Brookdale Announces Third Quarter 2026 Results
Brookdale Senior Living Inc. (BKD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Brookdale Announces Third Quarter 2026 Results Brentwood, Tenn., November 6, 2026 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended September 30, 2026. HIGHLIGHTS • Net loss for the third quarter of 2026
How this was made
The 30-second read
Why it matters
The revised guidance lowers expectations for 2026 earnings, likely prompting a re‑rating by analysts and a short‑term price dip.
Market read
Guidance revision is a primary corporate disclosure that can move the stock and influence sector sentiment.
What to watch
Potential upside from the pending acquisition of 30 leased communities and cash proceeds from recent sales could offset guidance shortfall.
Brookdale Announces Third Quarter 2026 Results
Adjusted EBITDA grew 12.0% and consolidated RevPAR increased 7.5%, while total revenue declined, occupancy growth slowed late in the quarter, and full-year Adjusted EBITDA and RevPAR guidance were revised lower.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $712.1M | – | – |
| Total revenue, nine months ended September 30GAAP | $2.20B | – | – |
| Resident fees, three months ended September 30GAAP | $707.3M | – | (8.7)% |
| Resident fees, nine months ended September 30GAAP | $2.14B | – | – |
| Management fees, three months ended September 30GAAP | $396K | – | – |
| Management fees, nine months ended September 30GAAP | $6.51M | – | – |
| Reimbursed costs incurred on behalf of managed communities, three months ended September 30GAAP | $4.34M | – | – |
| Reimbursed costs incurred on behalf of managed communities, nine months ended September 30GAAP | $50.72M | – | – |
| Facility operating expense, three months ended September 30GAAP | $503.5M | – | (11.2)% |
| Facility operating expense, nine months ended September 30GAAP | $1.52B | – | – |
| General and administrative expense, three months ended September 30GAAP | $41.87M | – | (17.7)% |
| General and administrative expense, nine months ended September 30GAAP | $134.1M | – | – |
| Facility operating lease expense, three months ended September 30GAAP | $42.37M | – | – |
| Facility operating lease expense, nine months ended September 30GAAP | $130.1M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $74.25M | – | – |
| Depreciation and amortization, nine months ended September 30GAAP | $218.8M | – | – |
| Asset impairment, three months ended September 30GAAP | $4.48M | – | – |
| Asset impairment, nine months ended September 30GAAP | $14.49M | – | – |
| Income (loss) from operations, three months ended September 30GAAP | $41.03M | – | – |
| Income (loss) from operations, nine months ended September 30GAAP | $178.1M | – | – |
| Interest expense: Debt, three months ended September 30GAAP | −$57.75M | – | – |
| Interest expense: Debt, nine months ended September 30GAAP | −$169.5M | – | – |
| Income (loss) before income taxes, three months ended September 30GAAP | −$17.11M | – | – |
| Income (loss) before income taxes, nine months ended September 30GAAP | $4.34M | – | – |
| Net income (loss), three months ended September 30GAAP | −$13.92M | – | (87.9)% |
| Net income (loss), nine months ended September 30GAAP | $2.44M | – | – |
| Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders, three months ended September 30GAAP | −$13.91M | – | – |
| Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders, nine months ended September 30GAAP | $2.47M | – | – |
| Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders, three months ended September 30GAAP | $ (0.06) | – | – |
| Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders, nine months ended September 30GAAP | $ 0.01 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $124.3M | – | 12.0% |
| Consolidated RevPAR, 3Q 2026other | $ 5,546 | – | 7.5% |
| Consolidated weighted average occupancy, 3Q 2026other | 83.1% | – | 130 bps |
| Consolidated RevPOR, 3Q 2026other | $ 6,673 | – | 5.8% |
| Consolidated total average units, 3Q 2026other | 42,383 | – | (15.3)% |
| Net cash provided by operating activities, nine months ended September 30GAAP | $197.7M | – | – |
| Capital expenditures, net of related payables, nine months ended September 30GAAP | −$154.1M | – | – |
| Net cash provided by (used in) investing activities, nine months ended September 30GAAP | −$194.9M | – | – |
| Net cash provided by (used in) financing activities, nine months ended September 30GAAP | $50.70M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Consolidated senior housing portfolioDispositions of communities since the beginning of the prior-year period, primarily lease terminations in the second half of 2025, resulted in $106.4 million less in resident fees; higher same community RevPAR partially offset the decline. | $ 707.3 million resident fees | – | (8.7)% |
| Same community senior housing portfolioRevPAR increased 5.4%, comprised of a 4.8% increase in RevPOR and a 50 basis point increase in weighted average occupancy. | $ 693.0 million resident fees | – | 5.3% |
Full Year 2026 outlook
- NoteRevPAR year-over-year growth: 7.4% to 7.9%
- NoteAdjusted EBITDA: $495 million to $502 million
What drove it
- Same community RevPAR increased 5.4%, with same community RevPOR up 4.8% and weighted average occupancy up 50 basis points.
