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Investor Presentation November 6, 2025
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2 Forward-Looking Statements – Safe HarborCertain statements in this Investor Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent,belief, or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential,""intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target," "annualized," “pro forma,” or other similar words orexpressions, and include statements regarding our expected financial and operational results. These forward-looking statements are based on certain assumptions andexpectations, and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that expectations reflected in anyforward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results andperformance could differ materially from those projected. Factors which could have a material adverse effect on our operations and future prospects or which could causeevents or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees,including downturns in the economy, housing market, consumer confidence, or the equity markets and unemployment among resident family members; the effects of seniorhousing construction and development, lower industry occupancy, and increased competition; conditions of housing markets, regulatory changes, acts of nature, and the effectsof climate change in geographic areas where we are concentrated; terminations of our resident agreements and vacancies in the living spaces we lease; changes inreimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; failure to maintain the security andfunctionality of our information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; ourability to complete our capital expenditures in accordance with our plans; our ability to identify and pursue development, investment, and acquisition opportunities and ourability to successfully integrate acquisitions; competition for the acquisition of assets; our ability to complete pending or expected disposition, acquisition, or other transactionson agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipatedconditions, and uncertainties as to the timing of closing, and our ability to identify and pursue any such opportunities in the future; risks related to the implementation of ourstrategy, including initiatives undertaken to execute on our strategic priorities and their effect on our results; any resurgence or variants of the COVID-19 pandemic; limits on ourability to use net operating loss carryovers to reduce future tax payments; delays in obtaining regulatory approvals; the risks associated with tariffs and the uncertain duration oftrade conflicts; disruptions in the financial markets or decreases in the appraised values or performance of our communities that affect our ability to obtain financing or extendor refinance debt as it matures and our financing costs; our ability to generate sufficient cash flow to cover required interest, principal, and long-term lease payments and tofund our planned capital projects; the effect of any noncompliance with any of our debt or lease agreements (including the financial or other covenants contained therein),including the risk of lenders or lessors declaring a cross default in the event of our non-compliance with any such agreements and the risk of loss of our property securing leasesand indebtedness due to any resulting lease terminations and foreclosure actions; the inability to renew, restructure, or extend leases, or exercise purchase options at or prior tothe end of any existing lease term; the effect of our indebtedness and long-term leases on our liquidity and our ability to operate our business; increases in market interest ratesthat increase the costs of our debt obligations; our ability to obtain additional capital on terms acceptable to us; departures of key officers and potential disruption caused bychanges in management; increased competition for, or a shortage of, associates, wage pressures resulting from increased competition, low unemployment levels, minimumwage increases and changes in overtime laws, and union activity; environmental contamination at any of our communities; failure to comply with existing environmental laws; anadverse determination or resolution of complaints filed against us, including putative class action complaints; negative publicity with respect to any lawsuits, claims, or otherlegal or regulatory proceedings; costs to respond to, and adverse determinations resulting from, government inquiries, reviews, audits, and investigations; the cost and difficultyof complying with increasing and evolving regulation, including new disclosure obligations; changes in, or our failure to comply with, employment-related laws and regulations;the risks associated with current global economic conditions and general economic factors on us or our business partners such as inflation, commodity costs, fuel and otherenergy costs, competition in the labor market, costs of salaries, wages, benefits, and insurance, interest rates, tax rates, tariffs, and geopolitical tensions or conflicts, the impact ofseasonal contagious illness or other contagious disease in the markets in which we operate; actions of activist stockholders; as well as other risks detailed from time to time inour filings with the Securities and Exchange Commission ("SEC"), including those set forth under "Item 1A. Risk Factors" contained in our Annual Report on Form 10-K for theyear ended December 31, 2024 and "Part II, Item 1A. Risk Factors" of our Quarterly Report on Form 10-Q. When considering forward-looking statements, you should keep inmind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, whichreflect management's views as of the date of our Quarterly Report on Form 10-Q. We cannot guarantee future results, levels of activity, performance or achievements, and,except as required by law, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained in this InvestorPresentation to reflect any change in our expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.Unless otherwise specified, references to "Brookdale," "we," "us," "our," or "the Company" in this Investor Presentation mean Brookdale Senior Living Inc. together with itsconsolidated subsidiaries.
