Brookdale Senior Living, Inc. - BKD STOCK NEWS

Brookdale Senior Living (NYSE: BKD) has reported improved occupancy metrics for November 2024. The company achieved a weighted average occupancy of 79.5%, representing a 110 basis points increase year-over-year. November's occupancy showed a 10 basis points sequential improvement from October, with month-end occupancy maintaining above 80% for the fourth consecutive month.

The fourth quarter-to-date performance showed better move-ins and move-outs compared to the same period last year, contributing to a 100 basis point increase in weighted average occupancy over 2023 fourth quarter-to-date. Brookdale operates 648 communities across 41 states, with the capacity to serve approximately 58,000 residents.

Brookdale Senior Living (NYSE: BKD) announced its decision not to renew a master lease with Ventas covering 120 communities, set to mature on December 31, 2025. The decision was based on the portfolio's historical and expected negative cash flow performance. The Ventas leased portfolio has generated significant losses, including over $50 million negative cash flow annually pre-pandemic and approximately $23 million negative cash flow for the trailing twelve months ended September 30, 2024.

The company deemed non-renewal more beneficial to shareholders, considering the potential 3% to 10% rent increase in 2026 under existing terms. Brookdale remains open to discussions with Ventas for mutually agreeable terms that would generate appropriate cash flow improvements.

Brookdale Senior Living (NYSE: BKD) announced its participation in the 2024 Stephens Annual Investment Conference on November 20, 2024. President and CEO Lucinda Baier and CFO Dawn Kussow will lead a fireside chat starting at 8:00 am CST. The event will be accessible via live webcast through brookdaleinvestors.com, with replay available until January 31, 2025.

Brookdale operates as the nation's leading senior living community provider, managing 648 communities across 41 states with capacity for approximately 58,000 residents as of September 30, 2024. The company provides independent living, assisted living, memory care, and continuing care retirement services, focusing on wellness, lifestyle enrichment, and community connection.

Brookdale Senior Living reported its Q3 2024 results, showing continued operational improvements. The company's consolidated weighted average occupancy grew 130 basis points year-over-year to 78.9%. Same community operating income increased 10.1% compared to the prior year period. Net cash from operations rose 45% to $66.5 million, while Adjusted Free Cash Flow reached $13.9 million. Revenue increased to $743.7 million, up 3.7% year-over-year. The company announced agreements to acquire 41 currently leased communities for $610 million and completed a convertible notes transaction generating approximately $135 million in net cash proceeds.

Brookdale Senior Living (NYSE: BKD) has scheduled its third quarter 2024 earnings release for Wednesday, November 6, 2024, after market close. The company will host a conference call to discuss the results on Thursday, November 7, 2024, at 9:00 a.m. ET. Brookdale, the nation's premier operator of senior living communities, currently manages 648 communities across 41 states, serving approximately 58,000 residents as of September 30, 2024.

Brookdale Senior Living Inc. (NYSE: BKD) has reported its consolidated occupancy for September 2024, showing positive trends in the senior living sector. Key highlights include:

- September weighted average occupancy increased by 30 basis points to 79.2%, with month-end occupancy reaching 80.5%.
- The company achieved its 35th consecutive month of year-over-year weighted average occupancy growth.
- Third quarter weighted average occupancy improved by 130 basis points compared to Q3 2023 and 80 basis points compared to Q2 2024.
- Third quarter move-ins and move-outs were favorable compared to the second quarter.

Brookdale operates 648 communities across 41 states, serving approximately 58,000 residents through independent living, assisted living, memory care, and continuing care retirement communities.

Brookdale Senior Living (NYSE: BKD) announced plans to acquire 41 currently leased communities for $610 million, addressing 83% of its 2026 debt maturities and securing capital for accretive acquisitions. The company will acquire 2,789 units from three triple-net lease portfolios, increasing its owned real estate to 66% of consolidated units. Brookdale expects these transactions to reduce 2025 cash lease payments by $47 million, improve 2025 Adjusted EBITDA by $33 million, and Adjusted Free Cash Flow by $15 million.

The company also announced a convertible senior notes transaction, exchanging $207 million of 2026 Notes for new 3.50% Convertible Senior Notes due 2029, and selling an additional $150 million of 2029 Notes to partially fund the acquisitions. Brookdale completed a $182 million agency financing transaction, repaying $197 million of debt due in September 2025, resulting in no remaining debt maturities without extension options through June 2026.

Diversified Healthcare Trust (Nasdaq: DHC) has announced a $135 million sale of 18 triple net leased senior living communities to Brookdale Senior Living Inc. (NYSE: BKD). The properties, comprising 876 units across 10 states, have been leased and operated by Brookdale since 2003. The sale price equates to $154,000 per unit, reflecting a 7.3% in-place cap rate on the lease's annualized income.

DHC plans to use the proceeds to pay down its $941 million senior secured notes due January 2026. The transaction, expected to close in Q4 2024, is part of DHC's strategy to optimize its portfolio and enhance liquidity. The communities primarily serve assisted living and memory care residents, with properties located in Arizona, Colorado, Florida, Indiana, Michigan, Minnesota, North Carolina, Pennsylvania, South Carolina, and Tennessee.

Brookdale Senior Living Inc. (NYSE: BKD) reported its consolidated occupancy for August 2024, showing positive trends in its senior living communities. The weighted average occupancy increased by 30 basis points to 78.9%, reaching a new high since the recovery began in March 2021. Notably, the month-end occupancy surpassed 80%, closing at 80.4%. Compared to the previous year, August's weighted average occupancy rose by 130 basis points, while the third quarter-to-date showed a 140 basis point increase. Brookdale, the nation's premier operator of senior living communities, manages 649 communities across 41 states, serving approximately 59,000 residents as of June 30, 2024.