- Consolidated weighted average occupancy increased 130 basis points year-over-year to 83.1%.
- Adjusted EBITDA increased primarily because of higher same community resident fees, partially offset by higher same community facility operating expense.
- Same community facility operating expense increased 4.5%, primarily reflecting wage rates, estimated insurance expense, estimated losses on accounts receivable, utilities expense, and maintenance expense, partially offset by reduced labor hours worked through improved productivity.
- The net loss improvement was primarily attributable to a $58.2 million decrease in non-cash impairment charges and a $20.5 million decrease in depreciation and amortization expense.
Concerns
- Management said it fell short of its RevPAR goal because of slower occupancy growth, particularly late in the quarter.
- The revised outlook reflects third-quarter occupancy carryover, additional marketing investments to bolster internal lead generation, and expected revenue and expense impact from the recent fire at the 97-unit Clinton, Mississippi community.
- The Clinton, Mississippi community is currently vacant.
- Consolidated resident fees declined 8.7% because community dispositions reduced resident fees by $106.4 million during the third quarter of 2026.
What to watch
- Fourth-quarter occupancy and whether additional marketing investments bolster internal lead generation.
- Execution and closing of the acquisition of 30 currently leased communities for a purchase price of $290.0 million.
- Expected reduction of approximately $17.8 million in 2027 annual cash rent payments from the 30-community acquisition.
- The timing and impact of the Clinton, Mississippi community fire on fourth-quarter revenue and expense.
- Completion of the planned sale of five additional owned communities during 2026.
Balance sheet and cash flow
- Total liquidity of $523.6 million as of September 30, 2026 included $323.4 million of unrestricted cash and cash equivalents, $24.7 million of marketable securities, and $175.6 million of availability on the Company's secured credit facility.
- Restricted cash was $73.2 million as of September 30, 2026.
- Total liquidity as of September 30, 2026 decreased $42.3 million from June 30, 2026.
- Cash and cash equivalents were $ 323,374 (in thousands) as of September 30, 2026, compared with $ 279,122 (in thousands) as of December 31, 2025.
- Long-term debt, less current portion, was $ 4,289,800 (in thousands) as of September 30, 2026, compared with $ 4,215,005 (in thousands) as of December 31, 2025.
- Current portion of long-term debt was $ 62,289 (in thousands) as of September 30, 2026.
- Line of credit was $ 23,000 (in thousands) as of September 30, 2026.
- The Company completed the sale of 24 owned communities and received cash proceeds of $178.6 million, net of transaction costs in 2026 to date.
- In September 2026, the Company obtained $108.0 million of debt secured by first priority mortgages on 17 communities.
- In July 2026, the Company obtained $248.9 million of debt secured by non-recourse first mortgages on 45 communities and repaid $244.1 million of debt under the mortgage facility.
Analysis
Brookdale reported a substantially narrower third-quarter net loss of $13.9 million, compared with $114.7 million in the third quarter of 2025. The improvement reflected lower non-cash impairment charges and lower depreciation and amortization expense, both tied primarily to community dispositions. Income from operations was $41.0 million, compared with an operating loss of $53.8 million in the prior-year quarter, while Adjusted EBITDA increased 12.0% to $124.3 million.
