# EDGAR Filing Document

**Accession Number:** 0001332349
**File Stem:** 0001332349-26-000045
**Filing Date:** 2026-5
**Character Count:** 88170
**Document Hash:** 7be3e42bc85cfacd667ef9b95d997dc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001332349-26-000045.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001332349-26-000045

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260506

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**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:** 26948751

**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-20260506

---

| | | |
|:---|:---|:---|
| **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) | May 6, 2026 |

---

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.)

<u>105 Westwood Place,</u> <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 May 6, 2026, Brookdale Senior Living Inc. (the "Company") issued a press release announcing its first quarter 2026 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 first quarter 2026 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 May 6, 2026](a1q26earningsrelease.htm)</u>

99.2 &nbsp;&nbsp;&nbsp;&nbsp;<u>[Supplemental Information](a1q26supplemental.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: | May 6, 2026 | By: | /s/ Chad C. White |
|  |  | Name: | Chad C. White |
|  |  | Title: | Executive Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo2a10.jpg](logo2a10.jpg)

**Brookdale Announces First Quarter 2026 Results**

**Brentwood, Tenn.,** May 6, 2026 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended March 31, 2026.

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

• Increased first quarter 2026 **consolidated revenue per available unit (RevPAR)** by 8.2% year-over-year.

• Improved first quarter 2026 **consolidated weighted average occupancy** by 280 basis points year-over-year to 82.1%.

• **Net loss** for the first quarter of 2026 was $7 million compared to a net loss of $65 million for the first quarter of 2025. **Adjusted EBITDA**<sup>(1)</sup> of $131 million for the first quarter of 2026 grew 5.6% over the first quarter of 2025.

• Beneficially refinanced and extended a significant portion of the Company's 2027 debt maturities during the first quarter.

• Received over $100 million of cash proceeds for communities sold in 2026 to date.

"Over the past six months, we have executed on a significant number of meaningful changes that have Brookdale strongly positioned for the next wave of growth," said Nick Stengle, Brookdale's Chief Executive Officer. "Our pricing is improving, our organization and cost structure are more streamlined, and our portfolio optimization is proceeding as planned. The table is now set for Brookdale to capitalize on the compelling supply-demand dynamic shaping up in the senior housing macroeconomic environment and to drive durable growth. Operating income improved from the start to the end of the quarter, and April's occupancy trends are solidly on track for us to deliver on our full year 2026 guidance levels of RevPAR year-over-year growth of 8% to 9% and $502 million to $516 million in Adjusted EBITDA."

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year-Over-Year<br>Increase / (Decrease)** | **Year-Over-Year<br>Increase / (Decrease)** | | **Sequential<br>Increase / (Decrease)** | **Sequential<br>Increase / (Decrease)** |
| *($ in millions, except RevPAR and RevPOR)* | **<u>1Q 2026</u>** | **<u>1Q 2025</u>** | **<u>Amount</u>** | **<u>Percent</u>** | **<u>4Q 2025</u>** | **<u>Amount</u>** | **<u>Percent</u>** |
| Resident fees | $722.5 | $777.5 | $(55.0) | (7.1)% | $714.5 | $8.0 | 1.1% |
| Facility operating expense | 511.5 | 557.0 | (45.5) | (8.2)% | 529.7 | (18.2) | (3.4)% |
| Cash facility operating lease payments | 44.7 | 56.7 | (12.0) | (21.2)% | 43.7 | 1.0 | 2.3% |
| Net income (loss) | (6.9) | (65.0) | (58.1) | (89.4)% | (40.0) | (33.1) | (82.7)% |
| Adjusted EBITDA | 131.1 | 124.1 | 7.0 | 5.6% | 105.6 | 25.5 | 24.2% |
| RevPAR | $5506 | $5090 | $416 | 8.2% | $5219 | $287 | 5.5% |
| Weighted average occupancy | 82.1% | 79.3% | 280 bps | n/a | 82.5% | (40) bps | n/a |
| RevPOR | $6705 | $6416 | $289 | 4.5% | $6324 | $381 | 6.0% |
| Total average units | 43637 | 50840 | (7203) | (14.2)% | 45526 | (1889) | (4.1)% |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. See "Non-GAAP Financial Measure" for the Company's definition of such measure, a reconciliation to the most comparable GAAP financial measure, and other important information regarding the use of the Company's non-GAAP financial measure.

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year-Over-Year<br>Increase / (Decrease)** | **Year-Over-Year<br>Increase / (Decrease)** | | **Sequential Increase / (Decrease)** | **Sequential Increase / (Decrease)** |
| *($ in millions, except RevPAR and RevPOR)* | **<u>1Q 2026</u>** | **<u>1Q 2025</u>** | **<u>Amount</u>** | **<u>Percent</u>** | **<u>4Q 2025</u>** | **<u>Amount</u>** | **<u>Percent</u>** |
| Resident fees | $690.9 | $654.7 | $36.2 | 5.5% | $656.6 | $34.3 | 5.2% |
| Facility operating expense | $481.1 | $454.2 | $26.9 | 5.9% | $474.7 | $6.4 | 1.4% |
| RevPAR | $5580 | $5288 | $292 | 5.5% | $5303 | $277 | 5.2% |
| Weighted average occupancy | 82.7% | 81.0% | 170 bps | n/a | 83.5% | (80) bps | n/a |
| RevPOR | $6745 | $6526 | $219 | 3.4% | $6348 | $397 | 6.3% |

---

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The same community senior housing portfolio includes operating results and data for 516 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. The same community portfolio excludes 23 communities, including 22 communities (1,983 units) that the Company sold subsequent to March 31, 2026 or plans to sell.

