# EDGAR Filing Document

**Accession Number:** 0001332349
**File Stem:** 0001332349-25-000126
**Filing Date:** 2025-8
**Character Count:** 91764
**Document Hash:** 60a3f0e4e7efc6a9a91825de2a3df95a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001332349-25-000126.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001332349-25-000126

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brookdale Senior Living Inc.
- **CENTRAL INDEX KEY:** 0001332349
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 203068069
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32641
- **FILM NUMBER:** 251189942

**BUSINESS ADDRESS:**
- **STREET 1:** 105 WESTWOOD PLACE
- **STREET 2:** SUITE 400
- **CITY:** BRENTWOOD
- **STATE:** TN
- **ZIP:** 37027
- **BUSINESS PHONE:** (615) 221-2250

**MAIL ADDRESS:**
- **STREET 1:** 105 WESTWOOD PLACE
- **STREET 2:** SUITE 400
- **CITY:** BRENTWOOD
- **STATE:** TN
- **ZIP:** 37027

?xml version='1.0' encoding='ASCII'? bkd-20250806

---

| | | |
|:---|:---|:---|
| **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549** | **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549** | **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549** |
| | **FORM** | **8-K** |
| **CURRENT REPORT<br>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934** | **CURRENT REPORT<br>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934** | **CURRENT REPORT<br>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934** |
| Date of Report (Date of earliest event reported) | Date of Report (Date of earliest event reported) | August 6, 2025 |

---

Brookdale Senior Living Inc. <br> (Exact name of registrant as specified in its charter)

Delaware 001-32641 20-3068069 <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

105 Westwood Place, <u>Suite 400,</u> <u>Brentwood,</u> <u>Tennessee</u> 37027 <br> (Address of principal executive offices) (Zip Code)

---

| | | | |
|:---|:---|:---|:---|
| Registrant's telephone number, including area code | Registrant's telephone number, including area code | (615) | 221-2250 |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | 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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | 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 class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 Par Value Per Share | BKD | New 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 6, 2025, Brookdale Senior Living Inc. (the "Company") issued a press release announcing its second quarter 2025 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 2025 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)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

99.1 &nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release dated August 6, 2025](a2q25earningsrelease.htm)</u>

99.2 &nbsp;&nbsp;&nbsp;&nbsp;<u>[Supplemental Information](a2q25supplemental.htm)</u>

104 &nbsp;&nbsp;&nbsp;&nbsp;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. | BROOKDALE SENIOR LIVING INC. |
| Date: | August 6, 2025 | By: | /s/ Chad C. White |
|  |  | Name: | Chad C. White |
|  |  | Title: | Executive Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo2a10a.jpg](logo2a10a.jpg)

**Brookdale Announces Second Quarter 2025 Results and Increases Annual Guidance**

**Nashville, Tenn.,** August 6, 2025 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended June 30, 2025.

**<u>HIGHLIGHTS</u>**

• Second quarter **consolidated weighted average occupancy** of 80.1% increased 200 basis points year-over-year.

• **Same community operating income** increased 4.9% over the prior year period.

• Compared to the prior year period, second quarter **net cash provided by operating activities** improved $27.9 million to $83.6 million, and **Adjusted Free Cash Flow**<sup>(1)</sup> improved $25.4 million to $19.9 million.

"As a result of our continued operational execution and strong occupancy performance, we were able to raise our annual guidance ranges for a second consecutive quarter," said Denise Warren, Brookdale's Interim Chief Executive Officer and Chairman. "Our occupancy performance accelerated during the second half of the quarter and we continued that momentum into July, as we've now surpassed the important 80% occupancy mark that is a critical inflection point for cash flow generation. As we move forward, we remain intensely focused on delivering continued profitable occupancy and operating income growth to drive durable and sustainable shareholder value."

**<u>SUMMARY OF SECOND QUARTER FINANCIAL RESULTS</u>**

**Consolidated** summary of operating results and metrics:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Increase / (Decrease)** | **Increase / (Decrease)** |
| *($ in millions, except RevPAR and RevPOR)* | **<u>2Q 2025</u>** | **<u>2Q 2024</u>** | **<u>Amount</u>** | **<u>Percent</u>** |
| Resident fees | $775.6 | $739.7 | $35.9 | 4.9% |
| Facility operating expense | 562.3 | 537.5 | 24.8 | 4.6% |
| General and administrative expense | 55.0 | 46.7 | 8.3 | 17.8% |
| Cash facility operating lease payments | 57.5 | 64.4 | (6.9) | (10.8)% |
| Net income (loss) | (43.0) | (37.7) | 5.3 | 14.0% |
| Adjusted EBITDA <sup>(1)</sup> | 117.1 | 97.8 | 19.3 | 19.7% |
| RevPAR | $5080 | $4835 | $245 | 5.1% |
| Weighted average occupancy | 80.1% | 78.1% | 200 bps | n/a |
| RevPOR | $6343 | $6193 | $150 | 2.4% |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Non-GAAP Financial Measures" for the Company's definition of such measures, reconciliations to the most comparable GAAP financial measures, and other important information regarding the use of the Company's non-GAAP financial measures.

------

**Same community**<sup>(2)</sup> summary of operating results and metrics:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Increase / (Decrease)** | **Increase / (Decrease)** |
| *($ in millions, except RevPAR and RevPOR)* | **<u>2Q 2025</u>** | **<u>2Q 2024</u>** | **<u>Amount</u>** | **<u>Percent</u>** |
| Resident fees | $687.3 | $655.6 | $31.7 | 4.8% |
| Facility operating expense | $494.2 | $471.6 | $22.6 | 4.8% |
| RevPAR | $5195 | $4957 | $238 | 4.8% |
| Weighted average occupancy | 80.7% | 78.8% | 190 bps | n/a |
| RevPOR | $6436 | $6287 | $149 | 2.4% |

---

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The same community senior housing portfolio includes operating results and data for 547 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.

Recent **consolidated** occupancy trend:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **<u>Jan</u>** | **<u>Feb</u>** | **<u>Mar</u>** | **<u>Apr</u>** | **<u>May</u>** | **<u>Jun</u>** | **<u>Jul</u>** | **<u>Aug</u>** | **<u>Sep</u>** | **<u>Oct</u>** | **<u>Nov</u>** | **<u>Dec</u>** |
| Weighted average | 78.0% | 77.9% | 77.9% | 77.9% | 78.1% | 78.2% | 78.6% | 78.9% | 79.2% | 79.4% | 79.5% | 79.3% |
| Month end | 79.3% | 79.2% | 79.1% | 79.2% | 79.5% | 79.7% | 79.9% | 80.4% | 80.5% | 80.8% | 80.4% | 80.5% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **<u>Jan</u>** | **<u>Feb</u>** | **<u>Mar</u>** | **<u>Apr</u>** | **<u>May</u>** | **<u>Jun</u>** | **<u>Jul</u>** |
| Weighted average | 79.2% | 79.3% | 79.5% | 79.8% | 80.0% | 80.5% | 81.1% |
| Month end | 80.6% | 80.8% | 80.9% | 81.0% | 81.5% | 82.2% | 82.6% |

---

**<u>OVERVIEW OF RESULTS: 2Q 2025 vs 2Q 2024</u>**

**• Resident fees:** The increase was primarily due to the 200 basis point increase in weighted average occupancy and the increase in RevPOR, primarily the result of the current year annual rate increase.

