Brookdale Reports December 2020 Occupancy

Rhea-AI Summary

Brookdale Senior Living (NYSE: BKD) reported its December 2020 occupancy rates, noting a moderation in the occupancy decline during Q4. As of December 31, 2020, 89% of its communities were open for move-ins, bolstered by strong infection control measures amid rising COVID-19 cases. Around 90% of communities have initiated COVID-19 vaccine clinics. The company anticipates recognizing approximately $78 million from government grants and incurring $30 million in COVID-related expenses. Monthly occupancy reports will continue until financial guidance resumes.

Positive

• 89% of communities open for move-ins as of December 31, 2020.
• 90% of communities have initiated or scheduled COVID-19 vaccine clinics.
• Anticipated recognition of $78 million from government grants.

Negative

• Approximately $30 million expected in COVID-related expenses.

NASHVILLE, Tenn., Jan. 11, 2021 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) reported today its consolidated occupancy for December 2020.

Observations:

• As expected, the sequential rate of occupancy decline moderated in the fourth quarter.
• While a significant number of states are seeing a resurgence in COVID-19 cases, 89% of Brookdale's communities were open for move-ins on December 31, 2020, reflecting the company's strong infection control protocols and use of testing.
• As of today, around 90% of our communities have either successfully completed or are currently scheduled for initial COVID-19 vaccine clinics, with more clinics being scheduled daily.
• For the fourth quarter 2020, we expect* to recognize approximately $78 million from government grant programs and approximately $30 million of COVID-related expenses.
• We expect to continue to publish monthly occupancy until we return to providing financial guidance, at which point we would expect to return to our historical reporting practices.

* This preliminary financial information is based on management's estimates derived from the information available at this time and is subject to revision upon finalization of the Company's financial reporting procedures. Such information may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Brookdale operates and manages independent living, assisted living, memory care and continuing care retirement communities, with 726 communities in 43 states and the ability to serve approximately 64,000 residents as of December 31, 2020. The Company also offers a range of home health, hospice and outpatient therapy services to over 17,000 patients as of that date. Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.

 

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SOURCE Brookdale Senior Living Inc.

FAQ

What was Brookdale Senior Living's occupancy rate in December 2020?

Brookdale Senior Living reported that 89% of its communities were open for move-ins as of December 31, 2020.

How much does Brookdale expect to recognize from government grants?

Brookdale anticipates recognizing approximately $78 million from government grant programs for Q4 2020.

What are the COVID-19 related expenses projected by Brookdale for Q4 2020?

Brookdale expects to incur around $30 million in COVID-related expenses for the fourth quarter of 2020.

How many communities has Brookdale initiated COVID-19 vaccine clinics in?

Around 90% of Brookdale's communities have either initiated or scheduled COVID-19 vaccine clinics.