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About Brookdale
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4 OUR MISSIONEnriching the Livesof those we serve with compassion, respect, excellence and integrityT o be the nation’s First Choicein senior livingOUR VISIONlargest provider of seniorliving in the U.S.(1)#1more U.S. communitiesthan next largest operator(3)~2xgeographically diverse,high-quality, purpose-driven communities623ability to serve ~57,000 residents~57Kof senior living resident fees are private pay(2)94%caring and dedicated associates~35K 47YEARSSTRONGBrookdale is the nation‘s premier operator of senior living communities, with communities in 41states and the ability to serve approximately 57,000 residents. We offer a broad continuum ofservices across various sectors of the senior living industry, including independent living, assistedliving, memory care, and continuing care retirement communities. Our goal is to provide olderadults with a comfortable and homelike environment while offering expert care, wellnessprograms and opportunities to pursue their passions and build meaningful relationships. With ourexpertise in healthcare, hospitality, and real estate, we enable residents to age in place, providingtailored solutions that help empower seniors to live with dignity, connection, and purpose.Leading senior living operator in the United States
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5 Tailored product lines support a diverse range of needs Continuing Care Retirement Communities (CCRC)Our CCRCs offer a variety of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs. Residents are generally seeking a broad continuum of care in supportive residential settings, meaning they can transition from independent living to receive assisted living, skilled nursing, or memory care services as the need arises.Assisted Living (AL)Our assisted living communities provide a redefined independence through 24-hour assistance and services like medical care coordination, education and wellness programs, experiential dining, as well as social and recreational activities which support resident wellness, socialization and engagement. Skilled Nursing (SNF)Our rehabilitation and skilled nursing offerings are here to help residents throughout their journey to recovery. Whether residents need a long-term stay or short-term rehabilitation, these facilities provide around-the-clock licensed nursing care in a supportive environment. Independent Living (IL)Our independent living communities are ideal for older adults who desire to live in a residential setting that feels like home, without the burden of ownership. Through experiential dining, community amenities and diverse programs to support social connections, IL communities provide older adults an antidote to loneliness.Memory Care (MC)Our memory care program is rooted in a person-centered approach that preserves identity and sense of self, and is recognized by the Alzheimer’s Association®. Our secure communities provide a daily path of engagement that allows residents to flourish, even with advanced expressions of dementia.
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6 74% 623 Communities across 41 States 49%69%51%31%Dec 31, 2017 Sep 30, 2025Brookdale is 23% higherin needs-based AL & MCIndustry Mix(2)51%Varied community types in markets with rapidly growing senior populationBrookdale Mix(1)Broad Range of Community SizesPortfolio ownership expected to increase to ~75%by 2025 year end IL40%MC14%AL37%SNF9% IL24%MC17%AL57%SNF2%Consolidated Portfolio: Units Less than 35units35 to 69units70 to 119units120 to 199units200 or moreunits 801
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7 Commitment to growth and excellence through 2025 strategic priorities Health and Well-Being of Residents and Associates Increase the number of seniors we serve through targeted efforts to further grow occupancy Ensure appropriate and dynamic pricing actions that balance affordability for our services with covering the necessary costs to provide high-quality care and service Maintain appropriate expense management while ensuring that we continue to meet residents’ needs, provide high-quality care and personalized service and remain in compliance with applicable regulations Prioritize programs that foster engagement and attract a mission-dedicated workforce who are able to collaborate effectively to provide a high quality resident experience Reinforce programs that allow associates to grow and develop with Brookdale and further extend the length of employment of our Brookdale community leaders and hourly associates Continue to grow associate engagement to deliver a superior resident experience Leverage insights from ongoing surveys and feedback to further enhance resident and family satisfaction Expand upon proven tools to improve the skills of our leaders and the consistency of our operations Maximize our differentiated programs including Brookdale HealthPlus® and Brookdale EngagementPlus® Elevate and refine our quality and experiential dining programs Get every available unit in service at the best profitable rateAttract, engage, develop and retain the best associatesEarn resident and family trust and satisfaction by providing valued, high-quality care and personalized service
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8 A solid long-term investment option for significant value creation Brookdale has significant growth potential from continued occupancy increases and improved fixed-cost leverage, including ongoing productivity improvements, which, in turn, will significantly reduce leverage Nation’s premier operator of senior living communities known for clinical expertise and for providing exceptional care and services to older adults and their families Strong Brand and LeadershipBrookdale’s innovative initiatives combined with unprecedented growth expected in the senior population in the coming years contribute to our confidence in a strong future Accelerating Demographic GrowthSenior living inventory growth remains at record lows with new construction expected to remain constrained, resulting in ongoing occupancy gains within existing communities Positive Shift in Supply TrendWith a more robust mix of assisted living and memory care offerings, and given the rising prevalence of older adults with chronic medical conditions, Brookdale is exceptionally well-positioned to meet the expanding needs of the senior population Increasingly a Needs-Based BusinessBrookdale's clinical excellence is evident through nationally recognized care models, supported by high-quality health and wellness platforms, and demonstrated by evidence-backed value-based care programs like Brookdale HealthPlus® Leading Senior Living Clinical ExpertiseBrookdale's real estate assets, including expected ownership of ~75% of consolidated units by year end 2025, meaningfully underpin the Company's intrinsic value Significant Real Estate Value