**<u>SUMMARY OF OCCUPANCY TREND</u>**

Recent **consolidated** occupancy trend:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **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>** | **<u>Aug</u>** | **<u>Sep</u>** | **<u>Oct</u>** | **<u>Nov</u>** | **<u>Dec</u>** |
| Weighted average | 79.2% | 79.3% | 79.5% | 79.8% | 80.0% | 80.5% | 81.1% | 81.8% | 82.5% | 82.6% | 82.5% | 82.4% |
| Month end | 80.6% | 80.8% | 80.9% | 81.0% | 81.5% | 82.2% | 82.6% | 83.2% | 83.8% | 83.7% | 83.4% | 83.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** |
| | **<u>Jan</u>** | **<u>Feb</u>** | **<u>Mar</u>** | **<u>Apr</u>** |
| Weighted average | 82.3% | 82.1% | 82.0% | 82.3% |
| Month end | 83.3% | 83.2% | 83.3% | 83.4% |

---

Recent **same community** occupancy trend:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** | **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>** | **<u>Aug</u>** | **<u>Sep</u>** | **<u>Oct</u>** | **<u>Nov</u>** | **<u>Dec</u>** |
| Weighted average | 80.9% | 81.0% | 81.2% | 81.5% | 81.6% | 82.0% | 82.7% | 83.1% | 83.4% | 83.7% | 83.6% | 83.4% |
| Month end | 82.3% | 82.5% | 82.6% | 82.7% | 83.1% | 83.8% | 84.1% | 84.5% | 84.7% | 84.9% | 84.3% | 84.4% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** |
| | **<u>Jan</u>** | **<u>Feb</u>** | **<u>Mar</u>** | **<u>Apr</u>** |
| Weighted average | 83.0% | 82.7% | 82.5% | 82.8% |
| Month end | 84.0% | 83.8% | 83.9% | 83.9% |

---

**<u>OVERVIEW OF FIRST QUARTER RESULTS</u>**

**• Resident fees.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2026 vs 1Q 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was primarily due to the disposition of communities, primarily through lease terminations, since the beginning of the prior year period, which resulted in $93.1 million less in resident fees during the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was partially offset by the 5.5% increase in same community resident fees, which was primarily due to the increase in RevPOR, primarily the result of the current year annual rate increase, and the 170 basis point increase in same community weighted average occupancy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2026 vs 4Q 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase was due to the 5.2% increase in same community resident fees, which was due to the 6.3% increase in RevPOR, reflecting the annual in-place rate increases effective January 1, 2026, partially offset by a seasonal decrease in same community occupancy of 80 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase was partially offset by the disposition of communities, primarily through lease terminations, since the beginning of the prior period, which resulted in $26.4 million less in resident fees during the first quarter of 2026.

**• Facility operating expense.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2026 vs 1Q 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was primarily due to the disposition of communities since the beginning of the prior year period, which resulted in $72.0 million less in facility operating expense during the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was partially offset by the 5.9% increase in same community facility operating expense, which was primarily due to increases in wage rates, increases in estimated insurance expense, and increases in utilities and maintenance expenses associated with winter storm activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2026 vs 4Q 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was primarily due to the disposition of communities since the beginning of the prior period, which resulted in $24.7 million less in facility operating expense during the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was partially offset by the 1.4% increase in same community facility operating expense, which was primarily due to an increase in estimated insurance expense, a seasonal increase in utilities expense associated with winter storm activity, and higher credit losses.

***•* Cash facility operating lease payments:** The decrease compared to the first quarter of 2025 was primarily due to the disposition of communities through lease terminations.

**• Net income (loss).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** 1Q 2026 vs 1Q 2025: The decrease in net loss was primarily attributable to a $32.8 million loss on extinguishment of a financing obligation during the prior year period and decreases in depreciation and amortization expense and facility operating lease expense due to the disposition of communities since the beginning of the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2026 vs 4Q 2025: The decrease in net loss was primarily due to the increase in same community resident fees, partially offset by the increase in same community facility operating expense.

***•* Adjusted EBITDA:** The increase compared to the first quarter of 2025 and the fourth quarter of 2025 was primarily due to the increase in same community resident fees, partially offset by the increase in same community facility operating expense.

**<u>TRANSACTION AND FINANCING UPDATE</u>**

On March 31, 2026, the Company obtained an aggregate $184.9 million of debt on 7 communities and repaid $190.6 million of outstanding mortgage debt secured by 11 communities previously scheduled to mature in March 2027. The principal amounts of the new loans are secured by non-recourse first mortgages, bear interest at a fixed rate of 5.38%, are interest only for the first two years, and mature in April 2033.

During the first quarter of 2026, the Company recognized $2.5 million of management termination fee revenue attributable to communities which were transitioned to a new manager effective as of April 1, 2026.

*Owned Community Dispositions*

During the first quarter of 2026, the Company completed the sale of seven owned communities (330 units) and received cash proceeds of $22.1 million, net of transaction costs. Subsequent to March 31, 2026, the Company completed the sale of three owned communities (545 units) and received cash proceeds of $88 million, net of transaction costs.

As previously announced, the Company plans to sell 19 additional owned communities (1,438 units) during 2026. The closings of the expected sales of assets are subject (where applicable) to the Company's successful marketing of such assets on terms acceptable to the Company. Further, the closings of the expected sales of assets are, or will be, subject to the satisfaction of various conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

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

Total liquidity of $368.7 million as of March 31, 2026 included $265.2 million of unrestricted cash and cash equivalents (excluding restricted cash of $68.4 million), $4.9 million of marketable securities, and $98.6 million of availability on the Company's secured credit facility. Total liquidity as of March 31, 2026 decreased $9.0 million from December 31, 2025.

------

**<u>2026 OUTLOOK</u>**

The Company is reiterating the following guidance:

---

| | |
|:---|:---|
| | **Full Year 2026 Guidance** |
| RevPAR year-over-year growth | 8.0% to 9.0% |
| Adjusted EBITDA | $502 million to $516 million |

---

Full year 2026 guidance reflects management's current expectations for transaction activity. Reconciliation of the non-GAAP financial measure included in the foregoing guidance to the most comparable GAAP financial measure is 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). 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 first 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 first quarter on May 7, 2026 at 9:00 AM ET.

A live 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.

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

Brookdale Senior Living Inc. is the nation's premier operator of senior living communities. With 568 communities across 41 states and the ability to serve approximately 51,000 residents as of March 31, 2026, 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.

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**<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," 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; 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; 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; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; 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, and geopolitical tensions or conflicts, 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.

