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Mar 31, 2021
Brookdale Q1 2021 Earnings Report
Brookdale's Q1 2021 results were announced, showing occupancy growth in March and April, and a resident vaccine acceptance rate of 93%.
Key Takeaways
Brookdale Senior Living Inc. reported a decrease in revenue and net loss for the quarter ended March 31, 2021, but showed positive trends in occupancy and vaccine acceptance.
Net move-ins and move-outs turned positive in March, the first time since the pandemic began, and remained positive in April.
Monthly weighted average occupancy grew slightly in March and increased 50 basis points in April.
First quarter revenue per occupied unit (RevPOR) increased by 2.9% year-over-year on a same community basis.
All communities completed at least three vaccine clinics with a 93% resident vaccine acceptance rate, and COVID-19 positive resident caseload decreased by 97% since mid-December 2020.
Revenue by Segment
Forward Guidance
Brookdale anticipates sequential occupancy growth in Q2 and stronger growth in Q3 2021. Pandemic-related expenses are expected to decrease by more than 50% in Q2 compared to Q1 2021. Non-development capital expenditures are projected to be approximately $140 million for the full year 2021.
Positive Outlook
- Expects sequential occupancy growth in the second quarter of 2021.
- Anticipates stronger occupancy growth in the third quarter of 2021.
- Expects to reduce pandemic-related expenses by more than 50% in the second quarter, compared to the first quarter of 2021.
- Plans to continue publishing monthly occupancy updates until providing financial guidance.
- Expects to pay approximately $32 million of deferred payments in both December 2021 and 2022 related to the Payroll Tax Deferral Program.
Challenges Ahead
- Key factors may impact the Company's financial performance and liquidity for 2021.
- Senior Housing Occupancy is still subject to change.
- Pandemic-related Expenses are still high.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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