The following is a summary of the Brookdale Senior Living Inc. (BKD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Brookdale Senior Living Inc. reported a 5.9% growth in RevPAR over the prior year.

• Resident fee revenue increased by 3.7% year-over-year despite a reduction in capacity.

• Adjusted EBITDA for Q3 grew 15% year-over-year to $92.2 million.

• Adjusted free cash flow improved significantly, amounting to $14 million in Q3.

Business Progress:

• Brookdale expanded the number of communities operating with the Brookdale HealthPlus program, enhancing clinical outcomes.

• Executed purchase agreements for the acquisition of 41 leased communities, improving financial flexibility and potential for strategic portfolio management.

• Issued new convertible debt and extended existing debt to fund acquisitions and refinance maturing debts through 2026.

• Hosted themed local events to boost community engagement and enhance sales efforts.

Opportunities:

• Accelerated acquisitions and refinancing strategies are expected to increase adjusted EBITDA by approximately $33 million annually and improve adjusted free cash flow by about $15 million annually following closing.

• The expansion of Brookdale HealthPlus and Clare Bridge programs across communities, enhancing competitive positioning and potential for increased occupancy.

Risks:

• Third quarter move-ins affected by the reduced effectiveness of third-party referral sources, impacting occupancy growth projections.

• Continued variability in expenses related to insurance and employee benefits impacting operational cost management.

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