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**Condensed Consolidated Statements of Operations**

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| *(in thousands, except per share data)* | **2026** | **2025** |
| Resident fees | $722456 | $777454 |
| Management fees | 5373 | 2620 |
| Reimbursed costs incurred on behalf of managed communities | 37027 | 33790 |
| &nbsp;&nbsp;&nbsp;Total revenue | 764856 | 813864 |
| Facility operating expense (excluding facility depreciation and amortization of $68,916 and $86,209, respectively) | 511470 | 556987 |
| General and administrative expense (including non-cash stock-based compensation expense of $3,680 and $3,979, respectively) | 45057 | 47874 |
| Facility operating lease expense | 43981 | 52874 |
| Depreciation and amortization | 73463 | 90976 |
| Asset impairment | 6115 | 1787 |
| Loss (gain) on sale of communities, net | (4034) |  |
| Costs incurred on behalf of managed communities | 37027 | 33790 |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | 51777 | 29576 |
| Interest income | 3113 | 3648 |
| Interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;Debt | (55670) | (54659) |
| &nbsp;&nbsp;&nbsp;Financing lease obligations | (1700) | (5600) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | (3483) | (3630) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivatives | 1301 | (1142) |
| Gain (loss) on debt modification and extinguishment, net | (2786) | (35220) |
| Other non-operating income (loss) | 115 | 1358 |
| Income (loss) before income taxes | (7333) | (65669) |
| Benefit (provision) for income taxes | 429 | 676 |
| Net income (loss) | (6904) | (64993) |
| Net (income) loss attributable to noncontrolling interest | 12 | 14 |
| Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders | $(6892) | $(64979) |
| Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders | $(0.03) | $(0.28) |
| Weighted average shares used in computing basic and diluted net income (loss) per share | 238112 | 230678 |

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**Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $265204 | $279122 |
| Marketable securities | 4939 |  |
| Restricted cash | 31075 | 33227 |
| Accounts receivable, net | 64359 | 67680 |
| Assets held for sale | 75221 | 77206 |
| Prepaid expenses and other current assets, net | 111750 | 96705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 552548 | 553940 |
| Property, plant and equipment and leasehold intangibles, net | 4230837 | 4272697 |
| Operating lease right-of-use assets | 1012792 | 1032140 |
| Other assets, net | 101635 | 93466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5897812 | $5952243 |
| Current portion of long-term debt | $82616 | $77492 |
| Current portion of lease obligations | 77966 | 75733 |
| Other current liabilities | 373987 | 414700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 534569 | 567925 |
| Long-term debt, less current portion | 4224369 | 4215005 |
| Lease obligations, less current portion | 1129824 | 1147892 |
| Other liabilities | 63621 | 64798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5952383 | 5995620 |
| Total Brookdale Senior Living Inc. stockholders' equity (deficit) | (55935) | (44753) |
| Noncontrolling interest | 1364 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (54571) | (43377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity (deficit) | $5897812 | $5952243 |

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**Condensed Consolidated Statements of Cash Flows**

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(in thousands)* | **2026** | **2025** |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $(6904) | $(64993) |
| &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 | 2786 | 35220 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization, net | 76946 | 94606 |
| &nbsp;&nbsp;&nbsp;Asset impairment | 6115 | 1787 |
| &nbsp;&nbsp;&nbsp;Deferred income tax (benefit) provision | (985) | (1157) |
| &nbsp;&nbsp;&nbsp;Operating lease expense adjustment | (720) | (3853) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivatives | (1301) | 1142 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of assets, net | (4034) |  |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation expense | 3680 | 3979 |
| &nbsp;&nbsp;&nbsp;Property and casualty insurance income | (140) | (1415) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 3321 | (6002) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets, net | 5267 | (5104) |
| &nbsp;&nbsp;&nbsp;Prepaid insurance premiums financed with notes payable | (20199) | (22392) |
| &nbsp;&nbsp;&nbsp;Trade accounts payable and accrued expenses | (47287) | (15148) |
| &nbsp;&nbsp;&nbsp;Refundable fees and deferred revenue | (433) | 4719 |
| &nbsp;&nbsp;&nbsp;Operating lease assets and liabilities for lessor capital expenditure reimbursements | 4775 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 20887 | 23402 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of marketable securities | (4939) |  |
| &nbsp;&nbsp;&nbsp;Sale and maturities of marketable securities |  | 20000 |
| &nbsp;&nbsp;&nbsp;Capital expenditures, net of related payables | (46476) | (41817) |
| &nbsp;&nbsp;&nbsp;Acquisition of assets |  | (311028) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of assets, net | 22059 |  |
| &nbsp;&nbsp;&nbsp;Property and casualty insurance proceeds | 140 | 1415 |
| &nbsp;&nbsp;&nbsp;Change in lease acquisition deposits, net |  | 5000 |
| &nbsp;&nbsp;&nbsp;Other | (518) | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (29734) | (326755) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt | 231676 | 320673 |
| &nbsp;&nbsp;&nbsp;Repayment of debt and financing lease obligations | (217924) | (70338) |
| &nbsp;&nbsp;&nbsp;Payment of financing costs, net of related payables | (6648) | (5909) |
| &nbsp;&nbsp;&nbsp;Payments of employee taxes for withheld shares | (7612) | (4757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (508) | 239669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, and restricted cash | (9355) | (63684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at beginning of period | 343008 | 379840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at end of period | $333653 | $316156 |

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

This earnings release contains the financial measure Adjusted EBITDA, which is not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Presentations of this non-GAAP financial measure is intended to aid investors in better understanding the factors and trends affecting the Company's performance. However, investors should not consider this non-GAAP financial measure as a substitute for financial measures determined in accordance with GAAP, including net income (loss) or income (loss) from operations. The Company cautions investors that amounts presented in accordance with the Company's definitions of this non-GAAP financial measure 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 reconciliation of this non-GAAP financial measure from the most comparable financial measure 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, gain/loss on facility operating lease termination, 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** | **Three Months Ended** |
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| **Net income (loss)** | $(6904) | $(39976) | $(64993) |
| Provision (benefit) for income taxes | (429) | (1171) | (676) |
| Loss (gain) on debt modification and extinguishment, net | 2786 | 4426 | 35220 |
| Other non-operating (income) loss | (115) | (240) | (1358) |
| Interest expense | 59552 | 62606 | 65031 |
| Interest income | (3113) | (2795) | (3648) |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | 51777 | 22850 | 29576 |
| Depreciation and amortization | 73463 | 76906 | 90976 |
| Asset impairment | 6115 | 6289 | 1787 |
| Loss (gain) on sale of communities, net | (4034) | (2186) |  |
| Loss (gain) on facility operating lease termination, net |  | (341) |  |
| Operating lease expense adjustment | (720) | (965) | (3853) |
| Non-cash stock-based compensation expense | 3680 | 2236 | 3979 |
| Transaction, legal, and organizational restructuring costs | 771 | 770 | 1674 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $131052 | $105559 | $124139 |

