Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q3 2026 Earnings Presentation
20 slides from Brookdale Senior Living's earnings presentation, Nov 6, 2026
Slide 1: Supplemental Information 3rd Quarter 2026
Supplemental Information 3rd Quarter 2026 Exhibit 99.2
Slide 2: Table of Contents
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
Slide 3: Overview
3 Managed 359 Owned 32,367 Leased 9,721 Managed 4 Owned 366 Leased 159 529 communities 42,447 units Important Note Regarding Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Definitions" and "Non-GA
Slide 4: Segment Overview
4 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fees $ 777,454 $ 775,614 $ 775,140 $ 714,504 $ 3,042,712 $ 722,456 $ 708,482 $ 707,335 (8.7) % (8.2) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 742 396 (85.3) % (18.0) % Facility o
Slide 5: Segment Overview Footnotes
5 (1) In September 2026, the Company acquired 17 previously leased communities. The results of operations of the previously leased communities are included in the Senior Housing Leased Portfolio and are excluded from the Senior Housing Owned Portfolio for all periods presented herein. (2) Resident f
Slide 6: Senior Housing
6 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Total Senior Housing and All Other Revenue (1) $ 780,074 $ 778,237 $ 777,838 $ 717,416 $ 3,053,565 $ 727,829 $ 709,224 $ 707,731 (9.0) % (8.2) % Combined Segment Operating Inc
Slide 7: Senior Housing Segments
7 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 157,117 $ 158,135 $ 156,996 $ 121,565 $ 593,813 $ 120,330 $ 119,786 $ 122,652 (21.9) % (23.2) % Segment Operating Income $ 54,232 $ 53,598 $ 51,50
Slide 8: Same Community Results
8 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 654,441 $ 652,596 $ 657,848 $ 656,381 $ 2,621,266 $ 690,616 $ 688,720 $ 693,023 5.3 % 5.5 % Community Labor Expense (293,048) (300,578) (305,927) (310,563) (1,210,11
Slide 9: Same Community Independent Living
9 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 110,644 $ 111,381 $ 112,163 $ 112,184 $ 446,372 $ 118,706 $ 118,071 $ 118,352 5.5 % 6.3 % Community Labor Expense (40,116) (41,588) (42,243) (42,9
Slide 10: Senior Housing Owned Portfolio
10 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q(2) 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 503,870 $ 503,611 $ 508,502 $ 506,615 $ 2,022,598 $ 525,127 $ 512,114 $ 509,227 0.1 % 2.0 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1
Slide 11: Senior Housing Leased Portfolio
11 2025(2) 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s, except RevPAR and RevPOR) 1Q(3) 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 273,584 $ 272,003 $ 266,638 $ 207,889 $ 1,020,114 $ 197,329 $ 196,368 $ 198,108 (25.7) % (27.1) % Facility operating expense (188,093) (190,599) (187,969) (14
Slide 12: General and Administrative Expense
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 R
Slide 13: Capital Expenditures
13 Capital Expenditures (1) Amounts are presented net of lessor reimbursements. ($ in 000s, except for community level capital expenditures, per average unit) 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Community level capital expenditures, including allocati
Slide 14: Cash Facility Lease Payments
14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2025 2026 3Q26 vs 3Q25 YTD 3Q26 vs YTD 3Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Operating Lease Obligations Facility operating lease expense $ 52,874 $ 52,65
Slide 15: Capital Structure
15 (1) Amount excludes $46.7 million in deferred financing costs, net and the line of credit balance of $23.0 million. (2) Reflects rates as of September 30, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). The 2026 Notes were settled i
Slide 16: Definitions
16 Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/ expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-opera
Slide 17: Definitions (continued)
17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), divide
Slide 18: Appendix: Non-GAAP Financial Measures
18 2025 2026 Twelve Months Ended September 30, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD Net income (loss) $ (64,993) $ (43,039) $ (114,738) $ (39,976) $ (262,746) $ (6,904) $ 23,257 $ (13,918) $ 2,435 $ (37,541) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) 5,5
Slide 19: Net Debt and Adjusted Net Debt Reconciliations
19 Net Debt and Adjusted Net Debt Reconciliations Appendix: Non-GAAP Financial Measures (continued) ($ in 000s) As of September 30, 2026 Long-term debt (including current portion) $ 4,352,089 Line of credit 23,000 Cash and cash equivalents (323,374) Marketable securities (24,666) Cash held as collat
Slide 20: Adjusted Free Cash Flow Reconciliation
20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD Net cash provided by operating activities $ 23,402 $ 83,564 $ 76,525 $ 34,539 $ 218,030 $ 20,887 $ 91,915 $ 84,899 $ 197,701 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) 37,600
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