Brookdale Senior Living Inc. (NYSE: BKD)

Brookdale Senior Living Inc. operates and manages senior living communities across the United States. The company provides independent living, assisted living, memory care, and continuing care retirement communities. As of December 31, 2025, it oversaw 584 communities in 41 states with capacity to serve approximately 51,000 residents. Of these communities, 370 are owned, 178 are leased, and 36 are managed on behalf of third parties. Brookdale Senior Living Inc. focuses on offering a continuum of care that allows residents to age in place within a residential setting, combining housing with services that support wellness, hospitality, and healthcare needs.

Brookdale Senior Living Inc. generates revenue primarily from resident fees paid by private pay individuals and government reimbursement programs such as Medicare and Medicaid. The company also earns management fees for communities it operates on behalf of third party owners. In 2025, resident fee and management fee revenue totaled $3,053,565,000. Of this amount, private pay residents accounted for 93.9% of resident fee revenue, government reimbursement programs contributed 4.8%, and other sources made up the remainder. Owned communities generated 66.5% of resident fee revenue while leased communities contributed the remaining 33.5%.

The company operates through the following segments: Independent Living, Assisted Living and Memory Care, and CCRCs.

• Independent Living: This segment comprises 53 communities with 9,137 units, representing 18.9% of total units and 19.4% of resident fee and management fee revenue. It provides residential settings for middle to upper income seniors who desire a home like environment without ownership responsibilities, offering services such as dining, housekeeping, emergency alert systems, wellness and recreational programs, and optional concierge or personal assistance at an additional charge, with many locations also including assisted living units to support aging in place.

• Assisted Living and Memory Care: This segment includes 480 communities with 30,553 units, accounting for 63.3% of total units and 68.9% of resident fee and management fee revenue. It offers housing and 24 hour assistance with activities of daily living for seniors, including specialized memory care for residents with dementia such as Alzheimer's disease, providing services like medication management, personal care, health assessments, meals, housekeeping, laundry, and structured activities, with higher levels of care available for those with greater frailty or cognitive impairment.

• CCRCs: This segment consists of 15 communities with 4,180 units, representing 8.7% of total units and 11.3% of resident fee and management fee revenue. It operates continuing care retirement communities that provide a full continuum of care on a single campus, including independent living, assisted living, memory care, and skilled nursing services, enabling residents to transition between care levels as their needs change while remaining in the same community.

Brookdale Senior Living Inc. is the largest operator of senior living communities in the United States by total capacity, giving it significant scale advantages in purchasing, centralized support functions, and operational efficiencies. The industry remains highly fragmented with approximately 2,400 local and regional operators, of which about 90% operate five or fewer communities. The company competes with national operators such as Discovery Senior Living, Erickson Senior Living, and LCS, as well as numerous regional providers and not for profit entities, while also facing competition from healthcare real estate investment trusts like Welltower and Ventas for property acquisitions and management contracts. Its competitive strengths include a geographically diverse footprint across 41 states, the ability to offer a broad spectrum of care that supports aging in place, and a skilled management team with extensive experience in healthcare, hospitality, and real estate.

Brookdale Senior Living Inc. serves seniors aged 75 and older, primarily middle to upper income individuals who seek independent living, assisted living, memory care, or continuing care retirement community options. The company's residents include those who require minimal assistance as well as those needing comprehensive personal care and medical support, and their families often rely on Brookdale for care coordination and peace of mind.