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**Contact:** 

Mike Grant

VP Investor Relations

(615) 564-8104

Mike.Grant@brookdale.com

## Exhibit 99.2

![](a1q26supplemental001.jpg)

Supplemental Information 1st Quarter 2026 Exhibit 99.2

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![](a1q26supplemental002.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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![](a1q26supplemental003.jpg)

3 Managed 4,293 Owned 32,879 Leased 10,456 Managed 29 Owned 363 Leased 176 568 communities 47,628 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. 2025 2026 1Q26 vs 1Q25 1Q26 vs 4Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q Better B (Worse) (W) B(W) RevPAR $5,090 $5,080 $5,158 $5,219 $5,134 $5,506 8.2 % 5.5 % Weighted average occupancy 79.3% 80.1% 81.8% 82.5% 80.9% 82.1% 280 bps (40) bps RevPOR $6,416 $6,343 $6,307 $6,324 $6,347 $6,705 4.5 % 6.0 % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 (14.2) % (4.1) % Resident fees $777,454 $775,614 $775,140 $714,504 $3,042,712 $722,456 $722,456 (7.1) % 1.1 % Net income (loss) $(64,993) $(43,039) $(114,738) $(39,976) $(262,746) $(6,904) 89.4 % 82.7 % Net cash provided by operating activities $23,402 $83,564 $76,525 $34,539 $218,030 $20,887 (10.7) % (39.5) % Adjusted EBITDA $124,139 $117,050 $111,071 $105,559 $457,819 $131,052 5.6 % 24.2 % Adjusted Free Cash Flow $3,780 $19,908 $21,794 $(22,659) $22,823 $(12,225) NM 46.0 % 1Q 2026 weighted average occupancy (consolidated communities) Occupancy Band Community Count % of Period End Communities Greater than 95% 83 15% 90% > 95% 85 16% 85% > 90% 80 15% 80% > 85% 72 13% 75% > 80% 81 15% 70% > 75% 51 10% Less than 70% 87 16% Total 539 100% Overview As of March 31, 2026 Consolidated: 43,335 Consolidated: 539

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![](a1q26supplemental004.jpg)

4 2025 2026 1Q26 vs 1Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Resident fees $777,454 $775,614 $775,140 $714,504 $3,042,712 $722,456 (7.1) % Management fees 2,620 2,623 2,698 2,912 10,853 5,373 105.1 % Facility operating expense (556,987) (562,317) (566,985) (529,727) (2,216,016) (511,470) 8.2 % Combined Segment Operating Income 223,087 215,920 210,853 187,689 837,549 216,359 (3.0) % General and administrative expense (1) (42,221) (41,371) (43,104) (38,422) (165,118) (40,606) 3.8 % Cash facility operating lease payments (see page 14) (56,727) (57,499) (56,678) (43,708) (214,612) (44,701) 21.2 % Adjusted EBITDA 124,139 117,050 111,071 105,559 457,819 131,052 5.6 % Transaction, Legal, and Organizational Restructuring Costs (2) (1,674) (10,513) (5,129) (770) (18,086) (771) 53.9 % Interest expense, net (see page 14) (56,611) (56,479) (56,833) (56,032) (225,955) (54,257) 4.2 % Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (2.4) % Changes in working capital (3) (21,535) 17,378 11,769 (29,137) (21,525) (39,132) (81.7) % Non-Development Capital Expenditures, net (4) (41,127) (48,814) (38,441) (42,318) (170,700) (48,380) (17.6) % Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 (90.1) % Other (538) (489) (543) 160 (1,410) 3 2 (581) (8.0) % Adjusted Free Cash Flow $3,780 $19,908 $21,794 $(22,659) $22,823 $(12,225) 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 transaction costs for stockholder relations advisory matters of $8.0 million and organizational restructuring costs of $9.3 million for the full year 2025. (3) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (4) Amounts are presented net of lessor reimbursements, see page 13.

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![](a1q26supplemental005.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 $1.7 million. (3) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs, see page 12. (4) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. 1Q 2026 ($ in 000s) Total Senior Housing Owned Portfolio Senior Housing Leased Portfolio Corporate All Other (1) Resident fee revenue (2) $722,456 $525,127 $197,329 $— $— Management fees 5,373 — — — 5,373 Facility operating expense (511,470) (379,699) (131,771) — — Combined Segment Operating Income 216,359 145,428 65,558 — 5,373 Combined segment operating margin 29.7 % 27.7 % 33.2 % — % 100.0 % General and administrative expense (3) (40,606) (27,340) (10,273) — (2,993) Cash facility operating lease payments (44,701) — (44,365) (336) — Adjusted EBITDA 131,052 118,088 10,920 (336) 2,380 Transaction, Legal, and Organizational Restructuring Costs (771) — — (771) — Interest expense, net (54,257) (55,670) (1,473) 2,886 — Payment of financing lease obligations (296) — (91) (205) — Changes in working capital (4) (39,132) — — (39,132) — Non-Development Capital Expenditures, net (48,380) (30,992) (9,072) (8,316) — Property and casualty insurance proceeds 140 — — 140 — Other (581) — — (581) — Adjusted Free Cash Flow $(12,225) $31,426 $284 $(46,315) $2,380 Adjusted EBITDA and Adjusted Free Cash Flow Distribution

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![](a1q26supplemental006.jpg)

