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Dec 31, 2022
Brookdale Q4 2022 Earnings Report
Brookdale's financial performance reflected a year of growth and recovery, marked by increased revenue and occupancy.
Key Takeaways
Brookdale Senior Living Inc. reported results for Q4 2022, demonstrating growth and continued recovery with a RevPAR increase and positive occupancy momentum. The company's liquidity remained strong at year-end, positioning it well for continued recovery and focused improvements in operating results in 2023.
Full-year consolidated revenue per available unit (RevPAR) increased 10.1% year-over-year.
Full-year consolidated weighted average occupancy increased 390 basis points year-over-year.
Liquidity was $453 million at year end, with no significant debt maturities until September 2024.
January saw stronger than expected move-in results, indicating continued recovery into 2023.
Revenue by Segment
Forward Guidance
Brookdale anticipates continued growth in the first quarter of 2023, projecting RevPAR year-over-year growth between 11% and 12% and Adjusted EBITDA between $70 million and $75 million.
Positive Outlook
- Projected RevPAR year-over-year growth of 11% - 12% for Q1 2023.
- Anticipated Adjusted EBITDA between $70 million - $75 million for Q1 2023.
- Expected full-year 2023 non-development capital expenditures, net of anticipated lessor reimbursements, to be approximately $200.0 million.
- Expects up to an additional $20.0 million in reimbursable remediation costs at the Company's communities resulting from recent natural disasters.
- Company anticipates its property and casualty insurance policies will reimburse remediation costs in 2023 or 2024.
Challenges Ahead
- 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.
- Variability in the timing or amounts of items required to reconcile Adjusted EBITDA from the Company's net income (loss).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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