.3% over the second quarter of 2025.

•Received approximately $150 million of cash proceeds for communities sold in 2026 to date.

•Refinanced all of the Company's remaining 2027 mortgage debt maturities.

•Recently agreed to acquire 17 communities that the Company currently leases for a purchase price of approximately $157 million.

“We continue to execute on our strategy to optimize Brookdale’s operating performance and real estate portfolio for the immense senior housing opportunity ahead of us as the baby boom generation begins to reach age 80,” said Nick Stengle, Brookdale’s Chief Executive Officer. “We achieved our expectations for RevPAR and Adjusted EBITDA during the second quarter, and remain on track to deliver on our 2026 guidance of 8% to 9% RevPAR year-over-year growth and $502 million to $516 million in Adjusted EBITDA. We are very excited about our two recently announced acquisitions, both of which increase our owned community portfolio at below replacement cost, while positively impacting our intermediate and longer-term Adjusted EBITDA results. Additionally, we continue to strengthen our balance sheet, with annualized leverage continuing to decline and the completion of the refinancing of all of our mortgage debt maturities until 2028.”

SUMMARY OF SECOND QUARTER FINANCIAL RESULTS

Consolidated summary of operating results and metrics:

Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)2Q 20262Q 2025AmountPercent
Resident fees$708.5$775.6$(67.1)(8.7)%
Facility operating expense503.5562.3(58.8)(10.5)%
General and administrative expense47.155.0(7.9)(14.3)%
Cash facility operating lease payments44.857.5(12.7)(22.1)%
Net income (loss)23.3(43.0)66.3NM
Adjusted EBITDA122.1117.15.04.3%
RevPAR$5,497$5,080$4178.2%
Weighted average occupancy82.4%80.1%230 bpsn/a
RevPOR$6,670$6,343$3275.2%
Total average units42,82050,812(7,992)(15.7)%

(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)2Q 20262Q 2025AmountPercent
Resident fees$688.7$652.6$36.15.5%
Facility operating expense$485.2$460.0$25.25.5%
RevPAR$5,567$5,275$2925.5%
Weighted average occupancy82.9%81.8%110 bpsn/a
RevPOR$6,714$6,452$2624.1%

(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
JanFebMarAprMayJunJul
Weighted average82.3%82.1%82.0%82.3%82.5%82.5%82.7%
Month end83.3%83.2%83.3%83.4%83.5%83.7%84.1%

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
JanFebMarAprMayJunJul
Weighted average83.0%82.8%82.5%82.8%82.9%83.0%83.3%
Month end84.0%83.9%83.9%83.9%84.0%84.3%84.6%

Brookdale intends to discontinue monthly occupancy reporting beginning in 2027 and will publish December 2026 occupancy results as the last monthly report.

OVERVIEW OF RESULTS: 2Q 2026 vs 2Q 2025

•Resident fees:
•The decrease was primarily attributable to the disposition of communities, primarily through lease terminations, since the beginning of the prior year period, which resulted in $106.4 million less in resident fees during the second quarter of 2026.
•The decrease was partially offset by a 5.5% increase in same community RevPAR, comprised of a 4.1% increase in same community RevPOR and a 110 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 $84.7 million less in facility operating expense during the second quarter of 2026.
Page 2


•The decrease was partially offset by a 5.5% increase in same community facility operating expense primarily attributable to increases in wage rates, estimated insurance expense, maintenance expense, and estimated losses on accounts receivable.

•General and administrative expense: The decrease was primarily due to $5.1 million of transaction costs for stockholder relations advisory matters in the prior year period and the Company's efforts to reduce general and administrative expense as the Company scaled its general and administrative costs in connection with community dispositions.

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

•Net income (loss): The increase was primarily attributable to a $45.4 million gain on sale of communities in the second quarter of 2026 and a decrease in depreciation and amortization expense attributable 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

Subsequent to June 30, 2026, the Company entered into an agreement to acquire 17 communities (735 units) that are currently leased by the Company for a purchase price of approximately $157 million plus transaction costs. The Company expects to complete the acquisition transaction in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions for real estate transactions. The Company expects to fund the acquisition of the 17 communities through proceeds from non-recourse mortgage financing and cash on hand.

In June 2026, the Company acquired a previously managed community (244 units) in Houston, Texas for a purchase price of $23.4 million, representing a substantial discount to replacement cost and an attractive per-unit cost for a high-quality real estate asset in a premier location.

During the second quarter of 2026, the Company completed the sale of six owned communities (778 units) and received cash proceeds of $125.3 million, net of transaction costs and recognized a gain on sale of communities of $45.4 million. Subsequent to June 30, 2026, the Company completed the sale of three owned communities (228 units) and received cash proceeds of $2.5 million, net of transaction costs.

As previously announced, the Company plans to sell 13 additional owned communities (898 units) during 2026. The closings of the expected sales of assets are subject (where applicable) to the Company's successful marketing of such assets on terms acceptable to the Company. Further, the closings of the expected sales of assets are, or will be, 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 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.

In June 2026, the Company obtained an aggregate of $188.0 million of debt and repaid $199.9 million of outstanding mortgage debt secured by 22 communities previously scheduled to mature in 2027. The principal amounts of the new loans are secured by non-recourse first mortgages on 13 communities, bear interest at a fixed rate of 5.97%, are interest only for the first five years, and mature in July 2036.

In June 2026, the Company amended its revolving credit agreement. The amended agreement provides an expanded commitment of up to $200 million, representing up to a $100 million increase from the existing facility. The amended credit facility matures in April 2029, with options to extend the facility for two additional one-year terms, subject to the satisfaction of certain conditions.

