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January 30, 2026
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Forward-Looking Statements — Safe Harbor Certain statements in this Investor Presentation and the associated Investor Day event may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-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 or expressions, and include statements regarding our expected financial and operational results. These forward-looking statements are based on certain assumptions and expectations, 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 any forward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on our operations and future prospects or which could cause events 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 senior housing construction and development, lower industry occupancy, and increased competition; conditions of housing markets, regulatory changes, acts of nature, and the effects of climate change in geographic areas where we are concentrated; terminations of our resident agreements and vacancies in the living spaces we lease; changes in reimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; failure to maintain the security and functionality of our information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; our ability to complete our capital expenditures in accordance with our plans; our ability to identify and pursue development, investment, and acquisition opportunities and our ability to successfully integrate acquisitions; competition for the acquisition of assets; our ability to complete pending or expected disposition, acquisition, or other transactions on 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 unanticipated conditions, 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 our strategy, including initiatives undertaken to execute on our strategic priorities and their effect on our results; limits on our ability 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 of trade 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 extend or 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 to fund our planned capital projects; the effect of any non-compliance 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 leases and 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 to the 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 rates that 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 by changes in management; increased competition for, or a shortage of, associates, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; an adverse determination or resolution of complaints filed against us, including putative class action complaints; negative publicity with respect to any lawsuits, claims, or other legal or regulatory proceedings; costs to respond to, and adverse determinations resulting from, government inquiries, reviews, audits, and investigations; the cost and difficulty of complying with increasing and evolving regulation, including new disclosure obligations; changes in, or our failure to comply with, employment-related laws and regulations; environmental contamination at any of our communities; failure to comply with existing environmental laws; 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 other energy 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 of seasonal 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 in our 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 and “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind 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, which reflect management's views as of the date of this Investor Presentation. 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 Investor Presentation to reflect any change in our expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.
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Non-GAAP Financial Measures This Investor Presentation contains the financial measures Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments, Senior Housing Owned Portfolio Adjusted EBITDA, and Net Debt (each as defined in the Appendix), which are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance. 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, short-term debt, long-term debt less current portion, or current portion of long-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 similar measures 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 the Appendix of these non-GAAP financial measures from the most comparable GAAP financial measures. In addition, this presentation includes forward-looking non-GAAP financial measures, including 2026 guidance for Adjusted EBITDA. Reconciliation of 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 the forward-looking non-GAAP financial measures from the GAAP financial measures. 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. Unless otherwise specified, references to “Brookdale,” “we,” “us,” “our,” or “the Company” in this Investor Presentation mean Brookdale Senior Living Inc. together with its consolidated subsidiaries.
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4 Investor Day Agenda Time Topic Presenter Title 9:00–9:05 Welcome Mike Grant VP , Investor Relations 9:05–10:00 Enriching Lives, Driving Value Company Overview & Strategy Nick Stengle Chief Executive Officer 10:00–10:30 Operations Alignment to Strategy Community and Market Focus Mary Sue Patchett Chief Operating Officer 10:30–10:45 Break 10:45–11:15 Financial Growth & Stability Translating Operating Performance to Financial Returns Dawn Kussow Chief Financial Officer 11:15–11:55 Questions & Answers 11:55–12:00 Closing Remarks Nick Stengle Chief Executive Officer
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5 Our Presenters Nick Stengle Chief Executive Officer Joined 2025 Dawn Kussow Chief Financial Officer Joined 2007 Mary Sue Patchett Chief Operating Officer 1996–2021 Rejoined 2025 Mike Grant VP , Investor Relations Joined 2025
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6 Nick Stengle Chief Executive Officer
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8 OUR MISSION Enriching the lives of those we serve with compassion, respect, excellence, and integrity OUR VISION To be the nation’s first choice in senior living OUR CORNERSTONES MORE THAN A JOB, A PASSION — Have fun and celebrate life every day. DOING THE RIGHT THING TAKES COURAGE — Provide meaningful rewards for associates, residents and shareholders. WE SUCCEED THROUGH PARTNERSHIP — Work together as one team. BUILT ON A FOUNDATION OF TRUST — Listen, understand, partner and solve.