• **Facility operating expense:** The increase was primarily due to increases in wage rates, repairs and maintenance expense, estimated incentive compensation expense, and advertising expense.

• **General and administrative expense:** The increase was primarily due to a $10.4 million increase in transaction, legal, and organizational restructuring costs, which was primarily attributable to $5.2 million of organizational restructuring costs related to the Company's senior leadership change and $5.1 million of transaction costs for stockholder relations advisory matters in the current period.

***•* Cash facility operating lease payments:** The decrease was primarily due to the acquisition of 36 communities previously subject to operating leases subsequent to the prior year period.

• **Net income (loss):** The increase in net loss was primarily attributable to the increase in facility operating expense, the increase in general and administrative expense, and an increase in depreciation and amortization expense, partially offset by the increase in resident fees.

***•* Adjusted EBITDA:** The increase was primarily due to the increase in resident fees and the decrease in cash facility operating lease payments, partially offset by the increase in facility operating expense.

------

**<u>LIQUIDITY</u>**

**Consolidated** summary of liquidity metrics for comparable quarters:

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | **<u>2Q 2025</u>** | **<u>2Q 2024</u>** | **<u>Increase / (Decrease)</u>** |
| Net cash provided by operating activities | $83.6 | $55.7 | $27.9 |
| Non-development capital expenditures, net | 48.8 | 52.3 | (3.5) |
| Adjusted Free Cash Flow <sup>(1)</sup> | 19.9 | (5.5) | 25.4 |

---

**• Net cash provided by operating activities:** The increase was primarily due to the increase in resident fees and an $8.3 million increase in lessor reimbursements for capital expenditures for operating leases compared to the prior year period, partially offset by the increase in facility operating expense compared to the prior year period.

***•* Non-development capital expenditures, net:** The decrease in non-development capital expenditures, net of lessor reimbursements, was primarily due to the increase in lessor reimbursements, partially offset by an increase in investments in communities through the Company's first impressions program.

**• Adjusted Free Cash Flow:** The change was primarily due to the increase in net cash provided by operating activities, partially offset by the increase in investments in communities.

**• Total liquidity:** Total liquidity of $350.0 million as of June 30, 2025 included $251.9 million of unrestricted cash and cash equivalents and $98.1 million of availability on the Company's secured credit facility (excluding $16.1 million of availability on the Company's separate letter of credit facilities, which can be drawn only as letters of credit). Total liquidity as of June 30, 2025 increased $44.1 million from March 31, 2025, primarily attributable to a $31.9 million increase in availability on the Company's secured credit facility and the $19.9 million of Adjusted Free Cash Flow, partially offset by repayments of mortgage debt during the period.

**<u>2025 OUTLOOK</u>**

Reflecting the Company's year-to-date progress and an improved outlook for the second half of 2025, the Company has favorably revised its annual RevPAR and Adjusted EBITDA guidance ranges.

• Full year 2025 guidance for **RevPAR year-over-year growth** has been improved to a range of **5.25% to 6.00%** from the previous range of 5.00% to 5.75%.

• The Company also raised its full year 2025 **Adjusted EBITDA** guidance to a range of **$445 million to $455 million** from the previous range of $440 million to $450 million.

• Additionally, the Company reiterates its expectation to deliver **positive Adjusted Free Cash Flow** in the range of **$30 million to $50 million** for the full year 2025.

Full year 2025 guidance includes only announced acquisition and disposition activity. The Company's revised guidance ranges give effect to updated expectations on the transition date for all 55 Ventas non-renewal communities to be transitioned or sold. Reconciliation of the non-GAAP financial measures included in the foregoing guidance to the most comparable GAAP financial measures are 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) and Adjusted Free Cash Flow from the Company's net cash provided by operating activities. 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.

**<u>SUPPLEMENTAL INFORMATION</u>**

The Company will post on its website at <u>brookdaleinvestors.com</u> 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.

**<u>EARNINGS CONFERENCE CALL</u>**

Brookdale's management will conduct a conference call to discuss the financial results for the second quarter on August 7, 2025 at 9:00 AM ET. The conference call can be accessed by dialing (800) 715-9871 (from within the U.S.) or (646) 307-1963 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the access code "1482282".

A webcast of the conference call will be available to the public on a listen-only basis at <u>brookdaleinvestors.com</u>. 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.

------

For those who cannot listen to the live call, a replay of the webcast will be available until 11:59 PM ET on August 14, 2025 by dialing (800) 770-2030 (from within the U.S.) or (609) 800-9909 (from outside of the U.S.) and referencing access code "1482282".

**<u>ABOUT BROOKDALE SENIOR LIVING</u>**

Brookdale Senior Living Inc. is the nation's premier operator of senior living communities. With 645 communities across 41 states and the ability to serve approximately 58,000 residents as of June 30, 2025, 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.

**<u>DEFINITIONS OF REVPAR AND REVPOR</u>**

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.

------

**<u>SAFE HARBOR</u>**

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," "annualized," 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; any resurgence or variants of the COVID-19 pandemic; 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; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; 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; 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, geopolitical tensions or conflicts, and uncertainty surrounding a new presidential administration, 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.

------

**Condensed Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| *(in thousands, except per share data)* | **2025** | **2024** | **2025** | **2024** |
| Resident fees | $775614 | $739709 | $1553068 | $1483950 |
| Management fees | 2623 | 2616 | 5243 | 5234 |
| Reimbursed costs incurred on behalf of managed communities | 34707 | 35216 | 68497 | 71188 |
| &nbsp;&nbsp;&nbsp;Total revenue | 812944 | 777541 | 1626808 | 1560372 |
| Facility operating expense (excluding facility depreciation and amortization of $88,180, $81,706, $174,389 and $161,610, respectively) | 562317 | 537507 | 1119304 | 1080057 |
| General and administrative expense (including non-cash stock-based compensation expense of $3,089, $3,975, $7,068, and $7,248 respectively) | 54973 | 46664 | 102847 | 92396 |
| Facility operating lease expense | 52653 | 50964 | 105527 | 102460 |
| Depreciation and amortization | 92853 | 88028 | 183829 | 174155 |
| Asset impairment | 577 |  | 2364 | 1708 |
| Loss (gain) on sale of communities, net | (43) |  | (43) |  |
| Costs incurred on behalf of managed communities | 34707 | 35216 | 68497 | 71188 |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | 14907 | 19162 | 44483 | 38408 |
| Interest income | 2919 | 4714 | 6567 | 9492 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt | (57648) | (53778) | (112307) | (107234) |
| &nbsp;&nbsp;&nbsp;Financing lease obligations | (1750) | (5110) | (7350) | (10171) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | (3712) | (2334) | (7342) | (4591) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivatives | 29 | (345) | (1113) | 2742 |
| Gain (loss) on debt modification and extinguishment, net | (115) |  | (35335) |  |
| Non-operating gain (loss) on sale of assets, net |  | 199 |  | 903 |
| Other non-operating income (loss) | 2060 | 199 | 3418 | 3537 |
| Income (loss) before income taxes | (43310) | (37293) | (108979) | (66914) |
| Benefit (provision) for income taxes | 271 | (449) | 947 | (409) |
| Net income (loss) | (43039) | (37742) | (108032) | (67323) |
| Net (income) loss attributable to noncontrolling interest | 15 | 15 | 29 | 30 |
| Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders | $(43024) | $(37727) | $(108003) | $(67293) |
| Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders | $(0.18) | $(0.17) | $(0.46) | $(0.30) |
| Weighted average shares used in computing basic and diluted net income (loss) per share | 234737 | 226789 | 232719 | 226340 |