Page 3


LIQUIDITY

Total liquidity of $565.8 million as of June 30, 2026 included $370.4 million of unrestricted cash and cash equivalents (excluding restricted cash of $71.1 million), $19.9 million of marketable securities, and $175.6 million of availability on the Company's secured credit facility. Total liquidity as of June 30, 2026 increased $197.1 million from March 31, 2026.

2026 OUTLOOK

The Company is reiterating the following guidance:

Full Year 2026 Guidance
RevPAR year-over-year growth
8.0% to 9.0%
Adjusted EBITDA$502 million to $516 million

Full year 2026 guidance reflects management's current expectations for transaction activity. 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 second 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 second quarter on August 11, 2026 at 9:00 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 541 communities across 41 states and the ability to serve approximately 46,000 residents as of June 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.

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.

Page 4


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 5


Condensed Consolidated Statements of Operations
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2026202520262025
Resident fees$708,482 $775,614 $1,430,938 $1,553,068 
Management fees742 2,623 6,115 5,243 
Reimbursed costs incurred on behalf of managed communities9,359 34,707 46,386 68,497 
Total revenue718,583 812,944 1,483,439 1,626,808 
Facility operating expense (excluding facility depreciation and amortization of $66,648, $88,180, $135,564, and $174,389, respectively)
503,455 562,317 1,014,925 1,119,304 
General and administrative expense (including non-cash stock-based compensation expense of $3,721, $3,089, $7,401, and $7,068, respectively)
47,132 54,973 92,189 102,847 
Facility operating lease expense43,771 52,653 87,752 105,527 
Depreciation and amortization71,109 92,853 144,572 183,829 
Asset impairment3,900 577 10,015 2,364 
Loss (gain) on sale of communities, net(45,391)(43)(49,425)(43)
Costs incurred on behalf of managed communities9,359 34,707 46,386 68,497 
Income (loss) from operations85,248 14,907 137,025 44,483 
Interest income4,081 2,919 7,194 6,567 
Interest expense:
Debt(56,112)(57,648)(111,782)(112,307)
Financing lease obligations(1,891)(1,750)(3,591)(7,350)
Amortization of deferred financing costs(3,005)(3,712)(6,488)(7,342)
Change in fair value of derivatives2,688 29 3,989 (1,113)
Gain (loss) on debt modification and extinguishment, net(2,934)(115)(5,720)(35,335)
Other non-operating income (loss)708 2,060 823 3,418 
Income (loss) before income taxes28,783 (43,310)21,450 (108,979)
Benefit (provision) for income taxes(5,526)271 (5,097)947 
Net income (loss)23,257 (43,039)16,353 (108,032)
Net (income) loss attributable to noncontrolling interest11 15 23 29 
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders$23,268 $(43,024)$16,376 $(108,003)
Net income (loss) per share attributable to Brookdale Senior
   Living Inc. common stockholders:
Basic$0.10 $(0.18)$0.07 $(0.46)
Diluted$0.10 $(0.18)$0.07 $(0.46)
Weighted average common shares outstanding:
Basic239,134 234,737 238,625 232,719 
Diluted243,892 234,737 241,146 232,719 
Page 6


Condensed Consolidated Balance Sheets
(in thousands)June 30, 2026December 31, 2025
Cash and cash equivalents$370,388 $279,122 
Marketable securities19,904 — 
Restricted cash33,446 33,227 
Accounts receivable, net56,439 67,680 
Assets held for sale24,067 77,206 
Prepaid expenses and other current assets, net92,867 96,705 
Total current assets597,111 553,940 
Property, plant and equipment and leasehold intangibles, net4,204,533 4,272,697 
Operating lease right-of-use assets992,311 1,032,140 
Other assets, net107,860 93,466 
Total assets$5,901,815 $5,952,243 
Current portion of long-term debt$70,933 $77,492 
Current portion of lease obligations80,798 75,733 
Other current liabilities370,767 414,700 
Total current liabilities522,498 567,925 
Long-term debt, less current portion4,201,685 4,215,005 
Lease obligations, less current portion1,114,469 1,147,892 
Line of credit23,000 — 
Other liabilities67,785 64,798 
Total liabilities5,929,437 5,995,620 
Total Brookdale Senior Living Inc. stockholders' equity (deficit)(28,975)(44,753)
Noncontrolling interest1,353 1,376 
Total equity (deficit)(27,622)(43,377)
Total liabilities and equity (deficit)$5,901,815 $5,952,243 
Page 7


Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30,
(in thousands)20262025
Cash Flows from Operating Activities
Net income (loss)$16,353 $(108,032)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss (gain) on debt modification and extinguishment, net5,720 35,335 
Depreciation and amortization, net151,060 191,171 
Asset impairment10,015 2,364 
Deferred income tax (benefit) provision3,786 (1,905)
Operating lease expense adjustment(1,760)(8,699)
Change in fair value of derivatives(3,989)1,113 
Loss (gain) on sale of assets, net(49,425)(43)
Non-cash stock-based compensation expense7,401 7,068 
Property and casualty insurance income(807)(3,487)
Changes in operating assets and liabilities:
Accounts receivable, net11,241 (4,169)
Prepaid expenses and other assets, net11,895 (8,500)
Prepaid insurance premiums financed with notes payable(13,563)(15,094)
Trade accounts payable and accrued expenses(43,820)7,755 
Refundable fees and deferred revenue(5,561)757 
Operating lease assets and liabilities for lessor capital expenditure reimbursements14,256 11,332 
Net cash provided by operating activities112,802 106,966 
Cash Flows from Investing Activities
Purchase of marketable securities(19,783)— 
Sale and maturities of marketable securities— 20,000 
Capital expenditures, net of related payables(94,899)(96,283)
Acquisition of assets(23,483)(311,028)
Proceeds from sale of assets, net147,367 1,047 
Property and casualty insurance proceeds807 3,487 
Change in lease acquisition deposits, net— 5,000 
Other(2,143)623 
Net cash provided by (used in) investing activities7,866 (377,154)
Cash Flows from Financing Activities
Proceeds from debt419,676 320,739 
Repayment of debt and financing lease obligations(440,708)(95,351)
Proceeds from line of credit23,000 — 
Payment of financing costs, net of related payables(16,107)(6,708)
Payments of employee taxes for withheld shares(8,001)(4,770)
Net cash provided by (used in) financing activities(22,140)213,910 
Net increase (decrease) in cash, cash equivalents, and restricted cash98,528 (56,278)
Cash, cash equivalents, and restricted cash at beginning of period343,008 379,840 
Cash, cash equivalents, and restricted cash at end of period$441,536 $323,562 
Page 8