Underlying same-community operating trends remained positive. Same community resident fees increased 5.3% to $693.0 million as same community RevPAR increased 5.4%, driven by a 4.8% increase in RevPOR and a 50 basis point increase in weighted average occupancy. Consolidated RevPAR increased 7.5% to $5,546 and consolidated weighted average occupancy improved 130 basis points to 83.1%. However, management identified slower occupancy growth late in the quarter as the reason it missed its RevPAR goal.
Portfolio reshaping continued to pressure reported consolidated revenue. Resident fees declined 8.7% to $707.3 million, principally because dispositions since the start of the prior-year period reduced third-quarter resident fees by $106.4 million. Total average units fell to 42,383 from 50,012. Facility operating expense declined 11.2% and general and administrative expense declined 17.7%, while same community facility operating expense increased 4.5% due to wage, insurance, accounts-receivable, utilities and maintenance costs, partly offset by productivity-related labor-hour reductions.
The company continued to reconfigure its real estate and financing profile. It completed the acquisition of 17 leased communities and agreed to acquire 30 additional leased communities for $290.0 million, a transaction expected to reduce 2027 annual cash rent payments by approximately $17.8 million. Brookdale also sold 24 owned communities for $178.6 million of cash proceeds, net of transaction costs, in 2026 to date. Liquidity was $523.6 million at September 30, 2026, and the company reported no remaining mortgage debt maturities until 2028 following its July refinancing transaction.
The outlook was reduced despite management stating it achieved its quarterly Adjusted EBITDA plan. Full-year Adjusted EBITDA guidance was revised to $495 million to $502 million from $502 million to $516 million, and RevPAR growth guidance was revised to 7.4% to 7.9% from 8.0% to 9.0%. The revision incorporates occupancy carryover, incremental marketing investment, and the expected fourth-quarter revenue and expense effects of the fire at the currently vacant 97-unit Clinton, Mississippi community.
Management, verbatim
While we achieved our quarterly plan for Adjusted EBITDA, we fell short of our RevPAR goal due to slower occupancy growth, particularly late in the quarter.
Nick Stengle, Chief Executive Officer
Based primarily on third quarter occupancy carryover, additional marketing investments to bolster internal lead generation, and the expected revenue and expense impact of the recent fire at our 97-unit Clinton, Mississippi community, we are revising our 2026 guidance to Adjusted EBITDA of $495 million to $502 million and RevPAR growth of 7.4% to 7.9%.
Nick Stengle, Chief Executive Officer
Not in the filing
stated, not guessed- GAAP gross profit and gross margin were not reported.
- Non-GAAP EPS was not reported.
- Quarterly operating cash flow, capital expenditures, free cash flow, and quarterly financing cash flow were not reported.
- Dividends and share repurchases were not reported.
- A GAAP reconciliation for full-year 2026 Adjusted EBITDA guidance was not available without unreasonable effort.
- No separately provided previous-release outlook was supplied for actual-versus-prior-guidance comparisons.
- Reportable operating segments were not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Brookdale Senior Living Inc. filed a Form 8‑K reporting Q3 2026 results, a net loss of $13.9M, and an updated full‑year Adjusted EBITDA guidance.
Ticker impact
Updated full year 2026 guidance to $495M-$502M Adjusted EBITDA and RevPAR growth of 7.4%-7.9% after Q3 results.
likely downward pressure as investors price in updated EBITDA outlook
The filing is the first public disclosure of the revised guidance; the lower range relative to prior guidance signals reduced earnings potential, prompting a sell bias.
Market effects
Senior housing sector may see broader valuation adjustments as guidance revisions highlight occupancy and revenue pressures.
U.S. senior living REITs could experience modest price moves in response to Brookdale's guidance update.
Limited; impact confined to U.S. senior housing and related REIT investors.
Counterpoint
If the occupancy improvements sustain, the guidance cut may be overly conservative, presenting a buying opportunity.
Key entities
- CompanyBrookdale Senior Living Inc.
U.S. senior housing REIT that reported Q3 results and updated guidance.