6 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Total Senior Housing and All Other Revenue (1) $780,074 $778,237 $777,838 $717,416 $3,053,565 $727,829 (6.7) % Combined Segment Operating Income $223,087 $215,920 $210,853 $187,689 $837,549 $216,359 (3.0) % Combined segment operating margin 28.6 % 27.7 % 27.1 % 26.2 % 27.4 % 29.7 % 110 bps Senior Housing Segments (see page 7) Revenue $777,454 $775,614 $775,140 $714,504 $3,042,712 $722,456 (7.1) % Senior Housing Operating Income $220,467 $213,297 $208,155 $184,777 $826,696 $210,986 (4.3) % Operating margin 28.4 % 27.5 % 26.9 % 25.9 % 27.2 % 29.2 % 80 bps Number of communities (period end) 619 617 593 548 548 539 (12.9) % Total Average Units 50,840 50,812 50,012 45,526 49,297 43,637 (14.2) % RevPAR $5,090 $5,080 $5,158 $5,219 $5,134 $5,506 8.2 % Weighted average occupancy 79.3 % 80.1 % 81.8 % 82.5 % 80.9 % 82.1 % 280 bps RevPOR $6,416 $6,343 $6,307 $6,324 $6,347 $6,705 4.5 % All Other All Other Segment Operating Income (comprised solely of management fees) $2,620 $2,623 $2,698 $2,912 $10,853 $5,373 105.1 % Resident fee revenue under management (2) $53,560 $53,264 $54,635 $52,701 $214,160 $57,522 7.4 % Segment Overview (1) Excludes reimbursed costs on behalf of managed communities. (2) Not included in consolidated reported amounts.

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7 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Independent Living Revenue $157,117 $158,135 $156,996 $121,565 $593,813 $120,330 (23.4) % Segment Operating Income $54,232 $53,598 $51,503 $38,213 $197,546 $43,212 (20.3) % Segment operating margin 34.5 % 33.9 % 32.8 % 31.4 % 33.3 % 35.9 % 140 bps Number of communities (period end) 68 68 66 53 53 53 (22.1) % Total Average Units 12,582 12,584 12,337 9,754 11,814 9,138 (27.4) % RevPAR $4,162 $4,189 $4,242 $4,154 $4,189 $4,389 5.5 % Weighted average occupancy 81.2 % 82.0 % 83.8 % 84.5 % 82.8 % 84.1 % 290 bps RevPOR $5,127 $5,109 $5,063 $4,917 $5,061 $5,217 1.8 % Assisted Living and Memory Care Revenue $533,379 $531,318 $531,941 $506,665 $2,103,303 $523,188 (1.9) % Segment Operating Income $149,553 $142,707 $140,685 $130,465 $563,410 $150,316 0.5 % Segment operating margin 28.0 % 26.9 % 26.4 % 25.7 % 26.8 % 28.7 % 70 bps Number of communities (period end) 534 532 510 480 480 472 (11.6) % Total Average Units 33,524 33,494 32,941 31,043 32,750 30,415 (9.3) % RevPAR $5,292 $5,276 $5,370 $5,422 $5,338 $5,716 8.0 % Weighted average occupancy 78.7 % 79.6 % 81.4 % 82.4 % 80.5 % 81.5 % 280 bps RevPOR $6,720 $6,627 $6,595 $6,583 $6,632 $7,011 4.3 % CCRCs Revenue $86,958 $86,161 $86,203 $86,274 $345,596 $78,938 (9.2) % Segment Operating Income $16,682 $16,992 $15,967 $16,099 $65,740 $17,458 4.7 % Segment operating margin 19.2 % 19.7 % 18.5 % 18.7 % 19.0 % 22.1 % 290 bps Number of communities (period end) 17 17 17 15 15 14 (17.6) % Total Average Units 4,734 4,734 4,734 4,729 4,733 4,084 (13.7) % RevPAR $6,123 $6,067 $6,070 $6,081 $6,085 $6,443 5.2 % Weighted average occupancy 78.5 % 78.5 % 79.2 % 79.6 % 78.9 % 82.0 % 350 bps RevPOR $7,798 $7,729 $7,669 $7,644 $7,709 $7,859 0.8 % Senior Housing Segments

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8 2025 2026 1Q26 vs 1Q25 1Q26 vs 4Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) B(W) Revenue $654,682 $652,833 $658,102 $656,641 $2,622,258 $690,939 5.5 % 5.2 % Community Labor Expense (293,247) (300,782) (306,122) (310,774) (1,210,925) (308,088) (5.1) % 0.9 % % of revenue 44.8 % 46.1 % 46.5 % 47.3 % 46.2 % 44.6 % 20 bps 270 bps Other facility operating expense (160,926) (159,504) (163,545) (163,899) (647,874) (173,032) (7.5) % (5.6) % % of revenue 24.6 % 24.4 % 24.9 % 25.0 % 24.7 % 25.0 % (40) bps 0 bps Facility operating expense (2) (454,173) (460,286) (469,667) (474,673) (1,858,799) (481,120) (5.9) % (1.4) % Same Community Operating Income $200,509 $192,547 $188,435 $181,968 $763,459 $209,819 4.6 % 15.3 % Same Community operating margin 30.6 % 29.5 % 28.6 % 27.7 % 29.1 % 30.4 % (20) bps 270 bps Total Average Units 41,272 41,273 41,275 41,275 41,274 41,273 — % — % RevPAR $5,288 $5,272 $5,315 $5,303 $5,294 $5,580 5.5 % 5.2 % Weighted average occupancy 81.0 % 81.7 % 83.1 % 83.5 % 82.4 % 82.7 % 170 bps (80) bps RevPOR $6,526 $6,452 $6,396 $6,348 $6,429 $6,745 3.4 % 6.3 % Senior Housing: Same Community (1) Same Community RevPAR / Weighted Average Occupancy $5,288 $5,272 $5,315 $5,303 $5,580 81.0% 81.7% 83.1% 83.5% 82.7% RevPAR Weighted Average Occupancy 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 (1) Same Community portfolio reflects 516 communities which represents 95.7% of the Company's total consolidated communities. The same community portfolio excludes 23 communities, including 22 communities (1,983 units) that the Company sold subsequent to March 31, 2026 or plans to sell. (2) Excludes natural disaster expense, consisting primarily of remediation of storm damage, net of related insurance recoveries, of $1.1 million for the full year 2025.