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3Q 2025 Results & 2025 Guidance
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10 Continued occupancy growth in 2025 with positive outlook for 2026RevPAR & Weighted Average Occupancy(1)$3,000$3,400$3,800$4,200$4,600$5,000$5,40065%70%75%80%85%Oct253Q252Q251Q254Q243Q242Q241Q244Q233Q232Q231Q234Q223Q222Q221Q224Q213Q212Q21Mar2182.6%81.8%80.1%79.3%79.4%78.9%78.1%77.9%78.4%77.6%76.5%76.3%77.1%76.4%74.6%73.4%73.5%72.5%70.5%69.4%March 2021– Pandemic recovery inflection point1,320 bps growth since inflection point -15%-5%5%15% -15%-5%5%15%Year-Over-Year Move-Ins(2)Year-Over-Year Controllable Move-Outs(3)Weighted Average OccupancyQuarterly RevPAR
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11 Strong third quarter financial and operational resultsBusiness Highlights and Recent Performance Important Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA, Adjusted Free Cash Flow, FFO, and Normalized FFO are financial measures that are not calculated inaccordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the mostcomparable GAAP financial measures, in the Appendix hereto. 20% increase in Adjusted EBITDAover the prior year third quarter Third quarter consolidated weighted average occupancy growth of 290 bps over the prior year, a continued significant acceleration from prior three quarters’ performances Same community weighted average occupancy was 82.3% for the quarter, up 150 bps sequentially, significantly better than recent historical performance for the third quarter September 2025 month-end consolidated occupancy of 83.8% marked the tenth consecutive month of sequential growth Trailing twelve month FFO of $136.3 million and trailing twelve month Normalized FFO of $214.0 million 31% declinein the number of communities below 70% occupancy compared to the prior quarter and a 16% improvementin communities over 95% occupancy 2% more move-ins and 4% fewer move-outsthan historical average for communities in a comparable group Sixteenth consecutive quarter of year-over-year Senior Housing Operating Income growthexcluding prior periods’ grant income Improving $8million over the prior year, third quarter Adjusted Free Cash Flow was $22million Improvement in associate turnovercontinues year-to-date in 2025
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12 202320242025Positively revised 2025 guidance on strong third quarter occupancy growth $40$60$80$100$120+20%+20%4Q3Q2Q1Q $200$250$300$350$400$4502025 Guidance20242023+10%+20% +15% +15%Execution of Strategic Priorities is Delivering Meaningful Adjusted EBITDA Growth 2025 Adjusted EBITDA Guidance Increased by $7.5 Million at the Midpoint(mm) (mm)$455 to $460YoY Growth+15%2024+18% to 19%20252025 Guidance Considerations2025 in-year weighted average occupancy growth will accelerate from 2024 on improved move-in volumeWeighted average occupancy and RevPAR growth compared to respective prior year quarters, expected to be stronger in 4Q 2025 than in 1Q 2025Slight sequential increase in RevPOR dollars in fourth quarter as a result of mix relating to community dispositions2025 Annual Guidance5.25% to 6.00%RevPAR YOY Growth$455 to $460 millionAdjusted EBITDA$30 to $50 millionAdjusted Free Cash Flow Reconciliation of the non-GAAP financial measures included in the foregoing guidance to the most comparable GAAP financial measures are not available without unreasonable effort due to the inherent difficulty in forecasting the timing or amounts of items required to reconcile Adjusted EBITDA from the Company's net income (loss) and Adjusted Free Cash Flow from the Company’s net cash provided by (used in) operating activities. Variability in the timing or amounts of items required to reconcile the measures may have a significant impact on the Company's future GAAP results. $386$336+27% Important Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with U.S. generallyaccepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the most comparable GAAP financial measures, inthe Appendix hereto.
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13 Capital structure anchored in attractive fixed-rate, non-recourse mortgages mortgage debt maturities without extension optionsthrough June 2026of debt is fixed rate debt with 28% variableof debt is non-recourse property-level mortgage financingsof variable rate debt issubject to interest rate cap/swap agreements $0M 72% 88% 92%(mm)TotalConvertible Senior NotesAvailable Extension OptionYes No TotalRecurring Principal PaymentsVariable Rate MaturitiesFixed Rate MaturitiesWeighted Rate1 $19 $-$19 $-$19 $19 $-$-5.43%2025425237632642555326445.93%2026859-859-859481156964.97%2027722-569153722373523335.82%2028822369453-82230787144.36%20291,459-1,459-1,459352931,1315.22%Thereafter2027 maturities primarily consist of the following:•$237M agency loan with a 4.47% fixed interest rate, maturing in 3Q 2027•$195M agency loan with a 5.42% blended interest rate, maturing in 3Q 2027•$188M agency loan with a 4.92% fixed interest rate, maturing in 1Q 2027•$142M agency loan with a 5.58% blended interest rate, maturing in 1Q 2027 2026 maturities primarily consist of the following:•$227M bank loan with one-year extension option available•$99M bank loan with one-year extension option available
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14 19.8x11.1x10.4xApprox. 9x12/31/22 12/31/23 12/31/24 12/31/2025 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500Meaningful leverage reduction on significant Adjusted EBITDA growthLeverage reduced by nearly half over two year period(mm) (mm)9.9x adjusted(1)TTM Adjusted EBITDA after cash financing lease payments more than doubled since 2022 resulting in ~10x Annualized Leverage reductionTTM Adjusted EBITDA after cash financing lease payments more than doubled since 2022 resulting in ~10x Annualized Leverage reduction~1x Annualized Leverage reduction from current levels would result from a 10% increase in Adjusted EBITDA~1x Annualized Leverage reduction from current levels would result from a 10% increase in Adjusted EBITDAImportant Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments and Net Debt are financial measures that are not calculated inaccordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the mostcomparable GAAP financial measures, in the Appendix hereto.Net Debt (right axis) Annualized LeverageTTM Adjusted EBITDA after cash financing lease payments (left axis)Adj. EBITDA GuidanceCurrent Net Debt Level
