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- **Occupancy Milestone**: 81.8% consolidated occupancy, highest since 2020, with 150bps sequential growth.
- **Profitability Boost**: Adjusted EBITDA up 20% YoY, free cash flow positive for 3Q in a row.
- **Growth Catalysts**: Mid-teen EBITDA growth projected, driven by SWAT team expansion and regional operational focus.
- **Debt Reduction**: Leverage down to 9.0x EBITDA, with 2026 debt refinancing and portfolio optimization.

**【CEO Summary Section】**
- Q3 occupancy reached 81.8% (consolidated) and 82.3% (same-store), highest since Q1 2020.
- Reduced low-occupancy communities from 143 to 89, with 41 communities needing 1-3 move-ins to exit sub-70% band.
- Mid-teen EBITDA growth projected over next several years, driven by targeted CapEx and pricing strategy.
- New organizational structure with 6 regional leaders and centralized support team.

**【CFO Financial Commentary】**
- Adjusted EBITDA up 20% YoY to $111.1M, with free cash flow of $21.8M (Q3) and $45.5M YTD.
- Raised 2025 EBITDA guidance to $455-460M (from $445-455M), with RevPAR growth of 5.25%-6%.
- Portfolio optimization: 13 Ventas communities transitioned, 10 owned communities exited, reducing leverage to 9.0x EBITDA.

**【Q&A Highlights】**
- CEO emphasizes offensive posture: dynamic pricing, regional focus, and SWAT team success.
- CFO notes FFO disclosure to highlight real estate value and 2026 debt refinancing plans.
- Strong resident satisfaction (NPS growth) supports market share gains vs. 50bps industry occupancy growth.
- Mid-teen EBITDA growth to start in 2026, driven by fixed-cost leverage and strategic CapEx deployment.

Brookdale Senior Living Inc. (BKD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

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Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

BKD

BKD fundamentals

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