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9 Brookdale At A Glance $3 Billion in Revenue (2025) $458 Million in Adjusted EBITDA (2025) 83.5% Same Community Occupancy (4Q 25) Brookdale is a Pure Play Operator and Owner of Senior Housing Communities in the United States 517 Consolidated Communities (Anticipated 2026) 51,000 Residents, Ability to Serve (2025) 33,000 Associates (2025) BKD listed Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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10 Brookdale At A Glance: Community Footprint 517 consolidated communities across 41 states (anticipated 2026) IL 23% MC 18% AL 56% SNF 3% 2025 53% of seniors age 75+ with >$75K income live within 30 minutes of a Brookdale community1 80 units is average community size 75% of consolidated unit portfolio is owned by Brookdale as of December 2025 74% is needs-based Assisted Living and Memory Care, vs. 52% for industry2
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11 Brookdale Is The Largest Operator And Third-Largest Owner Of Senior Housing Real Estate Top 10 Senior Housing Operators (2025 ASHA Report1) Rank Company Properties Operated Units Operated 1 Brookdale Senior Living (Owner Operator) 639 53,510 2 Discovery Senior Living (Management Company) 362 39,236 3 LCS (Management Company) 121 33,766 4 Erickson Senior Living (Owner Operator) 22 26,608 5 Greystar Real Estate Partners (Investment Manager) 136 24,047 6 Sunrise Senior Living (Management Company) 229 21,839 7 Atria Senior Living Inc. (Management Company) 174 21,693 8 AlerisLife (Management Company) 132 19,056 9 StoryPoint Group (Owner Operator) 146 16,084 10 Cogir Management USA (Management Company) 113 13,124 Top 10 Senior Housing Owners (2025 ASHA Report1) Rank Company Properties Owned Units Owned 1 Welltower Inc. (Public REIT) 1,067 112,641 2 Ventas, Inc. (Public REIT) 756 73,570 3 Brookdale Senior Living (Owner Operator) 376 32,448 4 Harrison Street (Investment Manager) 180 24,542 5 Diversified Healthcare Trust (Public REIT) 224 24,173 6 American Healthcare REIT (Public REIT) 171 17,660 7 StoryPoint Group (Owner Operator) 146 16,084 8 Columbia Pacific Advisors (Investment Manager) 109 14,296 9 National Senior Communities, Inc. (Nonprofit) 8 12,731 10 Erickson Senior Living (Owner Operator) 13 12,198
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12 Brookdale Is Competitively Differentiated Within A Highly Fragmented Industry Highly fragmented competitive landscape with ~2,400 operators, ~90% of which operate five or fewer communities1 Earned most senior living community recognitions by brand 2022–2025 Strong Clinical Expertise Nurses are approximately 10% of workforce Senior living leader in value-based care Brookdale HealthPlus® provides an innovative care delivery model with care coordination Employs evidence-based clinical practices Quality Care Highly individualized care and service Nationally ranked training and development programs Marked improvement in customer satisfaction across key areas Holistic approach to health and well-being Industry-Leading Scale 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 2 ®
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13 Brookdale At A Glance
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14 Senior Housing Solves For Needs That Cannot Easily Be Addressed In Other Settings Higher Acuity 70% of adults age 65+ develop severe need of long-term services and support1 66% of long-term care residents are diagnosed with at least two chronic conditions2 42% lifetime risk of dementia after age 553 U.S. adults new dementia cases by year3 514K 730K 925K 980K 1,030K 2020 2030 2040 2050 2060 Fewer Caregivers 80% of long-term care at home is provided by unpaid caregivers4 25% drop in ratio of unpaid caregivers to seniors between 2023 and 20305 By 2027, adults age 64+ will exceed number of children6 Number of adult caregivers (age 45 to 64) able to care for an 80+ parent is going from historic ratio of 7:1 to 4:1 in 2030 and 3:1 by 20507 1 in 5 older adults don’t have someone they can depend on in time of need8 Social Isolation Risk 69% of seniors felt lonely most of the time prior to moving into a senior living community9 31% increased likelihood of developing dementia is associated with loneliness10 10% decline in frailty level following move to senior housing11
