Overview

• US senior living operator's Q1 adjusted EBITDA grew 5.6% yr/yr but missed analyst expectations

• Q1 net loss narrowed to $7 mln from $65 mln a year earlier

• Revenue fell 7% yr/yr, mainly due to community dispositions

Outlook

• Brookdale reiterates full-year 2026 RevPAR growth guidance of 8% to 9%

• Company expects full-year 2026 adjusted EBITDA of $502 mln to $516 mln

• Brookdale says April occupancy trends are on track with full-year 2026 guidance levels of RevPAR growth

Result Drivers

• HIGHER PRICING & OCCUPANCY - Same community resident fees rose 5.5% yr/yr, driven by annual rate increases and a 170 bps increase in occupancy

• COMMUNITY DISPOSITIONS - Revenue and expenses declined yr/yr mainly due to the sale and lease termination of communities

• RISING OPERATING COSTS - Same community operating expenses increased 5.9% yr/yr, mainly from higher wages, insurance, and utilities

Company press release: ID:nPn1KxK8Qa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$6.90 mln
Q1 Adjusted EBITDA	Miss	$131.10 mln	$136.48 mln (3 Analysts)
Q1 RevPAR		$5,510

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy."

• Wall Street's median 12-month price target for Brookdale Senior Living Inc is $18.00, about 28.3% above its May 5 closing price of $14.03

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