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**Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| *(in thousands)* | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $251888 | $308925 |
| Marketable securities |  | 19879 |
| Restricted cash | 37268 | 39871 |
| Accounts receivable, net | 56061 | 51891 |
| Assets held for sale | 9710 |  |
| Prepaid expenses and other current assets, net | 112554 | 92371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 467481 | 512937 |
| Property, plant and equipment and leasehold intangibles, net | 4499987 | 4594401 |
| Operating lease right-of-use assets | 1079826 | 1133837 |
| Other assets, net | 94172 | 94387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6141466 | $6335562 |
| Current portion of long-term debt | $59238 | $40779 |
| Current portion of financing lease obligations | 1253 | 37007 |
| Current portion of operating lease obligations | 91914 | 111104 |
| Other current liabilities | 413317 | 390873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 565722 | 579763 |
| Long-term debt, less current portion | 4232238 | 4022008 |
| Financing lease obligations, less current portion | 24882 | 266895 |
| Operating lease obligations, less current portion | 1141653 | 1174204 |
| Other liabilities | 70191 | 78787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6034686 | 6121657 |
| Total Brookdale Senior Living Inc. stockholders' equity | 105379 | 212475 |
| Noncontrolling interest | 1401 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 106780 | 213905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $6141466 | $6335562 |

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**Condensed Consolidated Statements of Cash Flows**

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands)* | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $(108032) | $(67323) |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Loss (gain) on debt modification and extinguishment, net | 35335 |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization, net | 191171 | 178746 |
| &nbsp;&nbsp;&nbsp;Asset impairment | 2364 | 1708 |
| &nbsp;&nbsp;&nbsp;Deferred income tax (benefit) provision | (1905) | (360) |
| &nbsp;&nbsp;&nbsp;Operating lease expense adjustment | (8699) | (26572) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivatives | 1113 | (2742) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of assets, net | (43) | (903) |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation expense | 7068 | 7248 |
| &nbsp;&nbsp;&nbsp;Property and casualty insurance income | (3487) | (2688) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (4169) | (1390) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets, net | (8500) | (855) |
| &nbsp;&nbsp;&nbsp;Prepaid insurance premiums financed with notes payable | (15094) | (15702) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable and accrued expenses | 7755 | (14380) |
| &nbsp;&nbsp;&nbsp;Refundable fees and deferred revenue | 757 | (1563) |
| &nbsp;&nbsp;&nbsp;Operating lease assets and liabilities for lessor capital expenditure reimbursements | 11332 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 106966 | 54524 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of marketable securities |  | (19591) |
| &nbsp;&nbsp;&nbsp;Sale and maturities of marketable securities | 20000 | 30000 |
| &nbsp;&nbsp;&nbsp;Capital expenditures, net of related payables | (96283) | (95973) |
| &nbsp;&nbsp;&nbsp;Acquisition of assets | (311028) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of assets, net | 1047 | 7017 |
| &nbsp;&nbsp;&nbsp;Property and casualty insurance proceeds | 3487 | 2704 |
| &nbsp;&nbsp;&nbsp;Change in lease acquisition deposits, net | 5000 |  |
| &nbsp;&nbsp;&nbsp;Purchase of interest rate cap instruments | (2681) | (8513) |
| &nbsp;&nbsp;&nbsp;Proceeds from interest rate cap instruments | 3197 | 9129 |
| &nbsp;&nbsp;&nbsp;Other | 107 | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (377154) | (75403) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt | 320739 | 81271 |
| &nbsp;&nbsp;&nbsp;Repayment of debt and financing lease obligations | (95351) | (41077) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs, net of related payables | (6708) | (3074) |
| &nbsp;&nbsp;&nbsp;Payments of employee taxes for withheld shares | (4770) | (3405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 213910 | 33715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, and restricted cash | (56278) | 12836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at beginning of period | 379840 | 349668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at end of period | $323562 | $362504 |

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**<u>Non-GAAP Financial Measures</u>**

This earnings release contains the financial measures Adjusted EBITDA and Adjusted Free Cash Flow, 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, or net cash provided by operating activities. The Company cautions investors 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. The Company urges investors to review the following reconciliations of these non-GAAP financial measures from the most comparable financial measures 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, 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.

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **June 30, 2025** | **June 30, 2024** |
| **Net income (loss)** | $(43039) | $(37742) |
| Provision (benefit) for income taxes | (271) | 449 |
| Loss (gain) on debt modification and extinguishment, net | 115 |  |
| Non-operating loss (gain) on sale of assets, net |  | (199) |
| Other non-operating (income) loss | (2060) | (199) |
| Interest expense | 63081 | 61567 |
| Interest income | (2919) | (4714) |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | 14907 | 19162 |
| Depreciation and amortization | 92853 | 88028 |
| Asset impairment | 577 |  |
| Loss (gain) on sale of communities, net | (43) |  |
| Operating lease expense adjustment | (4846) | (13483) |
| Non-cash stock-based compensation expense | 3089 | 3975 |
| Transaction, legal, and organizational restructuring costs | 10513 | 134 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $117050 | $97816 |

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***Adjusted Free Cash Flow***

Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by 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. Non-development capital expenditures are 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 and is presented net of lessor reimbursements. Non-development capital expenditures do not include capital expenditures for: community expansions, major community redevelopment and repositioning projects, and the development of new communities.

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.

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The table below reconciles Adjusted Free Cash Flow from net cash provided by operating activities.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **June 30, 2025** | **June 30, 2024** |
| **Net cash provided by operating activities** | $83564 | $55670 |
| Net cash provided by (used in) investing activities | (50399) | (68457) |
| Net cash provided by (used in) financing activities | (25759) | (20375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents,<br>&nbsp;&nbsp;&nbsp;&nbsp;and restricted cash | $7406 | $(33162) |
| **Net cash provided by operating activities** | $83564 | $55670 |
| Changes in prepaid insurance premiums financed with notes payable | (7298) | (7617) |
| Changes in assets and liabilities for lessor capital expenditure reimbursements under operating leases | (9319) | (1051) |
| Non-development capital expenditures, net | (48814) | (52325) |
| Property and casualty insurance proceeds | 2072 | 62 |
| Payment of financing lease obligations | (297) | (265) |
| &nbsp;&nbsp;&nbsp;**Adjusted Free Cash Flow** | $19908 | $(5526) |

---

**Contact:** 

Kristin Puckett

(615) 202-0869

khelm1@brookdale.com

## Exhibit 99.2

![](a2q25supplemental001.jpg)

Supplemental Information 2nd Quarter 2025 Exhibit 99.2

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![](a2q25supplemental002.jpg)

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**

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![](a2q25supplemental003.jpg)