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 9


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

Three Months Ended
(in thousands)June 30, 2026June 30, 2025
Net income (loss)$23,257 $(43,039)
Provision (benefit) for income taxes5,526 (271)
Loss (gain) on debt modification and extinguishment, net2,934 115 
Other non-operating (income) loss(708)(2,060)
Interest expense58,320 63,081 
Interest income(4,081)(2,919)
Income (loss) from operations85,248 14,907 
Depreciation and amortization71,109 92,853 
Asset impairment3,900 577 
Loss (gain) on sale of communities, net(45,391)(43)
Operating lease expense adjustment(1,040)(4,846)
Non-cash stock-based compensation expense3,721 3,089 
Transaction, legal, and organizational restructuring costs4,515 10,513 
Adjusted EBITDA$122,062 $117,050 


Contact:
Mike Grant
VP Investor Relations
(615) 564-8104
Mike.Grant@brookdale.com
Page 10

Supplemental Information 2nd 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 570Owned 32,294 Leased 10,456 Managed 6 Owned 359 Leased 176 541 communities 43,320 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 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q Better B (Worse) (W) B(W) RevPAR $ 5,090 $ 5,080 $ 5,158 $ 5,219 $ 5,134 $ 5,506 $ 5,497 8.2 % 8.2 % Weighted average occupancy 79.3% 80.1% 81.8% 82.5% 80.9% 82.1% 82.4% 230 bps 260 bps RevPOR $ 6,416 $ 6,343 $ 6,307 $ 6,324 $ 6,347 $ 6,705 $ 6,670 5.2 % 4.8 % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 42,820 (15.7) % (14.9) % Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 1,430,938 (8.7) % (7.9) % Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 NM NM Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 10.0 % 5.5 % Adjusted EBITDA $ 124,139 $ 117,050 $ 111,071 $ 105,559 $ 457,819 $ 131,052 $ 122,062 4.3 % 4.9 % Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 91.9 % 9.7 % 2Q 2026 weighted average occupancy (consolidated communities) Occupancy Band Community Count % of Period End Communities Greater than 95% 99 18% 90% > 95% 68 13% 85% > 90% 79 15% 80% > 85% 78 14% 75% > 80% 80 15% 70% > 75% 46 9% Less than 70% 85 16% Total 535 100% Overview As of June 30, 2026 Consolidated: 42,750 Consolidated: 535

 

4 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 (8.7) % (7.9) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 742 (71.7) % 16.6 % Facility operating expense (556,987) (562,317) (566,985) (529,727) (2,216,016) (511,470) (503,455) 10.5 % 9.3 % Combined Segment Operating Income 223,087 215,920 210,853 187,689 837,549 216,359 205,769 (4.7) % (3.8) % General and administrative expense (1) (42,221) (41,371) (43,104) (38,422) (165,118) (40,606) (38,896) 6.0 % 4.9 % Cash facility operating lease payments (see page 14) (56,727) (57,499) (56,678) (43,708) (214,612) (44,701) (44,811) 22.1 % 21.6 % Adjusted EBITDA 124,139 117,050 111,071 105,559 457,819 131,052 122,062 4.3 % 4.9 % Transaction, Legal, and Organizational Restructuring Costs (2) (1,674) (10,513) (5,129) (770) (18,086) (771) (4,515) 57.1 % 56.6 % Interest expense, net (see page 14) (56,611) (56,479) (56,833) (56,032) (225,955) (54,257) (53,922) 4.5 % 4.3 % Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (1.7) % (2.0) % Changes in working capital (3) (21,535) 17,378 11,769 (29,137) (21,525) (39,132) 12,887 (25.8) % NM Non-Development Capital Expenditures, net (4) (41,127) (48,814) (38,441) (42,318) (170,700) (48,380) (37,958) 22.2 % 4.0 % Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 667 (67.8) % (76.9) % Other (538) (489) (543) 160 (1,410) 3 2 (581) (714) (46.0) % (26.1) % Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 91.9 % 9.7 % 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) Resident fee revenue excluded from definitions of RevPAR and RevPOR is $2.3 million and $4.0 million, for the second quarter of 2026 and the first half of 2026, respectively. (2) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs, see page 12. (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 of $9.5 million and $14.3 million, for the second quarter of 2026 and the first half of 2026, respectively. 2Q26 YTD 2Q26 ($ 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 (1) $ 708,482 $ 512,114 $ 196,368 $ — $ 1,430,938 $ 1,037,241 $ 393,697 $ — Management fees 742 — — 742 6,115 — — 6,115 Facility operating expense (503,455) (371,653) (131,802) — (1,014,925) (751,352) (263,573) — Combined Segment Operating Income 205,769 140,461 64,566 742 422,128 285,889 130,124 6,115 Combined segment operating margin 29.0 % 27.4 % 32.9 % 100.0 % 29.4 % 27.6 % 33.1 % 100.0 % General and administrative expense (2) (38,896) (27,628) (10,594) (674) (79,502) (54,968) (20,867) (3,667) Cash facility operating lease payments (44,811) — (44,476) (335) (89,512) — (88,841) (671) Adjusted EBITDA 122,062 112,833 9,496 (267) 253,114 230,921 20,416 1,777 Transaction, Legal, and Organizational Restructuring Costs (4,515) — — (4,515) (5,286) — — (5,286) Interest expense, net (53,922) (56,112) (1,467) 3,657 (108,179) (111,782) (2,940) 6,543 Payment of financing lease obligations (302) — (94) (208) (598) — (185) (413) Changes in working capital (3) 12,887 — — 12,887 (26,245) — — (26,245) Non-Development Capital Expenditures, net (4) (37,958) (27,119) (3,894) (6,945) (86,338) (58,111) (12,966) (15,261) Property and casualty insurance proceeds 667 — — 667 807 — — 807 Other (714) — — (714) (1,295) — — (1,295) Adjusted Free Cash Flow $ 38,205 $ 29,602 $ 4,041 $ 4,562 $ 25,980 $ 61,028 $ 4,325 $ (39,373) Adjusted EBITDA and Adjusted Free Cash Flow Distribution