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Long-T erm Organic Growth Potential
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16 Limited new supply and growing demand underpin opportunityNew construction is expected to lag demand, creating a shortage of available senior housing units and increasing demand for existing Brookdale communities 05101520253035 0.00.51.01.52.02.53.03.5 80+ Population (Millions) Total Units (Millions)Estimated Supply and Demand for Seniors Housing(1)Supply ShortagePopulation (80+)DemandSupply
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17 Robust operating income opportunity from continued occupancy growth100 bps occupancy increase yields ~$25M in Senior Housing Operating Income on current portfolio100 bps occupancy increase yields ~$25M in Senior Housing Operating Income on current portfolio1% RevPOR increase above expense inflation yields ~$30M in Senior Housing Operating Income on current portfolio1% RevPOR increase above expense inflation yields ~$30M in Senior Housing Operating Income on current portfolioAs occupancy grows, incremental margin will drive operating income higher resulting in an expected acceleration in Adjusted EBITDA and Adjusted Free Cash Flow growth Illustrative Performance Improvement Chart $17 $19 $21 $23 $25 $27 $29 $31 $33 $35 $37 80% 81% 82% 83% 84% 85% 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 96%Annual Senior Housing Operating Income per Available UnitWeighted Average Occupancy RateOperating Income per Available Unit from Occupancy GrowthOperating Income per Available Unit from Cumulative RevPOR above InflationYTD 3Q 2025 annualized~105% increase at 95% occupancy and 15% cumulative pricing above inflation~65% increase at 90% occupancy and 10% cumulative pricing above inflation~30% increase at 85% occupancy and 5% cumulative pricing above inflation
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18 Third quarter 2025 YTD pro forma results*Stronger pro forma portfolio, including a significantly improved lease portfolio, positioned to deliver substantial shareholder value Other considerationsPreliminary expected 2026 G&A(1)expense of approximately $162 millionPreliminary expected 2026 cash facility operating lease payments of approximately $180 million(1) Excludes non-cash stock-based compensation expense and Transaction, Legal, and Organizational Restructuring Costs. YTD 3Q 2025 Brookdale Pro Forma**Remove: Remaining Announced DispositionsSame Community*3Q 2025 YTD Results($ millions)LeasedOwnedTotal178 339 517 (25)542 Consolidated communities10,608 30,787 41,395 (1,816)43,211 Total average units26%74%100%Percent of total average units83%82%82%62%81%Weighted average occupancy$567 $1,402 $1,969 ($53)$2,022 Revenue382 1,004 1,386 (57)1,443 Facility operating expense***$185 $398 $583 $4 $579 Same community operating income33%28%30%NM29%Operating marginSame community excludes all Ventas transition communities, 10 completed owned dispositions, and 6 owned communities under contract for sale.Expected gross sale proceeds of approximately $200 million for dispositions, within and outside of same community, that have not closed as of 3Q25.Excludes natural disaster expense of $1 million for the nine months ended September 30, 2025.****** *Expected 517 Consolidated plus Managed portfolio equals ~550 total communities364178339178 Same Community CountAs of 9/30/2025LeasedOwned Brookdale Pro FormaConsolidated Count 542Total 517Total*
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19 Higher occupancy drives significantly higher operating income Additional opportunity for growth as RevPOR potential surpasses inflation in future years Key Considerations Our higher occupancy communities generate significantly more operating income per unit on average We are focused on driving revenue and operating income growth in communities across all occupancy bands, especially through occupancy growth in those under 80% Increasing occupancy in the ~13,000 units at owned communities currently under 80% to over 80% is expected to generate significantly higher operating income and Adjusted EBITDAIllustrative Annualized Pro Forma Adjusted EBITDA Per Available UnitSenior Housing Owned PortfolioPro Forma Adjusted EBITDA YTD 3Q25Senior Housing Owned Portfolio Pro Forma($ in millions, except per unit data)UnitsNumber of CommunitiesOccupancy Band$18,607$25318,129200Over 80%$9,309$588,3078770 – 80%$4,903$164,35152Under 70%$14,162$32730,787339Total Owned PortfolioImportant Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA and Senior Housing Owned Portfolio Adjusted EBITDA are financial measures that are not calculated in accordance withU.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the most comparable GAAP financialmeasure, in the Appendix hereto. Increasing occupancy and operating income margin would deliver significant operating income and Adjusted EBITDA growth
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Limited New SupplyRapidly Growing Demographic Brookdale’s Unique Differentiators Key Drivers T o Achieving Long-T erm Growth Potential Less New CompetitionGreater DemandCompetitive Advantage
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21 100120140160Index (Base Year=2015) 0123456Interest Rate (%)0100200300400500in Thousands Macroeconomic factors have influenced pace of industry development …●Higher cost materials ●Labor shortage ●Elevated interest rates ●Tighter credit conditions Cost to build surged and has remained elevated amid high material, labor and capital costsConstruction costs are up 35% since 2020 due to supply chain issues and inflation in materials which will likely grow worse due to tariffsLabor shortages continue to pressure project timelines and expenses with 439,000 net new workers needed in 2025 to meet anticipated demand for construction services(4)Elevated interest rates have significantly increased borrowing costs, limiting new developmentAccess to capital remains tight, especially for higher-risk developments U.S. Construction Cost(1) U.S. Federal Funds Effective Rate(3) U.S. Construction Job Openings(2)