3 Managed 4,256 Owned 33,728 Leased 16,903 Managed 28 Owned 382 Leased 235 645 communities 54,887 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. 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q Better B (Worse) (W) B(W) Resident fees $744,241 $739,709 $743,729 $744,371 $2,972,050 $777,454 $775,614 $1,553,068 4.9 % 4.7 % Net income (loss) $(29,581) $(37,742) $(50,734) $(83,937) $(201,994) $(64,993) $(43,039) (14.0) % (60.5) % Net cash provided by (used in) operating activities $(1,146) $55,670 $66,455 $45,198 $166,177 $23,402 $83,564 50.1 % 96.2 % Adjusted EBITDA $97,616 $97,816 $92,237 $98,525 $386,194 $124,139 $117,050 19.7 % 23.4 % Adjusted Free Cash Flow $(26,287) $(5,526) $13,853 $(11,516) $(29,476) $3,780 $19,908 NM NM RevPAR $4,854 $4,835 $4,869 $4,873 $4,858 $5,090 $5,080 5.1 % 5.0 % Weighted average occupancy 77.9% 78.1% 78.9% 79.4% 78.6% 79.3% 80.1% 200 bps 170 bps RevPOR $6,228 $6,193 $6,171 $6,136 $6,182 $6,416 $6,343 2.4 % 2.7 % 2Q 2025 weighted average occupancy (consolidated communities) Occupancy Band Community Count % of Period End Communities Greater than 95% 88 14% 90% > 95% 81 13% 85% > 90% 81 13% 80% > 85% 86 14% 75% > 80% 78 13% 70% > 75% 74 12% Less than 70% 129 21% Total 617 100% Overview As of June 30, 2025 Consolidated: 50,631 Consolidated: 617

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![](a2q25supplemental004.jpg)

4 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fees $744,241 $739,709 $743,729 $744,371 $2,972,050 $777,454 $775,614 4.9 % 4.7 % Management fees 2,618 2,616 2,676 2,611 10,521 2,620 2,623 0.3 % 0.2 % Facility operating expense (542,550) (537,507) (548,282) (554,922) (2,183,261) (556,987) (562,317) (4.6) % (3.6) % Combined Segment Operating Income 204,309 204,818 198,123 192,060 799,310 223,087 215,920 5.4 % 7.3 % General and administrative expense (1) (42,108) (42,555) (41,460) (37,613) (163,736) (42,221) (41,371) 2.8 % 1.3 % Cash facility operating lease payments (see page 14) (64,585) (64,447) (64,426) (55,922) (249,380) (56,727) (57,499) 10.8 % 11.5 % Adjusted EBITDA 97,616 97,816 92,237 98,525 386,194 124,139 117,050 19.7 % 23.4 % Transaction, Legal, and Organizational Restructuring Costs (2) (351) (134) (66) (7,379) (7,930) (1,674) (10,513) NM NM Interest expense, net (see page 14) (53,739) (54,174) (54,570) (61,641) (224,124) (56,611) (56,479) (4.3) % (4.8) % Payment of financing lease obligations (262) (265) (273) (284) (1,084) (289) (297) (12.1) % (11.2) % Changes in working capital (3) (21,929) 3,741 15,024 (976) (4,140) (21,535) 17,378 NM 77.1 % Non-Development Capital Expenditures, net (see page 13) (50,591) (52,325) (41,718) (42,121) (186,755) (41,127) (48,814) 6.7 % 12.6 % Property and casualty insurance proceeds 2,642 62 3,593 2,251 8,548 1,415 2,072 NM 29.0 % Other (4) 327 (247) (374) 109 (185) 3 2 (538) (489) (98.0) % NM Adjusted Free Cash Flow $(26,287) $(5,526) $13,853 $(11,516) $(29,476) $3,780 $19,908 NM NM 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 legal expenses for certain pending putative class action litigation, net of estimated probable insurance recoveries, previously described in the Company's SEC filings of $7.0 million for the fourth quarter and full year 2024, transaction costs for stockholder relations advisory matters of $1.6 million and $5.1 million for the first and second quarters of 2025, respectively, and organizational restructuring costs of $5.2 million for the second quarter of 2025. (3) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (4) Primarily consists of state income tax (provision) benefit.

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![](a2q25supplemental005.jpg)

5 (1) All Other primarily includes communities operated by the Company pursuant to management agreements. (2) Resident fee revenue excluded from definitions of RevPAR and RevPOR is $1.2 million and $2.4 million, for the second quarter of 2025 and the first half of 2025, respectively. (3) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs, see page 12. (4) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (5) Amounts are presented net of lessor reimbursements of $9.3 million and $11.3 million, for the second quarter of 2025 and the first half of 2025, respectively. 2Q25 YTD 2Q25 ($ in 000s) Total Senior Housing Owned Portfolio Senior Housing Leased Portfolio Corporate All Other (1) Total Senior Housing Owned Portfolio Senior Housing Leased Portfolio Corporate All Other (1) Resident fees (2) $775,614 $503,611 $272,003 $— $— $1,553,068 $1,007,481 $545,587 $— $— Management fees 2,623 — — — 2,623 5,243 — — — 5,243 Facility operating expense (562,317) (371,718) (190,599) — — (1,119,304) (740,612) (378,692) — — Combined Segment Operating Income 215,920 131,893 81,404 — 2,623 439,007 266,869 166,895 — 5,243 Combined segment operating margin 27.7 % 26.2 % 29.9 % — % 100.0 % 28.2 % 26.5 % 30.6 % — % 100.0 % General and administrative expense (3) (41,371) (25,136) (13,576) — (2,659) (83,592) (50,735) (27,475) — (5,382) Cash facility operating lease payments (57,499) — (57,252) (247) — (114,226) — (114,187) (39) — Adjusted EBITDA 117,050 106,757 10,576 (247) (36) 241,189 216,134 25,233 (39) (139) Transaction, Legal, and Organizational Restructuring Costs (10,513) — — (10,513) — (12,187) — — (12,187) — Interest expense, net (56,479) (57,648) (1,657) 2,826 — (113,090) (116,188) (2,891) 5,989 — Payment of financing lease obligations (297) — (78) (219) — (586) — (153) (433) — Changes in working capital (4) 17,378 — — 17,378 — (4,157) — — (4,157) — Non-Development Capital Expenditures, net (5) (48,814) (32,810) (6,822) (9,182) — (89,941) (59,613) (16,605) (13,723) — Property and casualty insurance proceeds 2,072 — — 2,072 — 3,487 — — 3,487 — Other (489) — — (489) — (1,027) — — (1,027) — Adjusted Free Cash Flow $19,908 $16,299 $2,019 $1,626 $(36) $23,688 $40,333 $5,584 $(22,090) $(139) Adjusted EBITDA and Adjusted Free Cash Flow Distribution

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![](a2q25supplemental006.jpg)