 

6 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 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 (8.9) % (7.8) % Combined Segment Operating Income $ 223,087 $ 215,920 $ 210,853 $ 187,689 $ 837,549 $ 216,359 $ 205,769 (4.7) % (3.8) % Combined segment operating margin 28.6 % 27.7 % 27.1 % 26.2 % 27.4 % 29.7 % 29.0 % 130 bps 120 bps Senior Housing Segments (see page 7) Revenue $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 (8.7) % (7.9) % Senior Housing Operating Income $ 220,467 $ 213,297 $ 208,155 $ 184,777 $ 826,696 $ 210,986 $ 205,027 (3.9) % (4.1) % Operating margin 28.4 % 27.5 % 26.9 % 25.9 % 27.2 % 29.2 % 28.9 % 140 bps 120 bps Number of communities (period end) 619 617 593 548 548 539 535 (13.3) % (13.3) % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 42,820 (15.7) % (14.9) % RevPAR $ 5,090 $ 5,080 $ 5,158 $ 5,219 $ 5,134 $ 5,506 $ 5,497 8.2 % 8.2 % Weighted average occupancy 79.3 % 80.1 % 81.8 % 82.5 % 80.9 % 82.1 % 82.4 % 230 bps 260 bps RevPOR $ 6,416 $ 6,343 $ 6,307 $ 6,324 $ 6,347 $ 6,705 $ 6,670 5.2 % 4.8 % 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 (71.7) % 16.6 % Resident fee revenue under management (2) $ 53,560 $ 53,264 $ 54,635 $ 52,701 $ 214,160 $ 57,522 $ 12,500 (76.5) % (34.5) % Segment Overview (1) Excludes reimbursed costs on behalf of managed communities. (2) Not included in consolidated reported amounts.

 

7 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 $ 120,330 $ 119,786 (24.3) % (23.8) % Segment Operating Income $ 54,232 $ 53,598 $ 51,503 $ 38,213 $ 197,546 $ 43,212 $ 41,828 (22.0) % (21.1) % Segment operating margin 34.5 % 33.9 % 32.8 % 31.4 % 33.3 % 35.9 % 34.9 % 100 bps 120 bps Number of communities (period end) 68 68 66 53 53 53 54 (20.6) % (20.6) % Total Average Units 12,582 12,584 12,337 9,754 11,814 9,138 9,138 (27.4) % (27.4) % RevPAR $ 4,162 $ 4,189 $ 4,242 $ 4,154 $ 4,189 $ 4,389 $ 4,370 4.3 % 4.9 % Weighted average occupancy 81.2 % 82.0 % 83.8 % 84.5 % 82.8 % 84.1 % 84.2 % 220 bps 260 bps RevPOR $ 5,127 $ 5,109 $ 5,063 $ 4,917 $ 5,061 $ 5,217 $ 5,190 1.6 % 1.7 % Assisted Living and Memory Care Revenue $ 533,379 $ 531,318 $ 531,941 $ 506,665 $ 2,103,303 $ 523,188 $ 516,589 (2.8) % (2.3) % Segment Operating Income $ 149,553 $ 142,707 $ 140,685 $ 130,465 $ 563,410 $ 150,316 $ 145,776 2.2 % 1.3 % Segment operating margin 28.0 % 26.9 % 26.4 % 25.7 % 26.8 % 28.7 % 28.2 % 130 bps 100 bps Number of communities (period end) 534 532 510 480 480 472 468 (12.0) % (12.0) % Total Average Units 33,524 33,494 32,941 31,043 32,750 30,415 30,041 (10.3) % (9.8) % RevPAR $ 5,292 $ 5,276 $ 5,370 $ 5,422 $ 5,338 $ 5,716 $ 5,706 8.2 % 8.1 % Weighted average occupancy 78.7 % 79.6 % 81.4 % 82.4 % 80.5 % 81.5 % 81.8 % 220 bps 250 bps RevPOR $ 6,720 $ 6,627 $ 6,595 $ 6,583 $ 6,632 $ 7,011 $ 6,975 5.3 % 4.8 % CCRCs Revenue $ 86,958 $ 86,161 $ 86,203 $ 86,274 $ 345,596 $ 78,938 $ 72,107 (16.3) % (12.8) % Segment Operating Income $ 16,682 $ 16,992 $ 15,967 $ 16,099 $ 65,740 $ 17,458 $ 17,423 2.5 % 3.6 % Segment operating margin 19.2 % 19.7 % 18.5 % 18.7 % 19.0 % 22.1 % 24.2 % 450 bps 360 bps Number of communities (period end) 17 17 17 15 15 14 13 (23.5) % (23.5) % Total Average Units 4,734 4,734 4,734 4,729 4,733 4,084 3,641 (23.1) % (18.4) % RevPAR $ 6,123 $ 6,067 $ 6,070 $ 6,081 $ 6,085 $ 6,443 $ 6,601 8.8 % 6.9 % Weighted average occupancy 78.5 % 78.5 % 79.2 % 79.6 % 78.9 % 82.0 % 82.9 % 440 bps 390 bps RevPOR $ 7,798 $ 7,729 $ 7,669 $ 7,644 $ 7,709 $ 7,859 $ 7,959 3.0 % 1.8 % Senior Housing Segments

