Brookdale Senior Living Inc. (NYSE:BKD) released its third-quarter 2026 earnings results on November 6, 2026, reporting a narrowed net loss and double-digit Adjusted EBITDA growth alongside updated full-year 2026 guidance.

Key Highlights

  • Net loss narrowed: Net loss for Q3 2026 was $13.9 million, compared to $114.7 million in Q3 2025, according to the filing.
  • Adjusted EBITDA growth: Adjusted EBITDA reached $124.3 million in Q3 2026, a 12.0% increase over the $111.1 million reported in Q3 2025.
  • Occupancy improvement: Consolidated weighted average occupancy rose 130 basis points year-over-year to 83.1% in Q3 2026.
  • RevPAR increase: Consolidated RevPAR grew 7.5% year-over-year to $5,546 in Q3 2026, up from $5,158 in Q3 2025.
  • Community acquisitions: The company completed the acquisition of 17 communities and announced an agreement to purchase 30 additional leased communities for $290.0 million.
  • Updated 2026 guidance: Full-year 2026 Adjusted EBITDA guidance was revised to $495 million to $502 million, with RevPAR growth of 7.4% to 7.9%.
  • Asset sale proceeds: The company received approximately $180 million of cash proceeds from communities sold in 2026 to date, according to the filing.

Brookdale Senior Living's Q3 2026 Operating and Financial Performance

Brookdale Senior Living, one of the largest senior living operators in the United States, reported Q3 2026 consolidated resident fees of $707.3 million, down from $775.1 million in Q3 2025. The filing attributed this decrease primarily to community dispositions since the beginning of the prior year period, which reduced resident fees by $106.4 million. This was partially offset by a 5.4% increase in same community RevPAR, itself comprised of a 4.8% increase in same community RevPOR and a 50 basis point increase in same community weighted average occupancy.

Facility operating expense fell to $503.5 million from $567.0 million, also reflecting the effect of community dispositions, which the filing stated resulted in $87.3 million less in facility operating expense during the quarter. Same community facility operating expense rose 4.5%, driven by higher wage rates, estimated insurance expense, estimated losses on accounts receivable, utilities, and maintenance costs, partially offset by reduced labor hours through improved productivity. General and administrative expense declined to $41.9 million from $50.9 million, which the filing attributed to cost reductions in connection with community dispositions and management agreement terminations.

The improvement in net loss was primarily due to a $58.2 million decrease in non-cash impairment charges compared to the prior year period, and a $20.5 million decrease in depreciation and amortization expense, the filing disclosed. Chief Executive Officer Nick Stengle stated that the company "fell short of our RevPAR goal due to slower occupancy growth, particularly late in the quarter," and cited third-quarter occupancy carryover, additional marketing investments, and the revenue and expense impact of a fire at the company's 97-unit Clinton, Mississippi community as factors behind the revised 2026 guidance range.

On the financing side, in July 2026 the company obtained $248.9 million of debt secured by non-recourse first mortgages on 45 communities at a fixed rate of 6.16%, maturing in 2031. In September 2026, the company obtained $108.0 million of debt secured by first priority mortgages on 17 communities, bearing interest at a variable rate based on SOFR plus a margin of 215 basis points, with an initial five-year term and two one-year extension options.

What Was Disclosed

Brookdale Senior Living filed its Q3 2026 earnings results, disclosing a narrowed net loss, 12.0% Adjusted EBITDA growth, updated full-year guidance, community acquisition and disposition activity, and new mortgage financing arrangements totaling hundreds of millions of dollars.