6 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ 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) $746,859 $742,325 $746,405 $746,982 $2,982,571 $780,074 $778,237 4.8 % 4.6 % Combined Segment Operating Income $204,309 $204,818 $198,123 $192,060 $799,310 $223,087 $215,920 5.4 % 7.3 % Combined segment operating margin 27.4 % 27.6 % 26.5 % 25.7 % 26.8 % 28.6 % 27.7 % 10 bps 70 bps Senior Housing Segments (see page 7) Revenue $744,241 $739,709 $743,729 $744,371 $2,972,050 $777,454 $775,614 4.9 % 4.7 % Senior Housing Operating Income $201,691 $202,202 $195,447 $189,449 $788,789 $220,467 $213,297 5.5 % 7.4 % Operating margin 27.1 % 27.3 % 26.3 % 25.5 % 26.5 % 28.4 % 27.5 % 20 bps 70 bps Number of communities (period end) 622 619 619 619 619 619 617 (0.3) % (0.3) % Total Average Units 51,039 50,927 50,836 50,839 50,910 50,840 50,812 (0.2) % (0.3) % RevPAR $4,854 $4,835 $4,869 $4,873 $4,858 $5,090 $5,080 5.1 % 5.0 % Weighted average occupancy 77.9 % 78.1 % 78.9 % 79.4 % 78.6 % 79.3 % 80.1 % 200 bps 170 bps RevPOR $6,228 $6,193 $6,171 $6,136 $6,182 $6,416 $6,343 2.4 % 2.7 % All Other All Other Segment Operating Income (comprised solely of management fees) $2,618 $2,616 $2,676 $2,611 $10,521 $2,620 $2,623 0.3 % 0.2 % Resident fee revenue under management (2) $55,760 $55,524 $54,646 $52,447 $218,377 $53,560 $53,264 (4.1) % (4.0) % Segment Overview (1) Excludes reimbursed costs on behalf of managed communities. (2) Not included in consolidated reported amounts.

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7 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $148,948 $149,542 $150,380 $150,052 $598,922 $157,117 $158,135 5.7 % 5.6 % Segment Operating Income $48,643 $50,334 $48,747 $47,358 $195,082 $54,232 $53,598 6.5 % 8.9 % Segment operating margin 32.7 % 33.7 % 32.4 % 31.6 % 32.6 % 34.5 % 33.9 % 20 bps 100 bps Number of communities (period end) 68 68 68 68 68 68 68 — % — % Total Average Units 12,564 12,573 12,579 12,581 12,574 12,582 12,584 0.1 % 0.1 % RevPAR $3,952 $3,965 $3,985 $3,976 $3,969 $4,162 $4,189 5.6 % 5.5 % Weighted average occupancy 79.6 % 79.9 % 80.8 % 81.4 % 80.4 % 81.2 % 82.0 % 210 bps 180 bps RevPOR $4,963 $4,959 $4,930 $4,886 $4,934 $5,127 $5,109 3.0 % 3.2 % Assisted Living and Memory Care Revenue $510,872 $507,191 $510,084 $510,513 $2,038,660 $533,379 $531,318 4.8 % 4.6 % Segment Operating Income $137,458 $136,155 $131,768 $127,922 $533,303 $149,553 $142,707 4.8 % 6.8 % Segment operating margin 26.9 % 26.8 % 25.8 % 25.1 % 26.2 % 28.0 % 26.9 % 10 bps 60 bps Number of communities (period end) 537 534 534 534 534 534 532 (0.4) % (0.4) % Total Average Units 33,744 33,622 33,523 33,524 33,603 33,524 33,494 (0.4) % (0.5) % RevPAR $5,036 $5,018 $5,060 $5,065 $5,045 $5,292 $5,276 5.1 % 5.1 % Weighted average occupancy 77.5 % 77.6 % 78.5 % 79.0 % 78.2 % 78.7 % 79.6 % 200 bps 160 bps RevPOR $6,494 $6,462 $6,448 $6,413 $6,454 $6,720 $6,627 2.6 % 3.0 % CCRCs Revenue $84,421 $82,976 $83,265 $83,806 $334,468 $86,958 $86,161 3.8 % 3.4 % Segment Operating Income $15,590 $15,713 $14,932 $14,169 $60,404 $16,682 $16,992 8.1 % 7.6 % Segment operating margin 18.5 % 18.9 % 17.9 % 16.9 % 18.1 % 19.2 % 19.7 % 80 bps 80 bps Number of communities (period end) 17 17 17 17 17 17 17 — % — % Total Average Units 4,731 4,732 4,734 4,734 4,733 4,734 4,734 — % — % RevPAR $5,948 $5,845 $5,863 $5,901 $5,889 $6,123 $6,067 3.8 % 3.4 % Weighted average occupancy 76.1 % 76.1 % 76.7 % 77.4 % 76.6 % 78.5 % 78.5 % 240 bps 240 bps RevPOR $7,815 $7,685 $7,644 $7,622 $7,691 $7,798 $7,729 0.6 % 0.2 % Senior Housing Segments

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8 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $659,694 $655,607 $659,240 $659,686 $2,634,227 $689,168 $687,270 4.8 % 4.6 % Community Labor Expense (306,828) (305,602) (310,422) (316,312) (1,239,164) (314,924) (322,441) (5.5) % (4.1) % % of revenue 46.5 % 46.6 % 47.1 % 47.9 % 47.0 % 45.7 % 46.9 % (30) bps 20 bps Other facility operating expense (166,300) (165,977) (170,070) (168,098) (670,445) (173,460) (171,756) (3.5) % (3.9) % % of revenue 25.2 % 25.3 % 25.8 % 25.5 % 25.5 % 25.2 % 25.0 % 30 bps 20 bps Facility operating expense (2) (473,128) (471,579) (480,492) (484,410) (1,909,609) (488,384) (494,197) (4.8) % (4.0) % Same Community Operating Income $186,566 $184,028 $178,748 $175,276 $724,618 $200,784 $193,073 4.9 % 6.3 % Same Community operating margin 28.3 % 28.1 % 27.1 % 26.6 % 27.5 % 29.1 % 28.1 % 0 bps 40 bps Total Average Units 44,087 44,090 44,089 44,092 44,090 44,093 44,094 — % — % RevPAR $4,988 $4,957 $4,984 $4,987 $4,979 $5,210 $5,195 4.8 % 4.6 % Weighted average occupancy 78.7 % 78.8 % 79.6 % 80.1 % 79.3 % 80.0 % 80.7 % 190 bps 160 bps RevPOR $6,335 $6,287 $6,258 $6,228 $6,277 $6,511 $6,436 2.4 % 2.6 % Same Community Operating Income ($ in millions) $186.6 $184.0 $178.7 $175.3 $200.8 $193.1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Same Community RevPAR / Weighted Average Occupancy $4,988 $4,957 $4,984 $4,987 $5,210 $5,195 78.7% 78.8% 79.6% 80.1% 80.0% 80.7% RevPAR Weighted Average Occupancy 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Senior Housing: Same Community (1) (1) Same Community portfolio reflects 547 communities which represents 88.7% of the Company's total consolidated communities. The same community portfolio excludes 70 communities, including 55 communities (6,127 units) leased from Ventas, Inc. with a lease maturity in 2025 and 12 communities (272 units) classified as assets held for sale. (2) Excludes natural disaster expense, consisting primarily of remediation of storm damage, net of related insurance recoveries, of $7.0 million and $1.1 million for the full year 2024 and the first half of 2025, respectively. (2)