 

8 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 654,441 $ 652,596 $ 657,848 $ 656,381 $ 2,621,266 $ 690,616 $ 688,720 5.5 % 5.5 % Community Labor Expense (293,048) (300,578) (305,927) (310,563) (1,210,116) (307,903) (311,389) (3.6) % (4.3) % % of revenue 44.8 % 46.1 % 46.5 % 47.3 % 46.2 % 44.6 % 45.2 % 90 bps 50 bps Other facility operating expense (160,819) (159,399) (163,435) (163,812) (647,465) (172,901) (173,852) (9.1) % (8.3) % % of revenue 24.6 % 24.4 % 24.8 % 25.0 % 24.7 % 25.0 % 25.3 % (90) bps (60) bps Facility operating expense (2) (453,867) (459,977) (469,362) (474,375) (1,857,581) (480,804) (485,241) (5.5) % (5.7) % Same Community Operating Income $ 200,574 $ 192,619 $ 188,486 $ 182,006 $ 763,685 $ 209,812 $ 203,479 5.6 % 5.1 % Same Community operating margin 30.6 % 29.5 % 28.7 % 27.7 % 29.1 % 30.4 % 29.5 % 0 bps (10) bps Total Average Units 41,236 41,237 41,239 41,239 41,238 41,237 41,238 — % — % RevPAR $ 5,290 $ 5,275 $ 5,317 $ 5,306 $ 5,297 $ 5,582 $ 5,567 5.5 % 5.5 % Weighted average occupancy 81.1 % 81.8 % 83.1 % 83.6 % 82.4 % 82.8 % 82.9 % 110 bps 140 bps RevPOR $ 6,526 $ 6,452 $ 6,396 $ 6,348 $ 6,429 $ 6,745 $ 6,714 4.1 % 3.7 % Senior Housing: Same Community (1) Same Community RevPAR / Weighted Average Occupancy $5,290 $5,275 $5,317 $5,306 $5,582 $5,567 81.1% 81.8% 83.1% 83.6% 82.8% 82.9% RevPAR Weighted Average Occupancy 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 (1) Same Community portfolio reflects 515 communities which represents 96.3% 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.

 

