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Mar 31, 2024
Brookdale Q1 2024 Earnings Report
Announced results for the quarter ended March 31, 2024.
Key Takeaways
Brookdale's first quarter showed positive momentum with increased RevPAR, occupancy, and same community operating margin. Net loss improved significantly year-over-year, and Adjusted EBITDA grew, exceeding prior guidance.
First quarter consolidated revenue per available unit (RevPAR) increased 6.7% year-over-year and 5.1% sequentially.
First quarter consolidated weighted average occupancy increased 160 basis points year-over-year.
Delivered 27.6% first quarter same community operating margin, the highest reported margin rate since the initial impact of the pandemic, when excluding prior period grant income.
Net loss improved 34% year-over-year while Adjusted EBITDA grew 10%, exceeding previously provided guidance range.
Revenue by Segment
Forward Guidance
For the second quarter 2024, Brookdale expects RevPAR year-over-year growth between 6.25% and 6.75% and Adjusted EBITDA between $93 million and $98 million. Full-year 2024 non-development capital expenditures, net of anticipated lessor reimbursements, are expected to be approximately $180.0 million.
Positive Outlook
- Expects RevPAR year-over-year growth between 6.25% and 6.75% for Q2 2024.
- Anticipates Adjusted EBITDA between $93 million and $98 million for Q2 2024.
- Expects full-year 2024 non-development capital expenditures, net of anticipated lessor reimbursements, to be approximately $180.0 million.
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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