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9 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $107,654 $107,572 $107,889 $106,965 $430,080 $111,988 $112,643 4.7 % 4.4 % Community Labor Expense (40,004) (39,754) (40,353) (40,941) (161,052) (40,825) (42,253) (6.3) % (4.2) % Other facility operating expense (31,135) (30,712) (31,837) (31,113) (124,797) (32,173) (32,139) (4.6) % (4.0) % Facility operating expense (71,139) (70,466) (72,190) (72,054) (285,849) (72,998) (74,392) (5.6) % (4.1) % Same Community Operating Income $36,515 $37,106 $35,699 $34,911 $144,231 $38,990 $38,251 3.1 % 4.9 % Same Community operating margin 33.9 % 34.5 % 33.1 % 32.6 % 33.5 % 34.8 % 34.0 % (50) bps 20 bps Total Average Units 9,133 9,134 9,134 9,136 9,134 9,137 9,137 — % — % RevPAR $3,929 $3,926 $3,937 $3,903 $3,924 $4,085 $4,109 4.7 % 4.3 % Weighted average occupancy 81.6 % 81.7 % 82.6 % 82.7 % 82.2 % 82.3 % 83.0 % 130 bps 100 bps RevPOR $4,816 $4,803 $4,766 $4,722 $4,777 $4,962 $4,950 3.1 % 3.0 % Assisted Living and Memory Care Revenue $472,958 $470,308 $473,803 $474,416 $1,891,485 $495,749 $493,918 5.0 % 4.9 % Community Labor Expense (223,935) (223,489) (227,599) (232,492) (907,515) (230,952) (237,106) (6.1) % (4.6) % Other facility operating expense (114,238) (114,785) (117,329) (115,493) (461,845) (118,921) (118,247) (3.0) % (3.6) % Facility operating expense (338,173) (338,274) (344,928) (347,985) (1,369,360) (349,873) (355,353) (5.0) % (4.3) % Same Community Operating Income $134,785 $132,034 $128,875 $126,431 $522,125 $145,876 $138,565 4.9 % 6.6 % Same Community operating margin 28.5 % 28.1 % 27.2 % 26.6 % 27.6 % 29.4 % 28.1 % 0 bps 40 bps Total Average Units 30,616 30,617 30,615 30,616 30,616 30,616 30,617 — % — % RevPAR $5,149 $5,120 $5,159 $5,165 $5,148 $5,397 $5,377 5.0 % 4.9 % Weighted average occupancy 78.2 % 78.3 % 79.1 % 79.6 % 78.8 % 79.4 % 80.3 % 200 bps 160 bps RevPOR $6,588 $6,540 $6,520 $6,488 $6,534 $6,795 $6,700 2.4 % 2.8 % CCRCs Revenue $79,082 $77,727 $77,548 $78,305 $312,662 $81,431 $80,709 3.8 % 3.4 % Community Labor Expense (42,889) (42,359) (42,470) (42,879) (170,597) (43,147) (43,082) (1.7) % (1.2) % Other facility operating expense (20,927) (20,480) (20,904) (21,492) (83,803) (22,366) (21,370) (4.3) % (5.6) % Facility operating expense (63,816) (62,839) (63,374) (64,371) (254,400) (65,513) (64,452) (2.6) % (2.6) % Same Community Operating Income $15,266 $14,888 $14,174 $13,934 $58,262 $15,918 $16,257 9.2 % 6.7 % Same Community operating margin 19.3 % 19.2 % 18.3 % 17.8 % 18.6 % 19.5 % 20.1 % 90 bps 60 bps Total Average Units 4,338 4,339 4,340 4,340 4,339 4,340 4,340 — % — % RevPAR $6,076 $5,971 $5,956 $6,014 $6,004 $6,254 $6,199 3.8 % 3.4 % Weighted average occupancy 76.8 % 76.6 % 77.0 % 78.0 % 77.1 % 79.3 % 79.2 % 260 bps 250 bps RevPOR $7,914 $7,799 $7,731 $7,715 $7,790 $7,891 $7,823 0.3 % — % Senior Housing Segments: Same Community (1) (1) Same Community portfolio reflects 53 Independent Living communities, 478 Assisted Living and Memory Care communities, and 16 CCRCs.

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10 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $440,231 $435,741 $436,238 $435,824 $1,748,034 $503,870 $503,611 15.6 % 15.0 % Facility operating expense (328,545) (323,358) (329,550) (334,148) (1,315,601) (368,894) (371,718) (15.0) % (13.6) % Owned Portfolio Operating Income $111,686 $112,383 $106,688 $101,676 $432,433 $134,976 $131,893 17.4 % 19.1 % Owned Portfolio operating margin 25.4 % 25.8 % 24.5 % 23.3 % 24.7 % 26.8 % 26.2 % 40 bps 90 bps Additional Information Interest expense: debt $(53,456) $(53,778) $(54,171) $(54,120) $(215,525) $(54,659) $(57,648) (7.2) % (4.7) % Community level capital expenditures, net (see page 13) $(25,309) $(25,404) $(25,296) $(25,656) $(101,665) $(26,803) $(32,810) (29.2) % (17.5) % Number of communities (period end) 345 342 342 353 (2) 353 (2) 383 382 11.7 % 11.7 % Total Average Units 31,195 31,075 30,977 30,978 31,056 33,768 33,764 8.7 % 8.5 % RevPAR $4,693 $4,663 $4,682 $4,677 $4,679 $4,962 $4,960 6.4 % 6.0 % Weighted average occupancy 77.3 % 77.4 % 78.1 % 78.6 % 77.8 % 78.9 % 80.0 % 260 bps 210 bps RevPOR $6,074 $6,025 $5,998 $5,953 $6,013 $6,288 $6,202 2.9 % 3.2 % Senior Housing Owned Portfolio(1) Interest Coverage for the twelve months ended June 30, 2025 1.7x Net Debt as of June 30, 2025 (see page 15) $4,036,270 (1) In December 2024 and February 2025, the Company acquired 11 and 30 previously leased communities, respectively. The results of operations of the 41 previously leased communities are included within the Senior Housing Owned Portfolio beginning with the full first quarter of 2025. Prior quarters have not been recast. (2) The number of owned communities (period end) for the fourth quarter of 2024 and the full year 2024 includes the 11 communities acquired in December 2024.

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11 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $304,010 $303,968 $307,491 $308,547 $1,224,016 $273,584 $272,003 (10.5) % (10.3) % Facility operating expense (214,005) (214,149) (218,732) (220,774) (867,660) (188,093) (190,599) 11.0 % 11.6 % Leased Portfolio Operating Income $90,005 $89,819 $88,759 $87,773 $356,356 $85,491 $81,404 (9.4) % (7.2) % Leased Portfolio operating margin 29.6 % 29.5 % 28.9 % 28.4 % 29.1 % 31.2 % 29.9 % 40 bps 100 bps Additional Information Cash facility lease payments on leased portfolio (see page 14) $(68,088) $(68,369) $(68,609) $(68,044) $(273,110) $(58,244) $(58,987) 13.7 % 14.1 % Community level capital expenditures, net (see page 13) $(15,065) $(20,131) $(9,510) $(4,568) $(49,274) $(9,783) $(6,822) 66.1 % 52.8 % Number of communities (period end) 277 277 277 266 (2) 266 (2) 236 235 (15.2) % (15.2) % Total Average Units 19,844 19,852 19,859 19,861 19,854 17,072 17,048 (14.1) % (14.0) % RevPAR $5,107 $5,104 $5,161 $5,178 $5,138 $5,342 $5,318 4.2 % 4.4 % Weighted average occupancy 79.0 % 79.1 % 80.2 % 80.8 % 79.8 % 80.2 % 80.3 % 120 bps 110 bps RevPOR $6,465 $6,450 $6,435 $6,413 $6,440 $6,664 $6,621 2.7 % 2.9 % Lease Coverage for the twelve months ended June 30, 2025 1.11x Operating and financing lease obligations as of June 30, 2025 (see page 19) $1,227,142 Facility Lease Maturity Information (Leased Portfolio as of June 30, 2025) Initial Lease Maturities Community Count Total Units Lease Payments (3) 2025 57 6,294 $67,566 2026 2 153 $1,664 2027 — — $— 2028 1 116 $2,517 2029 17 735 $9,867 Thereafter 158 9,605 $148,206 Total 235 16,903 $229,820 Senior Housing Leased Portfolio(1) (1) In December 2024 and February 2025, the Company acquired 11 and 30 previously leased communities, respectively. The results of operations of the 41 previously leased communities are excluded from the Senior Housing Leased Portfolio beginning with the full first quarter of 2025. Prior quarters have not been recast. (2) The number of leased communities (period end) for the fourth quarter of 2024 and the full year 2024 excludes the 11 communities acquired in December 2024. (3) Cash facility lease payments for the twelve months ended June 30, 2025.