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22 … which has led to extremely few competitive communities under construction 0%1%2%3%4%5%0510152025 Inventory Growth in NIC Primary Markets(1)Inventory growth currently near record lows(1) Lower seniors housing starts reflect continued deceleration in construction activity(2) 0255075100125150 Starts in NIC markets nationwide Starts within 20 minutes of a Brookdale community New Seniors Housing Starts(2) Lengthy pre-development and construction phases will suppress supply growth for years to come (k) Developing a Team Obtaining Licenses & PermitsConstruction Period3Q25 starts are 91% lower than peak62% declineAnn. Inventory GrowthAnn. Inventory Growth Percent of Inventory
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23 Age-driven demand for senior living is growing …30% of Brookdale move-ins are under age 8030% of Brookdale move-ins are under age 80In 2026, Baby Boomers begin celebrating their 80thbirthdaysIn 2026, Baby Boomers begin celebrating their 80thbirthdays24% of Brookdale residents are Baby Boomers24% of Brookdale residents are Baby Boomers>1 million new seniors enter target market age cohort every year through 2036(1)>1 million new seniors enter target market age cohort every year through 2036(1)●Higher cost materials ●Labor shortage ●Elevated interest rates ●Tighter credit conditions Demographic Trends(mm)+42% (14 yrs.) Target Population(2)+54% (5 yrs.)2.13.04.50242010 2024 2029FGreatest55mSilent47mBoomer76mGen X55mMillennial62mOver 90 (16%)Move-In Age: 80-90 (52%)Under 80 (33%)0m1m2m3m4m1909 1928 1946 1965 1981 1996Number of Births Brookdale Move-Ins by Birth Year(3,4)
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24 … and difficulties experienced by older adults are on the rise70% of adults age 65+ develop severe need of long-term services and support(1)Chronic conditions in residential care(2)0% 20% 40% 60%COPDOsteoporosisHeart DiseaseDiabetesDepressionAlzheimer's…High Blood PressureHigh BloodPressure Alzheimer'sand Other DementiasDepressionDiabetesHeart DiseaseOsteoporosisCOPD66% of long-term care residents are diagnosed with at least two chronic conditions(2) 80%of long-term care at home is provided by unpaid caregivers(4)25% drop in ratio of unpaid caregivers to seniors now to 2030(6)1 in 5older adults don’t have someone they can depend on in time of need(7)69%of seniors felt lonely most of the time prior to moving into a senior living community(8)By 2027, adults age 64+ will exceed number of children(5)10% decline in frailty level following move to senior housing(9)FewerCaregivers Ongoing Social Isolation Risk With our strong clinical expertise and resident engagement programs, Brookdale is well-positioned to serve the diverse needs of seniors in their Brookdale homes Higher Acuity 31% greater likelihood of developing dementia is associated with loneliness(10) 514K730K925K980K1,030K2020 2030 2040 2050 2060US adults new dementia cases by year(3)42% lifetime risk of dementia after age 55(3)
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25 $356$530Household Income ($k) Home Value ($k)~10x increase in median price of existing single-family homes since early 1970s(4)~10x increase in median price of existing single-family homes since early 1970s(4)$410k median Boomer net worth - would cover 5+ years living in a Brookdale community(2)$410k median Boomer net worth - would cover 5+ years living in a Brookdale community(2)79% of seniors age 75+ are homeowners(3)79% of seniors age 75+ are homeowners(3)66% of total net wealth in U.S. is held by Baby Boomer and Silent generations(1)66% of total net wealth in U.S. is held by Baby Boomer and Silent generations(1)Senior living improves affordability of support for an aging population *Average cost of 24/7 care; home health does not include room & board +$14+$174 $24,800$10,600$6,500$0 $10,000 $20,000Home Health AideNursing HomeAssisted LivingAssisted Living is a cost-effective option Brookdale Communities are Well Positioned for Affordability(5) Brookdale Senior Livingis a strong valuepropositionService Cost Per Month(6)* Assisted living communities edge out professional at-home care and nursing home care as the paid long-term care option of choice for US middle class retirees(7) $79$93US National MedianTop Brookdale Markets
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26 Brookdale is differentiated within a highly fragmented industry Quality Care Industry-Leading ScaleStrong Clinical Expertise Scale provides deep, effective reach to senior population Informed, strategic leadership team driven by an average of nearly 20 years of industry experience Broad product offerings provide seamless support across continuum of care Highly-individualized care and personal service Nationally-ranked training and development programs Marked improvement in customer satisfaction across key areas Holistic approach to health and well-being Well Recognized Leadership Position Highly fragmented competitive landscape with ~2,500 operators, ~90% of which operate five or fewer communities(1) More than 9% of workforce are nurses Senior living leader in value-based care Brookdale HealthPlus®provides an innovative care delivery model with care coordination Employs evidence-based clinical practices Earned most senior living community recognitions by brand 2022-2025 (2)
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27 Industry-leading clinical expertise through programs like Brookdale HealthPlus® Care CoordinationProactive assistance with and management of preventive healthcare services, like annual wellness visits, immunizations and health screeningsChronic Conditions ManagementEvidence-based protocols are used to manage chronic conditions and monitor a change in condition to help avoid emergency room visits and hospitalizationsIncreased Resident SatisfactionWe help coordinate care with providers, manage health daily and provide oversight of urgent care needs, which supports increased resident satisfactionHelping to Improve Our Residents’ Health:Brookdale HealthPlus®OutcomesFor Brookdale HealthPlus residents compared to similar individuals living in private homes(1) 80% fewer urgent care visits66% fewer hospitalizations61% higher annual wellness visit completion rate Community-Based, Proactive Care Coordination –That’s Brookdale HealthPlus®Works to help improve residents’ quality of life and help prevent avoidable emergency room visits or hospitalizations; in partnership with residents’ family and healthcare providers.Each Brookdale HealthPlus®community has a dedicated RN Care Manager who proactively helps residents manage their health every day. Care Managers serve as a partner for other healthcare professionals and are an advocate for residents to help manage care transitions, including coordinating communication between providers, reconciling medications and scheduling follow-up visits with physicians. Benefits Brookdale HealthPlus is not currently available in all Brookdale communities. Expected to be in 184 communities by 2025 year-end