9 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 $ 118,706 $ 118,071 6.0 % 6.6 % Community Labor Expense (40,116) (41,588) (42,243) (42,961) (166,908) (42,745) (43,525) (4.7) % (5.6) % Other facility operating expense (31,514) (31,452) (32,368) (32,499) (127,833) (33,418) (33,833) (7.6) % (6.8) % Facility operating expense (71,630) (73,040) (74,611) (75,460) (294,741) (76,163) (77,358) (5.9) % (6.1) % Same Community Operating Income $ 39,014 $ 38,341 $ 37,552 $ 36,724 $ 151,631 $ 42,543 $ 40,713 6.2 % 7.6 % Same Community operating margin 35.3 % 34.4 % 33.5 % 32.7 % 34.0 % 35.8 % 34.5 % 10 bps 40 bps Total Average Units 8,940 8,940 8,940 8,940 8,940 8,941 8,941 — % — % RevPAR $ 4,125 $ 4,153 $ 4,182 $ 4,183 $ 4,161 $ 4,426 $ 4,402 6.0 % 6.6 % Weighted average occupancy 82.8 % 83.5 % 84.8 % 85.1 % 84.1 % 84.4 % 84.4 % 90 bps 120 bps RevPOR $ 4,984 $ 4,972 $ 4,930 $ 4,915 $ 4,950 $ 5,242 $ 5,218 4.9 % 5.1 % Assisted Living and Memory Care Revenue $ 476,069 $ 474,134 $ 479,151 $ 477,125 $ 1,906,479 $ 501,526 $ 499,754 5.4 % 5.4 % Community Labor Expense (218,365) (224,328) (228,578) (232,910) (904,181) (229,954) (232,657) (3.7) % (4.5) % Other facility operating expense (111,540) (110,924) (113,824) (113,366) (449,654) (121,323) (121,910) (9.9) % (9.3) % Facility operating expense (329,905) (335,252) (342,402) (346,276) (1,353,835) (351,277) (354,567) (5.8) % (6.1) % Same Community Operating Income $ 146,164 $ 138,882 $ 136,749 $ 130,849 $ 552,644 $ 150,249 $ 145,187 4.5 % 3.6 % Same Community operating margin 30.7 % 29.3 % 28.5 % 27.4 % 29.0 % 30.0 % 29.1 % (20) bps (50) bps Total Average Units 28,686 28,687 28,689 28,689 28,688 28,686 28,687 — % — % RevPAR $ 5,532 $ 5,509 $ 5,567 $ 5,544 $ 5,538 $ 5,828 $ 5,807 5.4 % 5.4 % Weighted average occupancy 80.6 % 81.3 % 82.8 % 83.3 % 82.0 % 82.2 % 82.5 % 120 bps 150 bps RevPOR $ 6,866 $ 6,775 $ 6,720 $ 6,654 $ 6,752 $ 7,086 $ 7,042 3.9 % 3.6 % CCRCs Revenue $ 67,728 $ 67,081 $ 66,534 $ 67,072 $ 268,415 $ 70,384 $ 70,895 5.7 % 4.8 % Community Labor Expense (34,567) (34,662) (35,106) (34,692) (139,027) (35,204) (35,207) (1.6) % (1.7) % Other facility operating expense (17,765) (17,023) (17,243) (17,947) (69,978) (18,160) (18,109) (6.4) % (4.3) % Facility operating expense (52,332) (51,685) (52,349) (52,639) (209,005) (53,364) (53,316) (3.2) % (2.6) % Same Community Operating Income $ 15,396 $ 15,396 $ 14,185 $ 14,433 $ 59,410 $ 17,020 $ 17,579 14.2 % 12.4 % Same Community operating margin 22.7 % 23.0 % 21.3 % 21.5 % 22.1 % 24.2 % 24.8 % 180 bps 170 bps Total Average Units 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 5.7 % 4.8 % Weighted average occupancy 80.7 % 80.8 % 81.2 % 81.9 % 81.2 % 82.8 % 82.9 % 210 bps 210 bps RevPOR $ 7,745 $ 7,661 $ 7,562 $ 7,559 $ 7,631 $ 7,848 $ 7,895 3.1 % 2.2 % 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 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 $ 525,127 $ 512,114 1.7 % 3.0 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1,499,704) (379,699) (371,653) — % (1.5) % Owned Portfolio Operating Income $ 134,976 $ 131,893 $ 129,486 $ 126,539 $ 522,894 $ 145,428 $ 140,461 6.5 % 7.1 % Owned Portfolio operating margin 26.8 % 26.2 % 25.5 % 25.0 % 25.9 % 27.7 % 27.4 % 120 bps 110 bps Additional Information Interest expense: debt $ (54,659) $ (57,648) $ (58,089) $ (57,144) $ (227,540) $ (55,670) $ (56,112) 2.7 % 0.5 % Community level capital expenditures, net (see page 13) $ (26,803) $ (32,810) $ (29,266) $ (36,220) $ (125,099) $ (30,992) $ (27,119) 17.3 % 2.5 % Number of communities (period end) 383 382 372 370 370 363 359 (6.0) % (6.0) % Total Average Units 33,768 33,764 33,635 33,440 33,651 33,080 32,364 (4.1) % (3.1) % RevPAR $ 4,962 $ 4,960 $ 5,027 $ 5,033 $ 4,995 $ 5,275 $ 5,250 5.8 % 6.1 % Weighted average occupancy 78.9 % 80.0 % 81.7 % 82.3 % 80.7 % 81.7 % 81.9 % 190 bps 240 bps RevPOR $ 6,288 $ 6,202 $ 6,156 $ 6,115 $ 6,189 $ 6,458 $ 6,410 3.4 % 3.0 % Senior Housing Owned Portfolio(1) Interest Coverage for the twelve months ended June 30, 2026 1.9x Net Debt as of June 30, 2026 (see page 15) $3,897,210 (1) In February 2025, the Company acquired 30 previously leased communities. The results of operations of the previously leased communities are included within the Senior Housing Owned Portfolio beginning with the full first quarter of 2025.

 

11 2025(2) 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 $ 197,329 $ 196,368 (27.8) % (27.8) % Facility operating expense (188,093) (190,599) (187,969) (149,651) (716,312) (131,771) (131,802) 30.8 % 30.4 % Leased Portfolio Operating Income $ 85,491 $ 81,404 $ 78,669 $ 58,238 $ 303,802 $ 65,558 $ 64,566 (20.7) % (22.0) % Leased Portfolio operating margin 31.2 % 29.9 % 29.5 % 28.0 % 29.8 % 33.2 % 32.9 % 300 bps 250 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) 22.0 % 21.6 % Community level capital expenditures, net (see page 13) $ (9,783) $ (6,822) $ (4,165) $ 1,534 $ (19,236) $ (9,072) $ (3,894) 42.9 % 21.9 % Number of communities (period end) 236 235 221 178 178 176 176 (25.1) % (25.1) % Total Average Units 17,072 17,048 16,377 12,086 15,646 10,557 10,456 (38.7) % (38.4) % RevPAR $ 5,342 $ 5,318 $ 5,427 $ 5,734 $ 5,433 $ 6,231 $ 6,260 17.7 % 17.2 % Weighted average occupancy 80.2 % 80.3 % 82.0 % 83.1 % 81.3 % 83.5 % 84.0 % 370 bps 350 bps RevPOR $ 6,664 $ 6,621 $ 6,615 $ 6,896 $ 6,686 $ 7,463 $ 7,455 12.6 % 12.3 % Lease Coverage for the six months ended June 30, 2026 1.18x Operating and financing lease obligations as of June 30, 2026 (see page 19) $ 1,165,263 Facility Lease Maturity Information (Leased Portfolio as of June 30, 2026) Initial Lease Maturities Community Count Total Units Lease Payments (3) 2026 — — $ — 2027 — — $ — 2028 1 116 $ 1,309 2029(4) 17 735 $ 5,151 2030 — — $ — Thereafter 158 9,605 $ 85,225 Total 176 10,456 $ 91,685 Senior Housing Leased Portfolio(1) (1) During the six months ended December 31, 2025, the Company completed terminations of leases on 57 communities (6,294 units). (2) In February 2025, the Company acquired 30 previously leased communities. The results of operations of the previously leased communities are excluded from the Senior Housing Leased Portfolio beginning with the full first quarter of 2025. (3) Cash facility lease payments for the six months ended June 30, 2026. (4) The Company entered into an agreement to acquire 17 leased communities (735 units) that have an initial lease maturity in 2029.