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9 2025 2026 1Q26 vs 1Q25 1Q26 vs 4Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) B(W) Independent Living Revenue $110,644 $111,381 $112,163 $112,184 $446,372 $118,706 7.3 % 5.8 % Community Labor Expense (40,116) (41,588) (42,243) (42,961) (166,908) (42,745) (6.6) % 0.5 % Other facility operating expense (31,514) (31,452) (32,368) (32,499) (127,833) (33,418) (6.0) % (2.8) % Facility operating expense (71,630) (73,040) (74,611) (75,460) (294,741) (76,163) (6.3) % (0.9) % Same Community Operating Income $39,014 $38,341 $37,552 $36,724 $151,631 $42,543 9.0 % 15.8 % Same Community operating margin 35.3 % 34.4 % 33.5 % 32.7 % 34.0 % 35.8 % 50 bps 310 bps Total Average Units 8,940 8,940 8,940 8,940 8,940 8,941 — % — % RevPAR $4,125 $4,153 $4,182 $4,183 $4,161 $4,426 7.3 % 5.8 % Weighted average occupancy 82.8 % 83.5 % 84.8 % 85.1 % 84.1 % 84.4 % 160 bps (70) bps RevPOR $4,984 $4,972 $4,930 $4,915 $4,950 $5,242 5.2 % 6.7 % Assisted Living and Memory Care Revenue $476,310 $474,371 $479,405 $477,385 $1,907,471 $501,849 5.4 % 5.1 % Community Labor Expense (218,564) (224,532) (228,773) (233,121) (904,990) (230,139) (5.3) % 1.3 % Other facility operating expense (111,647) (111,029) (113,934) (113,453) (450,063) (121,454) (8.8) % (7.1) % Facility operating expense (330,211) (335,561) (342,707) (346,574) (1,355,053) (351,593) (6.5) % (1.4) % Same Community Operating Income $146,099 $138,810 $136,698 $130,811 $552,418 $150,256 2.8 % 14.9 % Same Community operating margin 30.7 % 29.3 % 28.5 % 27.4 % 29.0 % 29.9 % (80) bps 250 bps Total Average Units 28,722 28,723 28,725 28,725 28,724 28,722 — % — % RevPAR $5,528 $5,505 $5,563 $5,540 $5,534 $5,824 5.4 % 5.1 % Weighted average occupancy 80.5 % 81.3 % 82.8 % 83.3 % 82.0 % 82.2 % 170 bps (110) bps RevPOR $6,865 $6,775 $6,720 $6,653 $6,751 $7,086 3.2 % 6.5 % CCRCs Revenue $67,728 $67,081 $66,534 $67,072 $268,415 $70,384 3.9 % 4.9 % Community Labor Expense (34,567) (34,662) (35,106) (34,692) (139,027) (35,204) (1.8) % (1.5) % Other facility operating expense (17,765) (17,023) (17,243) (17,947) (69,978) (18,160) (2.2) % (1.2) % Facility operating expense (52,332) (51,685) (52,349) (52,639) (209,005) (53,364) (2.0) % (1.4) % Same Community Operating Income $15,396 $15,396 $14,185 $14,433 $59,410 $17,020 10.5 % 17.9 % Same Community operating margin 22.7 % 23.0 % 21.3 % 21.5 % 22.1 % 24.2 % 150 bps 270 bps Total Average Units 3,610 3,610 3,610 3,610 3,610 3,610 — % — % RevPAR $6,254 $6,194 $6,143 $6,193 $6,196 $6,499 3.9 % 4.9 % Weighted average occupancy 80.7 % 80.8 % 81.2 % 81.9 % 81.2 % 82.8 % 210 bps 90 bps RevPOR $7,745 $7,661 $7,562 $7,559 $7,631 $7,848 1.3 % 3.8 % Senior Housing Segments: Same Community (1) (1) Same Community portfolio reflects 52 Independent Living communities, 451 Assisted Living and Memory Care communities, and 13 CCRCs.

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10 2025 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $503,870 $503,611 $508,502 $506,615 $2,022,598 $525,127 4.2 % Facility operating expense (368,894) (371,718) (379,016) (380,076) (1,499,704) (379,699) (2.9) % Owned Portfolio Operating Income $134,976 $131,893 $129,486 $126,539 $522,894 $145,428 7.7 % Owned Portfolio operating margin 26.8 % 26.2 % 25.5 % 25.0 % 25.9 % 27.7 % 90 bps Additional Information Interest expense: debt $(54,659) $(57,648) $(58,089) $(57,144) $(227,540) $(55,670) (1.8) % Community level capital expenditures, net (see page 13) $(26,803) $(32,810) $(29,266) $(36,220) $(125,099) $(30,992) (15.6) % Number of communities (period end) 383 382 372 370 370 363 (5.2) % Total Average Units 33,768 33,764 33,635 33,440 33,651 33,080 (2.0) % RevPAR $4,962 $4,960 $5,027 $5,033 $4,995 $5,275 6.3 % Weighted average occupancy 78.9 % 80.0 % 81.7 % 82.3 % 80.7 % 81.7 % 280 bps RevPOR $6,288 $6,202 $6,156 $6,115 $6,189 $6,458 2.7 % Senior Housing Owned Portfolio(1) Interest Coverage for the twelve months ended March 31, 2026 1.8x Net Debt as of March 31, 2026 (see page 15) $4,028,726 (1) In February 2025, the Company acquired 30 previously leased communities. The results of operations of the previously leased communities are included within the Senior Housing Owned Portfolio beginning with the full first quarter of 2025.

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11 2025(2) 2026 1Q26 vs 1Q25 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Revenue $273,584 $272,003 $266,638 $207,889 $1,020,114 $197,329 (27.9) % Facility operating expense (188,093) (190,599) (187,969) (149,651) (716,312) (131,771) 29.9 % Leased Portfolio Operating Income $85,491 $81,404 $78,669 $58,238 $303,802 $65,558 (23.3) % Leased Portfolio operating margin 31.2 % 29.9 % 29.5 % 28.0 % 29.8 % 33.2 % 200 bps Additional Information Cash facility lease payments on leased portfolio (see page 14) $(58,244) $(58,987) $(57,898) $(44,932) $(220,061) $(45,929) 21.1 % Community level capital expenditures, net (see page 13) $(9,783) $(6,822) $(4,165) $1,534 $(19,236) $(9,072) 7.3 % Number of communities (period end) 236 235 221 178 178 176 (25.4) % Total Average Units 17,072 17,048 16,377 12,086 15,646 10,557 (38.2) % RevPAR $5,342 $5,318 $5,427 $5,734 $5,433 $6,231 16.6 % Weighted average occupancy 80.2 % 80.3 % 82.0 % 83.1 % 81.3 % 83.5 % 330 bps RevPOR $6,664 $6,621 $6,615 $6,896 $6,686 $7,463 12.0 % Lease Coverage for the three months ended March 31, 2026 1.20x Operating and financing lease obligations as of March 31, 2026 (see page 19) $1,177,338 Facility Lease Maturity Information (Leased Portfolio as of March 31, 2026) Initial Lease Maturities Community Count Total Units Lease Payments (3) 2026 — — $— 2027 — — $— 2028 1 116 $648 2029 17 735 $2,576 2030 — — $— Thereafter 158 9,605 $42,424 Total 176 10,456 $45,648 Senior Housing Leased Portfolio(1) (1) During the six months ended December 31, 2025, the Company completed terminations of leases on 57 communities (6,294 units), which included terminations of leases on 55 communities provided in the December 2024 lease amendment with Ventas, Inc. (2) In February 2025, the Company acquired 30 previously leased communities. The results of operations of the previously leased communities are excluded from the Senior Housing Leased Portfolio beginning with the full first quarter of 2025. (3) Cash facility lease payments for the three months ended March 31, 2026.