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Appendix & Endnotes
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29 DefinitionsRevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period(excluding revenue for private duty services provided to seniors living outside of the Company's communities and entrance fee amortization), divided by the weighted average number ofavailable units in the corresponding portfolio for the period, divided by the number of months in the period.RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period(excluding revenue for private duty services provided to seniors living outside of the Company's communities and entrance fee amortization), divided by the weighted average number ofoccupied units in the corresponding portfolio for the period, divided by the number of months in the period.Same Communityinformation reflects operating results and data of a consistent population of communities by excluding the impact of changes in the composition of the Company'sportfolio of communities. The operating results exclude natural disaster expense and related insurance recoveries. The Company defines its same community portfolio as communitiesconsolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired ordisposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition including through asset sales or leaseterminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced acasualty event that significantly impacts their operations.Same Community Operating Incomeis defined by the Company as resident fee revenue less facility operating expense (excluding natural disaster expense and related insurance recoveries) for the Company's Same Community portfolio. Same Community Operating Income does not include general and administrative expense or depreciation and amortization.Senior Housing Operating Income is defined by the Company as segment revenue less segment facility operating expense for the Company’s Independent Living, Assisted Living and Memory Care, and CCRCs segments on an aggregate basis. Senior Housing Operating Income does not include general and administrative expense or depreciation and amortization.Senior Housing Operating Income Margin is defined by the Company as Senior Housing Operating Income divided by resident fee revenue.Senior Housing Operating Income per Available Unitis defined by the Company as Senior Housing Operating Income divided by the weighted average number of available units in theSenior Housing portfolio for the period.Senior Housing Owned Portfoliorepresents the Company’s owned communities and does not include leased or managed communities.Senior Housing Leased Portfoliorepresents the Company’s leased communities and does not include owned or managed communities.Non-GAAP Financial MeasuresThis Investor Presentation contains the financial measures Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments, Senior Housing Owned Portfolio Adjusted EBITDA, FFO,Normalized FFO, Adjusted Free Cash Flow, and Net Debt (each as defined on the following pages), which are not calculated in accordance with U.S. generally accepted accountingprinciples ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’sperformance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP,including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, short-term debt, long-term debt less current portion, or current portion oflong-term debt. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similarmeasures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations set forth in thisAppendix of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP and to review the information under "Reconciliationsof Non-GAAP Financial Measures" in the Company’s earnings release dated November 6, 2025 for additional information regarding the Company’s use and the limitations of such non-GAAP financial measures. Appendix: Definitions and Non-GAAP Financial Measures
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30 Adjusted EBITDAAdjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, legal, cost reduction, or organizational restructuring items that management does not consider as part of the Company’sunderlying core operating performance and that management believes impact the comparability of performance between periods. For the periodspresented herein, such other items include non-cash impairment charges, gain/loss on facility lease termination, operating lease expense adjustment, non-cash stock-based compensation expense, gain/loss on sale of communities, and transaction, legal, and organizational restructuring costs. T ransaction costsinclude those directly related to acquisition, disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarilycomprised of legal, finance, consulting, professional fees, and other third-party costs. Legal costs include charges associated with putative class actionlitigation. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its seniorleadership changes, including severance.The table below reconciles Adjusted EBITDA from net income (loss).Appendix: Non-GAAP Financial Measures
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31 Adjusted EBITDA (Continued)The table below reconciles Senior Housing Owned Portfolio Adjusted EBITDA from net income (loss).Appendix: Non-GAAP Financial Measures
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32 Appendix: Non-GAAP Financial MeasuresAdjusted Free Cash FlowAdjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before:distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid insurance premiums financed with notes payable,changes in operating lease assets and liabilities for lease termination, cash paid/received for gain/loss on facility operating lease termination, and lessorcapital expenditure reimbursements under operating leases; plus: property and casualty insurance proceeds; less: non-development capital expendituresand payment of financing lease obligations.The table below reconciles Adjusted Free Cash Flow from net cash provided by (used in) operating activities.