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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 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $23,172 $23,318 $22,654 $20,573 $89,717 $25,599 $25,136 (7.8) % (9.1) % Senior Housing Leased Portfolio allocation 16,001 16,266 15,968 14,565 62,800 13,899 13,576 16.5 % 14.9 % All Other allocation 2,935 2,971 2,838 2,475 11,219 2,723 2,659 10.5 % 8.9 % Subtotal G&A expense allocations 42,108 42,555 41,460 37,613 163,736 42,221 41,371 2.8 % 1.3 % Non-cash stock-based compensation expense 3,273 3,975 3,403 3,533 14,184 3,979 3,089 22.3 % 2.5 % Transaction, Legal, and Organizational Restructuring Costs (see page 4) 351 134 66 7,379 7,930 1,674 10,513 NM NM General and administrative expense $45,732 $46,664 $44,929 $48,525 $185,850 $47,874 $54,973 (17.8) % (11.3) % 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fee revenue $744,241 $739,709 $743,729 $744,371 $2,972,050 $777,454 $775,614 4.9 % 4.7 % Resident fee revenue under management (2) 55,760 55,524 54,646 52,447 218,377 53,560 53,264 (4.1) % (4.0) % Total (consolidated and under management) $800,001 $795,233 $798,375 $796,818 $3,190,427 $831,014 $828,878 4.2 % 4.1 % 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) 5.3% 5.4% 5.2% 4.7% 5.1% 5.1% 5.0% 40 bps 30 bps G&A expense (including non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs) 5.7% 5.9% 5.6% 6.1% 5.8% 5.8% 6.6% (70) bps (40) bps G&A Expense

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13 ($ in 000s, except for community level capital expenditures, per average unit) 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $25,309 $25,404 $25,296 $25,656 $101,665 $26,803 $32,810 (29.2) % (17.5) % Senior Housing Leased Portfolio 15,065 20,131 9,510 4,568 49,274 9,783 6,822 66.1 % 52.8 % Community level capital expenditures, net (A) 40,374 45,535 34,806 30,224 150,939 36,586 39,632 13.0 % 11.3 % Corporate capital expenditures (2) 10,217 6,790 6,912 11,897 35,816 4,541 9,182 (35.2) % 19.3 % Non-Development Capital Expenditures, net (1) 50,591 52,325 41,718 42,121 186,755 41,127 48,814 6.7 % 12.6 % Development Capital Expenditures, net 218 215 191 13 637 9 3 98.6 % 97.2 % Total capital expenditures, net (1) 50,809 52,540 41,909 42,134 187,392 41,136 48,817 7.1 % 13.0 % Property and casualty insurance proceeds (2,642) (62) (3,593) (2,251) (8,548) (1,415) (2,072) NM 29.0 % Total capital expenditures, net of property and casualty insurance proceeds received (1) $48,167 $52,478 $38,316 $39,883 $178,844 $39,721 $46,745 10.9 % 14.1 % Capital Expenditures Reconciliation to Statements of Cash Flow Total capital expenditures, net (1) $50,809 $52,540 $41,909 $42,134 $187,392 $41,136 $48,817 Lessor reimbursements: non-development capital expenditures 249 1,051 6,714 8,944 16,958 2,013 9,324 Change in related payables (6,659) (2,017) 6,342 (766) (3,100) (1,332) (3,675) Total cash paid for capital expenditures $44,399 $51,574 $54,965 $50,312 $201,250 $41,817 $54,466 (5.6) % (0.3) % Senior Housing Total Average Units (B) 51,039 50,927 50,836 50,839 50,910 50,840 50,812 (0.2) % (0.3) % Community level capital expenditures, net, per average unit (A/B) $791 $894 $685 $595 $2,965 $720 $780 12.8 % 11.0 % Capital Expenditures (1) Amounts are presented net of lessor reimbursements. (2) Includes remediation costs at communities resulting from natural disasters of $14.0 million and $0.3 million for the full year 2024 and the first half of 2025, respectively. A portion of such costs are reimbursable under the Company's property and casualty insurance policies.

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14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2024 2025 2Q25 vs 2Q24 YTD 2Q25 vs YTD 2Q24 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Operating Lease Obligations Facility operating lease expense $51,496 $50,964 $51,937 $46,190 $200,587 $52,874 $52,653 Operating lease expense adjustment 13,089 13,483 12,489 9,732 48,793 3,853 4,846 Cash facility operating lease payments 64,585 64,447 64,426 55,922 249,380 56,727 57,499 10.8 % 11.5 % Financing Lease Obligations Interest expense: financing lease obligations 5,061 5,110 5,062 12,528 27,761 5,600 1,750 Payment of financing lease obligations 262 265 273 284 1,084 289 297 Cash financing lease payments 5,323 5,375 5,335 12,812 28,845 5,889 2,047 61.9 % 25.8 % Total cash facility lease payments (1) $69,908 $69,822 $69,761 $68,734 $278,225 $62,616 $59,546 14.7 % 12.6 % Interest Expense Reconciliation to Income Statement Interest expense: financing lease obligations $5,061 $5,110 $5,062 $12,528 $27,761 $5,600 $1,750 65.8 % 27.7 % Interest income (4,778) (4,714) (4,663) (5,007) (19,162) (3,648) (2,919) (38.1) % (30.8) % Interest expense: debt 53,456 53,778 54,171 54,120 215,525 54,659 57,648 (7.2) % (4.7) % Interest expense, net 53,739 54,174 54,570 61,641 224,124 56,611 56,479 (4.3) % (4.8) % Amortization of deferred financing costs 2,257 2,334 2,337 2,795 9,723 3,630 3,712 Change in fair value of derivatives (3,087) 345 4,746 (2,438) (434) 1,142 (29) Interest income 4,778 4,714 4,663 5,007 19,162 3,648 2,919 Interest expense per income statement $57,687 $61,567 $66,316 $67,005 $252,575 $65,031 $63,081 (2.5) % (7.4) % Cash Facility Lease Payments