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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 2025 2026 1Q26 vs 1Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $25,599 $25,136 $26,415 $25,372 $102,522 $27,340 (6.8) % Senior Housing Leased Portfolio allocation 13,899 13,576 13,851 10,411 51,737 10,273 26.1 % All Other allocation 2,723 2,659 2,838 2,639 10,859 2,993 (9.9) % Subtotal G&A expense allocations 42,221 41,371 43,104 38,422 165,118 40,606 3.8 % Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 7.5 % Transaction, Legal, and Organizational Restructuring Costs (see page 4) 1,674 10,513 5,129 770 18,086 771 53.9% General and administrative expense $47,874 $54,973 $50,866 $41,428 $195,141 $45,057 5.9 % 2025 2026 1Q26 vs 1Q25 1Q 2Q 3Q 4Q Full Year 1Q B(W) Resident fee revenue $777,454 $775,614 $775,140 $714,504 $3,042,712 $722,456 (7.1) % Resident fee revenue under management (2) 53,560 53,264 54,635 52,701 214,160 57,522 7.4 % Total (consolidated and under management) $831,014 $828,878 $829,775 $767,205 $3,256,872 $779,978 (6.1) % 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) 5.1% 5.0% 5.2% 5.0% 5.1% 5.2% (10) bps G&A expense (including non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs) 5.8% 6.6% 6.1% 5.4% 6.0% 5.8% 0 bps G&A Expense

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13 Capital Expenditures (1) Amounts are presented net of lessor reimbursements. ($ in 000s, except for community level capital expenditures, per average unit) 2025 2026 1Q26 vs 1Q25 1Q 2Q 3Q 4Q Full Year 1Q B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $26,803 $32,810 $29,266 $36,220 $125,099 $30,992 (15.6) % Senior Housing Leased Portfolio 9,783 6,822 4,165 (1,534) 19,236 9,072 7.3 % Community level capital expenditures, net (A) 36,586 39,632 33,431 34,686 144,335 40,064 (9.5) % Corporate capital expenditures 4,541 9,182 5,010 7,632 26,365 8,316 (83.1) % Non-Development Capital Expenditures, net (1) $41,127 $48,814 $38,441 $42,318 $170,700 $48,380 (17.6) % Property and casualty insurance proceeds (1,415) (2,072) (204) (184) (3,875) (140) (90.1) % Non-Development capital expenditures, net of property and casualty insurance proceeds received (1) $39,712 $46,742 $38,237 $42,134 $166,825 $48,240 (21.5) % Capital Expenditures Reconciliation to Statements of Cash Flow Non-Development Capital Expenditures, net (1) $41,127 $48,814 $38,441 $42,318 $170,700 $48,380 Lessor reimbursements: non-development capital expenditures 2,013 9,324 8,741 12,497 32,575 4,775 Change in related payables (1,332) (3,675) (5,594) 8,838 (1,763) (6,679) Development Capital Expenditures, net 9 3 1 — 13 — Total cash paid for capital expenditures $41,817 $54,466 $41,589 $63,653 $201,525 $46,476 (11.1) % Senior Housing Total Average Units (B) 50,840 50,812 50,012 45,526 49,297 43,637 (14.2) % Community level capital expenditures, net, per average unit (A/B) $720 $780 $668 $762 $2,928 $918 (27.5) %

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14 (1) Includes cash lease payments for leases of community support centers and information technology systems and equipment. 2025 2026 1Q26 vs 1Q25 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q B(W) Operating Lease Obligations Facility operating lease expense $52,874 $52,653 $51,993 $42,743 $200,263 $43,981 Operating lease expense adjustment 3,853 4,846 4,685 965 14,349 720 Cash facility operating lease payments 56,727 57,499 56,678 43,708 214,612 44,701 21.2 % Financing Lease Obligations Interest expense: financing lease obligations 5,600 1,750 1,764 1,683 10,797 1,700 Payment of financing lease obligations 289 297 304 305 1,195 296 Cash financing lease payments 5,889 2,047 2,068 1,988 11,992 1,996 66.1 % Total cash facility lease payments (1) $62,616 $59,546 $58,746 $45,696 $226,604 $46,697 25.4 % Interest Expense Reconciliation to Income Statement Interest expense: financing lease obligations $5,600 $1,750 $1,764 $1,683 $10,797 $1,700 69.6 % Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (14.7) % Interest expense: debt 54,659 57,648 58,089 57,144 227,540 55,670 (1.8) % Interest expense, net 56,611 56,479 56,833 56,032 225,955 54,257 4.2 % Amortization of deferred financing costs 3,630 3,712 3,747 3,686 14,775 3,483 Change in fair value of derivatives 1,142 (29) (26) 93 1,180 (1,301) Interest income 3,648 2,919 3,020 2,795 12,382 3,113 Interest expense per income statement $65,031 $63,081 $63,574 $62,606 $254,292 $59,552 8.4 % Cash Facility Lease Payments