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33 Appendix: Non-GAAP Financial MeasuresAdjusted EBITDA after cash financing lease payments and Net DebtNet Debt is a non-GAAP financial measure that the Company defines as the total of its debt and the outstanding balance on the line of credit, lessunrestricted cash, marketable securities, and cash held as collateral against existing debt.The tables below 1) reconcile Adjusted EBITDA after cash financing lease payments from net income (loss) and 2) provide the individual components of NetDebt.(i n mi llions)12/31/2022 12/31/2023 12/31/2024Net income (loss)(238.3)$ (189.1)$ (202.0)$ Provis ion (benefi t) for i ncome taxes (1.6) 8.8 4.6 Equi ty in (earnings ) los s of uncons oli dated ventures10.8 4.0 - Los s (gai n) on debt modifica ti on and exti ngui s hment, net 1.4 2.7 20.8 Non-opera ting l os s (ga in) on sa l e of as sets, net(0.6) (1.4) (0.9) Other non-operating (income) los s (12.2) (21.8) (9.4)Interes t expens e204.7 238.3 252.6 Interes t income (6.9) (23.1) (19.2)Income (l os s) from operati ons(42.7) 18.4 46.5 Depreciation and amortizati on 347.4 342.7 357.8 As s et i mpairment29.6 40.6 8.6 Los s (gai n) on s ale of communi ti es , net(73.9) (36.3) - Operating l ea se expens e adjustment(34.9) (45.7) (48.8) Non-ca sh s tock-bas ed compens a ti on expens e14.5 12.0 14.2 Tra ns action, legal, and organi za tiona l res tructuring cos ts1.3 3.9 7.9 Interes t expens e: financing l eas e obl igations(48.1) (22.0) (27.8) Payment of fi nanci ng leas e obligati ons(22.2) (8.5) (1.1) Adjusted EBITDA after cash financing lease payments171.0$ 305.1$ 357.3$ 12/31/2022 12/31/2023 12/31/2024Long-term debt (i ncl uding current porti on)3,850.1$ 3,697.3$ 4,062.8$ Cas h a nd cas h equiva lents(398.9) (278.0) (308.9) Ma rketable s ecuri ti es(48.7) (29.8) (19.9) Cas h hel d as coll ateral a ga inst exis ti ng debt(14.0) (3.7) (2.5) Net Debt 3,388.5$ 3,385.8$ 3,731.5$ Annualized Leverage (Net Debt/Adjusted EBITDA) 19.8 x 11.1 x 10.4 x As of: For the twelve months ended:
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34 Appendix: Non-GAAP Financial Measures Funds from Operations (“FFO”) and Normalized FFOFunds from Operations (“FFO”), is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation andamortization, gain/loss on sale of communities, and non-cash impairment charges. Normalized FFO is a non-GAAP performance measure that theCompany defines as net income (loss) excluding: deferred benefit/provision for income taxes, depreciation and amortization, and property and casualtyinsurance income less: payment of financing lease obligations; and further adjusted to exclude income/expense associated with non-cash, non-operational,transactional, legal, cost reduction, or organizational restructuring items that management does not consider as part of the Company’s underlying coreoperating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, suchother items include non-cash impairment charges, gain/loss on sale of communities, gain/loss on debt modification and extinguishment, gain/loss on facilityoperating lease termination, and transaction, legal, and organizational restructuring costs. T ransaction costs include those directly related to acquisition,disposition, financing, and leasing activity and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professionalfees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include thoserelated to the Company’s efforts to reduce general and administrative expense and the Company’s senior leadership changes, including severance.
