Published on 9 Apr 2024 on Zacks via Yahoo Finance

Brookdale Senior (BKD) Sees Y/Y Increase in Q1 Occupancy Levels

Brookdale Senior Living Inc. BKD recently announced that its March 2024 weighted average occupancy grew 180 basis points from the year-ago level to 77.9%. With a first-quarter 2024 weighted average occupancy level of 77.9%, up 160 basis points from the year-ago period, it is evident that the company has had a promising start to the year, similar to the previous year.

Brookdale Senior Living has witnessed 29 straight months of year-over-year increases in weighted average occupancy. This indicates the company's ongoing improvement in occupancy rates, which is expected to result in increased resident fee revenues. This positive momentum is anticipated to persist in the future and contribute to the company's overall performance.

BKD’s 2023 resident fee revenues witnessed 10.5% year-over-year growth to almost $2.9 billion. Its RevPAR (revenue per available unit) and Adjusted EBITDA grew 11.3% and 39.1% year-over-year, respectively, last year. According to the company’s earlier guidance, first quarter 2024 RevPAR year-over-year growth was expected within 6.25% - 6.75%. Also, adjusted EBITDA was expected to be within the $90-$95 million range. For the first quarter of 2024, the company expects both RevPAR and Adjusted EBITDA to be in the top half of their respective guided ranges.