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15 Variable rate debt - unhedged $40 (1) Amount excludes $45.4 million in deferred financing costs, net. (2) Reflects rates as of March 31, 2026. (3) Fixed rate maturities are comprised of $23.3 million of 2.00% convertible senior notes ("2026 Notes"). (4) Fixed rate maturities include $369.4 million of 3.50% convertible senior notes ("2029 Notes"). (5) Excludes convertible senior notes. (6) Includes the carrying amount of debt of which 89.3%, or $3.9 billion, represented non-recourse property-level mortgage financings. (7) Excludes operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA. 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. $306 $350 $352 $378 $457 $88 03/31/2025 06/30/2025 09/30/2025 12/31/2025 03/31/2026 Total Liquidity ($ in millions) Leverage Ratio ($ in 000s) Twelve Months Ended March 31, 2026 Cash facility operating lease payments (see page 14) $(202,586) Adjusted EBITDA 464,732 Cash financing lease payments (see page 14) (8,099) Adjusted EBITDA after cash financing lease payments (A) $456,633 As of March 31, 2026 Debt (net of $45.4 million in deferred financing costs) (6) $4,306,985 Cash and cash equivalents (265,204) Marketable securities (4,939) Restricted cash held as collateral against existing debt (8,116) Net Debt (B) 4,028,726 Operating and financing lease obligations (see page 19) (7) 1,182,027 Adjusted Net Debt $5,210,753 Annualized Leverage (B/A) 8.8 x Debt Principal (1) ($ in millions) Fixed Rate Maturities Variable Rate Maturities Recurring Principal Payments Total Weighted Rate (2) 2026 (3) $23 $— $53 $76 4.04 % 2027 374 59 47 480 4.81 % 2028 333 575 41 949 5.60 % 2029 (4) 714 78 35 827 4.30 % 2030 518 291 22 831 4.29 % Thereafter 1,128 24 37 1,189 5.87 % Total $3,090 $1,027 $235 $4,352 5.06 % Capital Structure Line of credit available to draw ($99 million as of March 31, 2026) Cash and cash equivalents and marketable securities ($270 million as of March 31, 2026) Pro forma liquidity for community sales that occurred subsequent to March 31, 2026 Variable rate debt with interest rate caps and swaps $1,024 Fixed rate convertible senior notes $393 67% 24% As of March 31, 2026 Weighted Rate Fixed rate debt (5) 4.91 % Variable rate debt 6.07 % 2026 Notes 2.00 % 2029 Notes 3.50 % Total debt 5.06 % 9% Fixed rate debt (5) $2,895

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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, gain/loss on facility operating lease termination, 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 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 an annualized rate of $350/ unit, divided by the 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, 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. Definitions

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17 RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of the Company's communities), 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. 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 2025 2026 Twelve Months Ended March 31, 2026($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net income (loss) $(64,993) $(43,039) $(114,738) $(39,976) $(262,746) $(6,904) $(204,657) Provision (benefit) for income taxes (676) (271) 167 (1,171) (1,951) (429) (1,704) Loss (gain) on debt modification and extinguishment, net 35,220 115 326 4,426 40,087 2,786 7,653 Other non-operating (income) loss (1,358) (2,060) (144) (240) (3,802) (115) (2,559) Interest expense 65,031 63,081 63,574 62,606 254,292 59,552 248,813 Interest income (3,648) (2,919) (3,020) (2,795) (12,382) (3,113) (11,847) Income (loss) from operations 29,576 14,907 (53,835) 22,850 13,498 51,777 35,699 Depreciation and amortization 90,976 92,853 94,792 76,906 355,527 73,463 338,014 Asset impairment 1,787 577 62,696 6,289 71,349 6,115 75,677 Loss (gain) on sale of communities, net — (43) (139) (2,186) (2,368) (4,034) (6,402) Loss (gain) on facility operating lease termination, net — — 4,480 (341) 4,139 — 4,139 Operating lease expense adjustment (3,853) (4,846) (4,685) (965) (14,349) (720) (11,216) Non-cash stock-based compensation expense 3,979 3,089 2,633 2,236 11,937 3,680 11,638 Transaction, Legal, and Organizational Restructuring Costs 1,674 10,513 5,129 770 18,086 771 17,183 Adjusted EBITDA $124,139 $117,050 $111,071 $105,559 $457,819 $131,052 $464,732 Interest expense: financing lease obligations (5,600) (1,750) (1,764) (1,683) (10,797) (1,700) (6,897) Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) (1,202) Adjusted EBITDA after cash financing lease payments $118,250 $115,003 $109,003 $103,571 $445,827 $129,056 $456,633 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 "Non-GAAP Financial Measure" in the Company's earnings release dated May 6, 2026 for additional information regarding the Company's use and the limitations of Adjusted EBITDA.

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19 Net Debt and Adjusted Net Debt Reconciliations Appendix: Non-GAAP Financial Measures (continued) ($ in 000s) As of March 31, 2026 Long-term debt (including current portion) $4,306,985 Cash and cash equivalents (265,204) Marketable securities (4,939) Cash held as collateral against existing debt (8,116) Net Debt 4,028,726 Operating and financing lease obligations 1,207,790 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (25,763) Adjusted Net Debt $5,210,753 Operating and financing lease obligations $1,207,790 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDA (25,763) Adjusted operating and financing lease obligations 1,182,027 Operating and financing lease obligations related to community support centers and information technology leases (4,689) Operating and financing lease obligations for Leased Portfolio $1,177,338

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20 2025 2026 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q Net cash provided by operating activities $23,402 $83,564 $76,525 $34,539 $218,030 $20,887 Net cash provided by (used in) investing activities (326,755) (50,399) (34,195) (44,602) (455,951) (29,734) Net cash provided by (used in) financing activities 239,669 (25,759) (34,565) 21,744 201,089 (508) Net increase (decrease) in cash, cash equivalents and restricted cash $(63,684) $7,406 $7,765 $11,681 $(36,832) $(9,355) Net cash provided by operating activities $23,402 $83,564 $76,525 $34,539 $218,030 $20,887 Changes in prepaid insurance premiums financed with notes payable 22,392 (7,298) (7,484) (7,610) — 20,199 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (2,013) (9,319) (8,706) (12,149) (32,187) (4,775) Changes in operating lease assets and liabilities for lease termination — — — 5,000 5,000 — Non-development capital expenditures, net (41,127) (48,814) (38,441) (42,318) (170,700) (48,380) Property and casualty insurance proceeds 1,415 2,072 204 184 3,875 140 Payment of financing lease obligations (289) (297) (304) (305) (1,195) (296) Adjusted Free Cash Flow $3,780 $19,908 $21,794 $(22,659) $22,823 $(12,225) 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. 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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