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35 ReferenceSlide1. National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units, NIC Supply Set 3Q 20252. Brookdale’s Senior Housing segments’ resident fees for the trailing 12 months ending September 30, 20253. “2025 Largest Providers Report” Argentum, July 2025, Skilled Nursing units not included41. Based on consolidated portfolio 2. National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 3Q 202561. Based on consolidated portfolio; weighted average shown is based on units occupied2. Based on same community portfolio; metric is stated for the quarter of the year shown compared to the same quarter in the prior year3. Based on same community portfolio; metric is stated as a percentage of resident count for the respective quarter shown compared to the same calculation for the prior year quarter101. Reflects rates as of September 30, 2025131. Adjusted to exclude cash facility lease payments for previously leased communities acquired in December 2024141. “Market Trends & Investor Survey: Senior Living & Care H1 2025” Cushman & Wakefield, June 2025161. Producer Price Index by Commodity: Final Demand: Final Demand Construction (PPIFDC), U.S. Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis, Oct 2025; 2025 value is average of year-to-date data available at time of reporting2. Job Openings and Labor Turnover Survey, U.S. Bureau of Labor Statistics, Oct 2025; 2025 value is average of year-to-date data available at time of reporting3. Federal Funds Effective Rate, Board of Governors of the Federal Reserve System (US), retrieved from FRED, Federal Reserve Bank of St. Louis, Oct 2025; 2025 value is average of year-to-date data available at time of reporting4. "ABC: Construction Industry Must Attract 439,000 Workers in 2025" Associated Builders and Contractors, January 2025211. NICMAP Trends October 20252. NIC Supply Set 3Q 2025; NIC data subject to future revision; industry data does not include Brookdale221. “Projected Population by Single Year of Age, Sex, Race, and Hispanic Origin for the United States: 2022 to 2100” US Census Bureau, Population Division, November 2023; target market age cohort defined as 75+2. ESRI, Brookdale proprietary analysis; target population defined as age 75+ with $75,000+ income and living within 20 minutes of a Brookdale community3. "Live Births, Birth Rates, and Fertility Rates, by Race: United States, 1909-2003" National Center for Health Statistics, CDC, 20034. "Defining Our Six Generations" The Pew Charitable Trusts, February 201923 Endnotes
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36 ReferenceSlide1. “What is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” Office of Disability, Aging and Long-Term Care Policy, HHS, April 20192. “Residential Care Community Resident Characteristics: United States, 2018” National Center for Health Statistics, CDC, September 20213. "Lifetime risk and projected burden of dementia" Nature Medicine, M Fang, J Hu, J Weiss, et al, March 20254. "Who Will Provide Your Care?" U.S. Department of Health and Human Services, Administration for Community Living, February 20205. “Projected Population by Single Year of Age, Sex, Race, and Hispanic Origin for the United States: 2022 to 2100” US Census Bureau, Population Division, November 20236. “Projected Population by Single Year of Age, Sex, Race, and Hispanic Origin for the United States: 2022 to 2100” US Census Bureau, Population Division, November 2023; caregiver ratio defined as proportion of adults age 80+ compared to those age 45-647. "A Look at Loneliness in America’s Older Adults and People with Disabilities" State of Social Health Report, Papa, 20238. "Loneliness in Older Adults: Challenges and Remedies" US News and World Report, Tina Donvito, March 20259. "Older Adults Are Demonstrably Less Vulnerable Soon After Moving into Senior Housing" National Investment Center (NIC), September 202310. "Loneliness linked to dementia risk in large-scale analysis" National Institute on Aging, January 2025241. "Visualizing $156 Trillion in U.S. Assets, by Generation" Visual Capitalist, Marcus Lu, August 20232. Survey of Consumer Finances 1989-2022, Board of Governors of the Federal Reserve System, net worth by age of reference person (age 65 to 74), November 2023; calculation based on Brookdale average monthly RevPOR for 3Q 20253. “Homeownership Rates for the United States, by Age of Householder and by Family Status: 1982 to 2021” US Census Bureau, Current Population Survey/Housing Vacancy Survey, March 20224. “Boomers Bought Up the Big Homes. Now They’re Not Budging” Wall Street Journal, Rachel Louise Ensign and Rachel Wolfe, April 20245. ESRI, Brookdale proprietary analysis; Brookdale Weighted Averages include median household income and median home value based on households within 20-minute drive time of Consolidated Brookdale communities in the top 25 Brookdale markets (CBSA) by NOI, weighted by annualized NOI per CBSA6. For Assisted Living, Brookdale average monthly RevPOR for AL and MC units in 2024; for Nursing Home and Home Health Aide, 2024 median national costs for nursing home private room and home health aide calculated per month and rounded to nearest hundred, from "Cost of Care Trends & Insights" Genworth Cost of Care Survey 2024, December 20247. "The Retirement Outlook of the American Middle Class" Transamerica Center for Retirement Studies, August 2024251. NIC Supply Set 3Q 2025; NIC data subject to future revision; industry data does not include Brookdale2. Clare Bridge Training by Brookdale Senior Living is recognized by the Alzheimer’s Association® for incorporating the evidence-based Dementia Care Practice Recommendations in the following topic areas: Alzheimer’s and dementia, person-centered care, assessment and care planning, activities of daily living, and behaviors and communication. Of note: The Alzheimer’s Association statement of recognition is not an endorsement of the professional training or evaluation of the care provided by the organization 261. "HealthPlus Program Assessment" ATI Advisory, September 202427 Endnotes
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37 (1) Facility operating expenses, such as labor, food and supplies trend higher due to increased number of working days; labor cost trends higher with numberof holidays Normal Seasonality Sequential View4Q3Q2Q1QGenerally remains flat to slightly positive to third quarterHistorically highest sequential growth period of the yearBegins to turn positive toward end of quarter Lower due to increased incidence and severity of fluOccupancy Sequential ChangeGenerally steps-down from prior quarterGenerally steps-down from prior quarterGenerally steps-down from prior quarterLargest sequential increaseRevPOR $ Sequential ChangeFull-quarter impact of community associates merit increaseLabor (Annual Merit Increase)Seasonally highSeasonally highUtilities92 / 292 / 291 / 190 / 12025 Number of work days / holidays(1) Majority of real estate tax paymentsMajority of incentive compensation paymentsWorking Capital Endnotes