A 180-basis-point average occupancy gain in March represented the 29th consecutive month of year-over-year growth for Brookdale Senior Living, according to a Monday update from the Brentwood, TN-based company.
March average occupancy came in at 77.9%, remaining flat compared with February. But the 180-basis-point increase for the month reflected a continued trend of accelerated year-over-year improvement in the first quarter, Brookdale said. Demonstrating an improvement from normal pre-pandemic seasonality, the company noted that first-quarter weighted average occupancy decreased 50 basis points from the fourth quarter of 2023.
During a fourth-quarter and full-year 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.
In January, LTC Properties announced the completion of changes to its 35-community Brookdale portfolio. As part of the agreement, LTC said that 17 communities across four states were re-leased to Brookdale, eight communities were being sold and the operation of five communities was being transferred to Oxford Senior Living. Navion Senior Solutions was taking over operations of the five remaining communities.
The move by the Westlake Village, CA-based real estate investment trust reduced its revenue concentration from Brookdale by 40%.
In addition to shedding 17 communities, just last month Brookdale announced that it had sold the remaining 20% equity interest it held in its Health Care Services unconsolidated venture. The company had announced in February 2021 that it was selling an 80% stake in Brookdale Health Care Services.
As of March 31, Brookdale operated and managed 652 communities in 41 states. It is the largest operator and third-largest owner of US senior living communities, according to the 2023 ASHA 50 list from the American Seniors Housing Association, based on data as of June 1. Brookdale also made Argentum’s 2023 list of largest providers, landing at No. 1, based on data as of June 30 2022. The company also topped separate Argentum lists of assisted living providers and memory care providers. Brookdale had 265 communities recognized in the US News & World Report Best Senior Living program for 2023, and four of its continuing care retirement communities were included in the Newsweek / Statista America’s Best Continuing Care Retirement Communities 2024 rankings.
