Brookdale Senior Living HQ in the spring

Brookdale Senior Living, the country’s largest senior living company, is withdrawing its financial outlook for the coming year as a result of uncertainty and increased expenses due to the coronavirus disease (COVID-19) pandemic, according to a Tuesday filing with the Securities and Exchange Commission. The company had expected earnings between $510 million and $540 million in 2020, with free cash flow between $70 million and $90 million.

Brookdale said it would update its guidance whenever the factors surrounding COVID-19 become more clear.

“The company is carefully monitoring the impact of the COVID-19 pandemic on its financial results,” Brookdale said in the filing. “The amounts and types of revenue, expense and cash flow impacts resulting from continued COVID-19 spread will be dependent on numerous factors, including the speed, depth, geographic reach and duration of the spread of the virus; the legal, regulatory and administrative developments that occur at the federal, state and local levels.”

Other financial measures taken by Brookdale to preserve the company’s liquidity include maxing out its revolving line of credit, suspending its share repurchase program and delaying or canceling several capital expenditure projects. Brookdale had planned approximately $190 million of capital expenditures in 2020.

Brookdale’s stock price also has been hit hard by the virus, dropping more than 76% from its 2020 high of $8.39 per share, to close at $1.99 per share Tuesday. Shares of Brookdale were down again Wednesday, closing at $1.74 per share.