$BKD

Brookdale Senior Living Inc.

CIK:0001332349|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 718,583	$ 812,944	$ 1,483,439	$ 1,626,808
Cost of Revenue [Abstract]
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 expense	43,771	52,653	87,752	105,527
Depreciation and amortization	71,109	92,853	144,572	183,829
Asset impairment	3,900	577	10,015	2,364
Loss (gain) on sale of communities, net	(45,391)	(43)	(49,425)	(43)
Income (loss) from operations	85,248	14,907	137,025	44,483
Interest income	4,081	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 derivatives	2,688	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 taxes	28,783	(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 interest	11	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 (in dollars per share)	$ 0.10	$ (0.18)	$ 0.07	$ (0.46)
Diluted (in dollars per share)	$ 0.10	$ (0.18)	$ 0.07	$ (0.46)
Weighted average common shares outstanding:
Basic (in shares)	239,134	234,737	238,625	232,719
Diluted (in shares)	243,892	234,737	241,146	232,719
Resident fees
Total revenue	$ 708,482	$ 775,614	$ 1,430,938	$ 1,553,068
Management fees
Total revenue	742	2,623	6,115	5,243
Reimbursed costs incurred on behalf of managed communities
Total revenue	9,359	34,707	46,386	68,497
Cost of Revenue [Abstract]
Costs incurred on behalf of managed communities	9,359	34,707	46,386	68,497
Facility operating expense
Cost of Revenue [Abstract]
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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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, net	5,720	35,335
Depreciation and amortization, net	151,060	191,171
Asset impairment	10,015	2,364
Deferred income tax (benefit) provision	3,786	(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 expense	7,401	7,068
Property and casualty insurance income	(807)	(3,487)
Changes in operating assets and liabilities:
Accounts receivable, net	11,241	(4,169)
Prepaid expenses and other assets, net	11,895	(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 reimbursements	14,256	11,332
Net cash provided by operating activities	112,802	106,966
Cash Flows from Investing Activities
Purchase of marketable securities	(19,783)	0
Sale and maturities of marketable securities	0	20,000
Capital expenditures, net of related payables	(94,899)	(96,283)
Acquisition of assets	(23,483)	(311,028)
Proceeds from sale of assets, net	147,367	1,047
Property and casualty insurance proceeds	807	3,487
Change in lease acquisition deposits, net	0	5,000
Other	(2,143)	623
Net cash provided by (used in) investing activities	7,866	(377,154)
Cash Flows from Financing Activities
Proceeds from debt	419,676	320,739
Repayment of debt and financing lease obligations	(440,708)	(95,351)
Proceeds from line of credit	23,000	0
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 cash	98,528	(56,278)
Cash, cash equivalents, and restricted cash at beginning of period	343,008	379,840
Cash, cash equivalents, and restricted cash at end of period	$ 441,536	$ 323,562

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 370,388	$ 279,122
Marketable securities	19,904	0
Restricted cash	33,446	33,227
Accounts receivable, net	56,439	67,680
Assets held for sale	24,067	77,206
Prepaid expenses and other current assets, net	92,867	96,705
Total current assets	597,111	553,940
Property, plant and equipment and leasehold intangibles, net	4,204,533	4,272,697
Operating lease right-of-use assets	992,311	1,032,140
Restricted cash	37,702	30,659
Goodwill	27,321	27,321
Other assets, net	42,837	35,486
Total assets	5,901,815	5,952,243
Current liabilities
Current portion of long-term debt	70,933	77,492
Current portion of financing lease obligations	993	1,211
Current portion of operating lease obligations	79,805	74,522
Trade accounts payable	83,413	75,099
Accrued expenses	226,996	273,394
Refundable fees and deferred revenue	60,358	66,207
Total current liabilities	522,498	567,925
Long-term debt, less current portion	4,201,685	4,215,005
Financing lease obligations, less current portion	23,972	24,353
Operating lease obligations, less current portion	1,090,497	1,123,539
Line of credit	23,000	0
Deferred tax liability	10,103	6,316
Other liabilities	57,682	58,482
Total liabilities	5,929,437	5,995,620
Preferred stock, $0.01 par value, 50,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized at June 30, 2026 and December 31, 2025; 249,344,777 and 248,274,011 shares issued and 238,817,252 and 237,746,486 shares outstanding as of June 30, 2026 and December 31, 2025, respectively (including 28,929 unvested restricted shares as of December 31, 2025)	2,493	2,483
Additional paid-in-capital	4,357,469	4,358,077
Treasury stock, at cost; 10,527,525 shares at June 30, 2026 and December 31, 2025	(102,774)	(102,774)
Accumulated deficit	(4,286,163)	(4,302,539)
Total Brookdale Senior Living Inc. stockholders' equity (deficit)	(28,975)	(44,753)
Noncontrolling interest	1,353	1,376
Total equity (deficit)	(27,622)	(43,377)
Total liabilities and equity (deficit)	$ 5,901,815	$ 5,952,243