Brookdale Senior Living’s preliminary financial results for the first quarter are “favorable,” the Brentwood, TN-based says.
“I’m pleased that our disciplined execution has resulted in preliminary financial results that have meaningfully surpassed our expectations and previously provided guidance,” President and CEO Lucinda “Cindy” Baier said Tuesday in a statement.
Based on initial financial data, the company expects to see 12% growth in year-over-year first-quarter revenue generated per available room, or RevPAR. The company said this growth is consistent with its previously expressed expectation that occupancy would return to e pre-pandemic levels following a year of growth and continued recovery.
Preliminary adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter to date is “meaningfully above the previously issued guidance range,” the company said.
Total revenue and other operating income for the quarter are expected to exceed previous expectations, driven primarily by RevPAR. Facility operating expenses for the first quarter are expected to be relatively in-line with reported fourth-quarter 2022 facility operating expenses.
March was the 17th consecutive month of year-over-year weighted average occupancy growth for Brookdale, the company reported. March weighted average occupancy of 76.1%, an increase of 250 basis points year-over-year, compared with 73.6% in 2022.
Brookdale plans to release its first-quarter financial results after the market closes May 8, followed May 9 by a conference call.