 

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 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 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 (9.9) % (8.3) % Senior Housing Leased Portfolio allocation 13,899 13,576 13,851 10,411 51,737 10,273 10,594 22.0 % 24.1 % All Other allocation 2,723 2,659 2,838 2,639 10,859 2,993 674 74.7 % 31.9 % Subtotal G&A expense allocations 42,221 41,371 43,104 38,422 165,118 40,606 38,896 6.0 % 4.9 % Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 3,721 (20.5) % (4.7) % Transaction, Legal, and Organizational Restructuring Costs (see page 4) 1,674 10,513 5,129 770 18,086 771 4,515 57.1% 56.6% General and administrative expense $ 47,874 $ 54,973 $ 50,866 $ 41,428 $ 195,141 $ 45,057 $ 47,132 14.3 % 10.4 % 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fee revenue $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 (8.7) % (7.9) % Resident fee revenue under management (2) 53,560 53,264 54,635 52,701 214,160 57,522 12,500 (76.5) % (34.5) % Total (consolidated and under management) $ 831,014 $ 828,878 $ 829,775 $ 767,205 $ 3,256,872 $ 779,978 $ 720,982 (13.0) % (9.6) % 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% (40) bps (30) 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% 10 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 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q 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 17.3 % 2.5 % Senior Housing Leased Portfolio 9,783 6,822 4,165 (1,534) 19,236 9,072 3,894 42.9 % 21.9 % Community level capital expenditures, net (A) 36,586 39,632 33,431 34,686 144,335 40,064 31,013 21.7 % 6.7 % Corporate capital expenditures 4,541 9,182 5,010 7,632 26,365 8,316 6,945 24.4 % (11.2) % Non-Development Capital Expenditures, net (1) $ 41,127 $ 48,814 $ 38,441 $ 42,318 $ 170,700 $ 48,380 $ 37,958 22.2 % 4.0 % Property and casualty insurance proceeds (1,415) (2,072) (204) (184) (3,875) (140) (667) (67.8) % (76.9) % 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 20.2 % 1.1 % 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 Lessor reimbursements: non-development capital expenditures 2,013 9,324 8,741 12,497 32,575 4,775 9,482 Change in related payables (1,332) (3,675) (5,594) 8,838 (1,763) (6,679) 983 Development Capital Expenditures, net 9 3 1 — 13 — — Total cash paid for capital expenditures $ 41,817 $ 54,466 $ 41,589 $ 63,653 $ 201,525 $ 46,476 $ 48,423 11.1 % 1.4 % Senior Housing Total Average Units (B) 50,840 50,812 50,012 45,526 49,297 43,637 42,820 (15.7) % (14.9) % Community level capital expenditures, net, per average unit (A/B) $ 720 $ 780 $ 668 $ 762 $ 2,928 $ 918 $ 724 7.2 % (9.6) %

 

14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2025 2026 2Q26 vs 2Q25 YTD 2Q26 vs YTD 2Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 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 Operating lease expense adjustment 3,853 4,846 4,685 965 14,349 720 1,040 Cash facility operating lease payments 56,727 57,499 56,678 43,708 214,612 44,701 44,811 22.1 % 21.6 % Financing Lease Obligations Interest expense: financing lease obligations 5,600 1,750 1,764 1,683 10,797 1,700 1,891 Payment of financing lease obligations 289 297 304 305 1,195 296 302 Cash financing lease payments 5,889 2,047 2,068 1,988 11,992 1,996 2,193 (7.1) % 47.2 % Total cash facility lease payments (1) $ 62,616 $ 59,546 $ 58,746 $ 45,696 $ 226,604 $ 46,697 $ 47,004 21.1 % 23.3 % 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 (8.1) % 51.1 % Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (4,081) 39.8 % 9.5 % Interest expense: debt 54,659 57,648 58,089 57,144 227,540 55,670 56,112 2.7 % 0.5 % Interest expense, net 56,611 56,479 56,833 56,032 225,955 54,257 53,922 4.5 % 4.3 % Amortization of deferred financing costs 3,630 3,712 3,747 3,686 14,775 3,483 3,005 Change in fair value of derivatives 1,142 (29) (26) 93 1,180 (1,301) (2,688) Interest income 3,648 2,919 3,020 2,795 12,382 3,113 4,081 Interest expense per income statement $ 65,031 $ 63,081 $ 63,574 $ 62,606 $ 254,292 $ 59,552 $ 58,320 7.5 % 8.0 % Cash Facility Lease Payments

 