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15 Additionally, Senior Housing Is Often The Most Cost-Effective Option — Especially In A Need-Based Scenario Senior Housing Segment Indicators % BKD Capacity1 % Industry Units (NIC)2 Industry Avg. Move-In Age3 Monthly Cost (NIC)4 Occupancy (NIC)4 Active Adult (Age 55+ Communities) Lifestyle Choice NA NA 72–74 $2,000 92.1% Independent Living (IL) Lifestyle Choice 23% 40% 82 $4,300 89.0% Assisted Living (AL) Need Based 56% 37% 84 $6,500 85.8% Memory Care (MC) Need Based 18% 14% 84 $8,100 85.3% Skilled Nursing (SNF) Need Based 3% 9% 83 $10,600 85.3% Continuing Care Retirement Communities (CCRC) Life Planning NA NA 82–84 $4,300– 10,600 NA Assisted Living Is Most Cost-Effective Option Service Cost Per Month*5 $24,800 $10,600 $6,500 Home Health Aide Nursing Home Assisted Living *Average cost of 24/7 care; home health does not include room & board
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16 Brookdale’s History Has Evolved Across Multiple Eras 2000–2020 Growth Through Acquisition • Growth through multiple mergers and acquisitions • Nearly 1,150 communities at high • Lease structure pressured results • Began initial portfolio rationalization efforts in later years 2020–2022 COVID-Era Retrenchment • Occupancy declined to under 70% during pandemic • Adjusted EBITDA declined with occupancy and inflationary expense pressure, pushing leverage significantly higher • Took proactive steps to preserve liquidity 2022–2026 Portfolio Optimization • Exited or renegotiated disadvantaged leases • Selling 50 non-core communities • Reduce consolidated portfolio to 517 communities mid-year 2026 Future State: Operational Optimization and Excellence • Significant RevPAR improvement • Improve pricing as occupancy grows • Accelerate operating performance improvement
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17 Brookdale Has Deliberately Shifted Its Portfolio Toward Owning Its Communities And Away From Lease And Management Agreements Communities (Year-End) 0 200 400 600 800 1,000 1,200 1,400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Number of Communities Owned Leased Managed Units (Year-End) 0 20,000 40,000 60,000 80,000 100,000 120,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Unit Inventory Owned Leased Managed Year Owned Leased Consolidated (Owned + Leased) 2025 370 178 548 Same community 339 178 517 Year Owned Leased Consolidated (Owned + Leased) 2025 33,262 10,608 43,870 Same community 30,788 10,608 41,396
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18 Brookdale’s Occupancy Is Approaching Pre-COVID Performance $3,000 $3,400 $3,800 $4,200 $4,600 $5,000 $5,400 65% 70% 75% 80% 85% 90% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 83.6% 83.5%84.2%84.5% 83.2% 78.7% 75.3% 72.7% 69.6% 70.5% 72.5% 73.5% 73.4% 74.6% 76.4% 77.1% 76.3% 76.5% 77.6% 78.4% 77.9% 78.1% 78.9% 79.4% 79.3% 80.1% 81.8% 82.5% Weighted Average Occupancy Quarterly RevPAR RevPAR & Weighted Average Occupancy1 Since Q1 2021 inflection: • Occupancy has improved by 12.9 percentage points • RevPAR has increased by ~$1,600 (+44%)
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19 Adjusted EBITDA Has Grown Four Consecutive Years While Debt Leverage Ratio Has Dropped To A Single Digit Occupancy & Adjusted EBITDA ($ Millions) $139 $241 $336 $386 $458 71.5% 75.4% 77.2% 78.6% 80.9% 2021 2022 2023 2024 2025 Adjusted EBITDA Weighted Average Occupancy Annualized Leverage & Net Debt ($ Billions) 19.8X 11.1X 9.9X 8.9X $3.4 $3.4 $3.7 $4.0 2022 2023 2024 2025 Annualized Leverage Net Debt 2024 and 2025 figures are Adjusted Leverage. Adjusted EBITDA and Net Debt are non-GAAP financial measures. See the Appendix for definitions and reconciliations.
