Brookdale Senior Living sustained its 28th consecutive month of weighted occupancy growth in February, the Brentwood, TN, operator said in an update Friday.
According to the company, February’s weighted average occupancy increased 160 basis points year over year, to 77.9%.
“Demonstrating an improvement from normal prepandemic seasonality, first quarter-to-date 2024 weighted average occupancy decreased (40) basis points compared to the full fourth quarter 2023,” Brookdale said.
Brookdale said it anticipates reporting first-quarter results in the top half of its previously provided first-quarter 2024 revenue per available room (RevPAR) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance ranges.
During a fourth-quarter 2023 earnings call with investors last month, Brookdale President and CEO Cindy Baier said that although complete recovery from the COVID-19 pandemic still remains ahead, the company built a solid foundation in 2023 that “paved the way for sustained growth.”
Full-year 2023 occupancy was 77.2%, and fourth-quarter 2023 occupancy was 78.4%, a 130-basis-point increase over the fourth quarter of 2022 and 180 basis points above full-year 2022 occupancy. January weighted average occupancy was 78%, a 140 basis point increase over January 2022.
Brookdale, through its affiliates, operates independent living, assisted living, memory care and continuing care retirement / life plan communities. It operated or managed 652 communities in 41 states as of Dec. 31.
In December, Brookdale sold the remaining 20% equity interest it held in its Health Care Services unconsolidated venture and received aggregate proceeds of approximately $27 million in the process.