15 (1) Amount excludes $45.3 million in deferred financing costs, net and the line of credit balance of $23.0 million. (2) Reflects rates as of June 30, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (4) 2027 maturities as of June 30, 2026 were refinanced in July 2026. (5) Variable rate maturities include $376.2 million of mortgage debt with extension options to 2030. (6) Fixed rate maturities include $369.4 million of 3.50% convertible senior notes ("2029 Notes"). (7) Excludes convertible senior notes. (8) Includes the carrying amount of debt of which 89.4%, or $3.9 billion, represented non-recourse property-level mortgage financings. (9) Excludes operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA. 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. $350 $352 $378 $369 $566 06/30/2025 09/30/2025 12/31/2025 03/31/2026 06/30/2026 Total Liquidity ($ in millions) Leverage Ratio ($ in 000s) Twelve Months Ended June 30, 2026 Cash facility operating lease payments (see page 14) $ (189,898) Adjusted EBITDA 469,744 Cash financing lease payments (see page 14) (8,245) Adjusted EBITDA after cash financing lease payments (A) $ 461,499 As of June 30, 2026 Debt (net of $45.3 million in deferred financing costs) (8) $ 4,272,618 Line of credit 23,000 Cash and cash equivalents (370,388) Marketable securities (19,904) Restricted cash held as collateral against existing debt (8,116) Net Debt (B) 3,897,210 Operating and financing lease obligations (see page 19) (9) 1,169,523 Adjusted Net Debt $ 5,066,733 Annualized Leverage (B/A) 8.4 x Debt Principal (1) ($ in millions) Fixed Rate Maturities Variable Rate Maturities Recurring Principal Payments Total Weighted Rate (2) 2026 (3) $ 23 $ — $ 33 $ 56 3.70 % 2027 (4) 237 — 46 283 4.52 % 2028 (5) 333 575 41 949 5.59 % 2029 (6) 714 78 35 827 4.30 % 2030 518 291 22 831 4.28 % Thereafter 1,298 23 51 1,372 5.88 % Total $ 3,123 $ 967 $ 228 $ 4,318 5.09 % Capital Structure Line of credit available to draw ($176 million as of June 30, 2026) Cash and cash equivalents and marketable securities ($390 million as of June 30, 2026) Variable rate debt with interest rate caps and swaps $1,001 Fixed rate convertible senior notes $393 68% 23% As of June 30, 2026 Weighted Rate Fixed rate debt (7) 4.99 % Variable rate debt 6.04 % 2026 Notes 2.00 % 2029 Notes 3.50 % Total debt 5.09 % 9% Fixed rate debt (7) $2,924

 

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 of communities disposed, 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. 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. 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 June 30, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 $ 16,353 $ (138,361) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) 5,526 5,097 4,093 Loss (gain) on debt modification and extinguishment, net 35,220 115 326 4,426 40,087 2,786 2,934 5,720 10,472 Other non-operating (income) loss (1,358) (2,060) (144) (240) (3,802) (115) (708) (823) (1,207) Interest expense 65,031 63,081 63,574 62,606 254,292 59,552 58,320 117,872 244,052 Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (4,081) (7,194) (13,009) Income (loss) from operations 29,576 14,907 (53,835) 22,850 13,498 51,777 85,248 137,025 106,040 Depreciation and amortization 90,976 92,853 94,792 76,906 355,527 73,463 71,109 144,572 316,270 Asset impairment 1,787 577 62,696 6,289 71,349 6,115 3,900 10,015 79,000 Loss (gain) on sale of communities, net — (43) (139) (2,186) (2,368) (4,034) (45,391) (49,425) (51,750) Loss (gain) on facility operating lease termination, net — — 4,480 (341) 4,139 — — — 4,139 Operating lease expense adjustment (3,853) (4,846) (4,685) (965) (14,349) (720) (1,040) (1,760) (7,410) Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 3,721 7,401 12,270 Transaction, Legal, and Organizational Restructuring Costs 1,674 10,513 5,129 770 18,086 771 4,515 5,286 11,185 Adjusted EBITDA $ 124,139 $ 117,050 $ 111,071 $ 105,559 $ 457,819 $ 131,052 $ 122,062 $ 253,114 $ 469,744 Interest expense: financing lease obligations (5,600) (1,750) (1,764) (1,683) (10,797) (1,700) (1,891) (3,591) (7,038) Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (598) (1,207) Adjusted EBITDA after cash financing lease payments $ 118,250 $ 115,003 $ 109,003 $ 103,571 $ 445,827 $ 129,056 $ 119,869 $ 248,925 $ 461,499 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 August 10, 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 June 30, 2026 Long-term debt (including current portion) $ 4,272,618 Line of credit 23,000 Cash and cash equivalents (370,388) Marketable securities (19,904) Cash held as collateral against existing debt (8,116) Net Debt 3,897,210 Operating and financing lease obligations 1,195,267 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (25,744) Adjusted Net Debt $ 5,066,733 Operating and financing lease obligations $ 1,195,267 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (25,744) Adjusted operating and financing lease obligations 1,169,523 Operating and financing lease obligations related to community support centers and information technology leases (4,260) Operating and financing lease obligations for Leased Portfolio $ 1,165,263

 

20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 112,802 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) 37,600 7,866 Net cash provided by (used in) financing activities 239,669 (25,759) (34,565) 21,744 201,089 (508) (21,632) (22,140) Net increase (decrease) in cash, cash equivalents and restricted cash $ (63,684) $ 7,406 $ 7,765 $ 11,681 $ (36,832) $ (9,355) $ 107,883 $ 98,528 Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 112,802 Changes in prepaid insurance premiums financed with notes payable 22,392 (7,298) (7,484) (7,610) — 20,199 (6,636) 13,563 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) (14,256) 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) (86,338) Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 667 807 Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (302) (598) Adjusted Free Cash Flow $ 3,780 $ 19,908 $ 21,794 $ (22,659) $ 22,823 $ (12,225) $ 38,205 $ 25,980 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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