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15 (1) Amount excludes $46.4 million in deferred financing costs, net. (2) Reflects rates as of June 30, 2025. (3) Variable rate maturities include $325.9 million of mortgage debt with extension options to 2027. (4) Fixed rate maturities include $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (5) Fixed rate maturities include $369.4 million of 3.50% convertible senior notes ("2029 Notes"). (6) Excludes convertible senior notes. (7) Includes the carrying amount of debt of which 88.0%, or $3.8 billion, represented non-recourse property-level mortgage financings. (8) Excludes operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA. (9) Adjusted to exclude $25.9 million of cash facility lease payments for previously leased communities acquired in December 2024 and February 2025. 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. $346 $324 $389 $306 $350 06/30/2024 09/30/2024 12/31/2024 03/31/2025 06/30/2025 Total Liquidity ($ in millions) Leverage Ratio ($ in 000s) Twelve Months Ended June 30, 2025 Cash facility operating lease payments (see page 14) $(234,574) Adjusted EBITDA 431,951 Cash financing lease payments (see page 14) (26,083) Adjusted EBITDA after cash financing lease payments (A) $405,868 As of June 30, 2025 Debt (net of $46.4 million in deferred financing costs) (7) $4,291,476 Cash and cash equivalents (251,888) Restricted cash held as collateral against existing debt (3,318) Net Debt (B) 4,036,270 Operating and financing lease obligations (see page 19) (8) 1,233,352 Adjusted Net Debt $5,269,622 Annualized Leverage (B/A) 9.9 x Adjusted Annualized Leverage (9) 9.3 x Debt Principal (1) ($ in millions) Fixed Rate Maturities Variable Rate Maturities Recurring Principal Payments Total Weighted Rate (2) 2025 $— $— $40 $40 5.49 % 2026 (3) (4) 44 326 56 426 6.08 % 2027 696 115 49 860 4.97 % 2028 333 357 38 728 5.83 % 2029 (5) 714 78 30 822 4.36 % Thereafter 1,131 293 38 1,462 5.22 % Total $2,918 $1,169 $251 $4,338 5.20 % Capital Structure Line of credit available to draw ($98 million as of June 30, 2025) Cash and cash equivalents and marketable securities ($252 million as of June 30, 2025) Fixed rate debt (6) $2,728 Variable rate debt with interest rate caps and swaps $1,117 Fixed rate convertible senior notes $393 63% 26% As of June 30, 2025 Weighted Rate Fixed rate debt (6) 4.75 % Variable rate debt 6.77 % 2026 Notes 2.00 % 2029 Notes 3.50 % Total debt 5.20 % 9% Variable rate debt - unhedged $100 2%

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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, 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 trailing-twelve months 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 $350/ unit, divided by the trailing-twelve months 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 during such period, 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. 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. Definitions

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17 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

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18 2024 2025 Twelve Months Ended June 30, 2025($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net income (loss) $(29,581) $(37,742) $(50,734) $(83,937) $(201,994) $(64,993) $(43,039) $(108,032) $(242,703) Provision (benefit) for income taxes (40) 449 677 3,560 4,646 (676) (271) (947) 3,290 Loss (gain) on debt modification and extinguishment, net — — 2,267 18,495 20,762 35,220 115 35,335 56,097 Non-operating loss (gain) on sale of assets, net (704) (199) (20) — (923) — — — (20) Other non-operating (income) loss (3,338) (199) (3,584) (2,255) (9,376) (1,358) (2,060) (3,418) (9,257) Interest expense 57,687 61,567 66,316 67,005 252,575 65,031 63,081 128,112 261,433 Interest income (4,778) (4,714) (4,663) (5,007) (19,162) (3,648) (2,919) (6,567) (16,237) Income (loss) from operations 19,246 19,162 10,259 (2,139) 46,528 29,576 14,907 44,483 52,603 Depreciation and amortization 86,127 88,028 90,064 93,569 357,788 90,976 92,853 183,829 367,462 Asset impairment 1,708 — 934 5,915 8,557 1,787 577 2,364 9,213 Loss (gain) on sale of communities, net — — — — — — (43) (43) (43) Operating lease expense adjustment (13,089) (13,483) (12,489) (9,732) (48,793) (3,853) (4,846) (8,699) (30,920) Non-cash stock-based compensation expense 3,273 3,975 3,403 3,533 14,184 3,979 3,089 7,068 14,004 Transaction, Legal, and Organizational Restructuring Costs 351 134 66 7,379 7,930 1,674 10,513 12,187 19,632 Adjusted EBITDA $97,616 $97,816 $92,237 $98,525 $386,194 $124,139 $117,050 $241,189 $431,951 Interest expense: financing lease obligations (5,061) (5,110) (5,062) (12,528) (27,761) (5,600) (1,750) (7,350) (24,940) Payment of financing lease obligations (262) (265) (273) (284) (1,084) (289) (297) (586) (1,143) Adjusted EBITDA after cash financing lease payments $92,293 $92,441 $86,902 $85,713 $357,349 $118,250 $115,003 $233,253 $405,868 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 "Reconciliations of Non-GAAP Financial Measures" in the Company's earnings release dated August 6, 2025 for additional information regarding the Company's use and the limitations of such non-GAAP financial measures.

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19 Net Debt and Adjusted Net Debt Reconciliations Appendix: Non-GAAP Financial Measures (continued) ($ in 000s) As of June 30, 2025 Long-term debt (including current portion) $4,291,476 Cash and cash equivalents (251,888) Cash held as collateral against existing debt (3,318) Net Debt 4,036,270 Operating and financing lease obligations 1,259,702 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (26,350) Adjusted Net Debt $5,269,622 Operating and financing lease obligations $1,259,702 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (26,350) Adjusted operating and financing lease obligations 1,233,352 Operating and financing lease obligations related to community support centers and information technology leases (6,210) Operating and financing lease obligations for Leased Portfolio $1,227,142

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20 2024 2025 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD Net cash provided by (used in) operating activities $(1,146) $55,670 $66,455 $45,198 $166,177 $23,402 $83,564 $106,966 Net cash provided by (used in) investing activities (6,946) (68,457) (58,113) (144,550) (278,066) (326,755) (50,399) (377,154) Net cash provided by (used in) financing activities 54,090 (20,375) (38,801) 147,147 142,061 239,669 (25,759) 213,910 Net increase (decrease) in cash, cash equivalents and restricted cash $45,998 $(33,162) $(30,459) $47,795 $30,172 $(63,684) $7,406 $(56,278) Net cash provided by (used in) operating activities $(1,146) $55,670 $66,455 $45,198 $166,177 $23,402 $83,564 $106,966 Changes in prepaid insurance premiums financed with notes payable 23,319 (7,617) (7,772) (7,930) — 22,392 (7,298) 15,094 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (249) (1,051) (6,432) (8,630) (16,362) (2,013) (9,319) (11,332) Non-development capital expenditures, net (50,591) (52,325) (41,718) (42,121) (186,755) (41,127) (48,814) (89,941) Property and casualty insurance proceeds 2,642 62 3,593 2,251 8,548 1,415 2,072 3,487 Payment of financing lease obligations (262) (265) (273) (284) (1,084) (289) (297) (586) Adjusted Free Cash Flow $(26,287) $(5,526) $13,853 $(11,516) $(29,476) $3,780 $19,908 $23,688 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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