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20 Brookdale Delivered Strong 2025 Results Occupancy +230 basis point year-over-year increase in consolidated average occupancy to 80.9%, our highest level since 2019 Occupancy exceeds 80% — the approximate level at which Brookdale leverages fixed costs Just 80 of 548 communities, representing 13% of available units, remained below 70% for the fourth quarter of 2025 187 of 548 communities, representing 43% of available units, were above 90% occupancy for the fourth quarter of 2025 RevPAR & RevPOR +5.7% increase in RevPAR on a mix of occupancy and rate improvement Portfolio Cash Flow Both Owned and Leased portfolios are generating positive cash flow Adjusted EBITDA +19% increase to $458 million +230% increase in Adjusted EBITDA since 2021 on fourth consecutive year of improvement ($ millions) $138 $241 $336 $386 $458 2021 2022 2023 2024 2025 Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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21 Brookdale 2026 Annual Guidance And Multiyear Projection 2026 Annual Guidance RevPAR YOY Growth 8%–9% Adjusted EBITDA $502–$516 Million Adjusted EBITDA: Mid-teens annual growth for ongoing portfolio Leverage: Reduce net leverage to <6X EBITDA by the end of 2028 Adjusted EBITDA and Net Debt are non-GAAP financial measures. See the Appendix for definitions and reconciliations.
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22 Three Key Levers To Achieving Our Multiyear Projection Leverage Supply And Demand Dynamics Leverage the reality of supply and demand dynamics that will underpin senior housing for the next 10+ years Achieve Critical Mass At Market Level Achieve critical mass at the market level and win entire markets Excel Operationally Excel operationally across all key functions
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23 Leverage The Reality Of Supply And Demand Dynamics That Will Underpin Senior Housing For The Next 10+ Years
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24 80+ Population Will Rapidly Expand Over The Next Couple Decades Demographics Drive Demand First Baby Boomers, born in 1946, begin celebrating their 80th birthdays this year2 Nearly 600K (20%) more Americans born in 1946 than 1945, and trend expands for next 20 years of births3 +55% increase in the U.S. population3 age 80+ over the next decade, growing at a 5% CAGR >1 million new seniors enter target market age cohort every year through 20364 U.S. Population Age 80+ (U.S. Census Bureau Projections) 1,2 13.8M 14.3M 14.7M 15.2M 16.3M 17.2M 18.0M 18.8M 19.6M 20.4M 21.2M 22.1M 22.9M 23.7M 24.5M 25.3M 26.1M 26.8M 27.5M 28.1M 28.6M 29.1M 29.4M 29.6M 29.7M 29.8M 29.9M 30.1M 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Base Pop 80+ Change Pop 80+ Total Population 80+ U.S. Census Bureau: Projected Population by Single Year of Age, Sex, Race, and Hispanic Origin for the United States: 2022 to 2100, Main Series
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25 Baby Boomers Turning 80 Years Old This Year Are At The Front End Of The “Sweet Spot” Move-In Age Distribution of Brookdale Move-Ins by Age (2025 Move-Ins) Move-Ins 51% of Brookdale move-ins occur at ages 80–90 years 83.1 is the average age of a Brookdale move-in 0% 10% 20% 30% 40% 50% 60% Age 85 and Older Age 75–84 Age 65–74 Age 65 and Under Assisted Living Population by Age Cohort1
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26 Supply Of Senior Housing Inventory And Growth Remains Constrained Lengthy pre-development and construction phases (3–5 years) will suppress supply growth in upcoming years Note: Industry data reflects NIC Primary and Secondary Markets. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 0 20,000 40,000 60,000 80,000 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Senior Housing Units Under Construction1 and as % of Inventory, 2008–2025 Units Under Construction Construction % SH Inventory 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 0 10,000 20,000 30,000 40,000 50,000 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Senior Housing Starts1 and as % of Inventory, 2008–2025 SH Starts-LTM Starts % SH Inventory 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Senior Housing Inventory1 and % Growth, 2008–2025 SH Unit Inventory SH Unit Inventory %Chg
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27 The Intersection Of Growing Demand And Constricted Supply Highlights Growing Scarcity In Senior Housing Real Estate 0.9M 1.1M 1.3M 1.5M 1.7M 1.9M 2.1M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Estimated Supply and Demand for Senior Housing1 Unit Supply Unit Demand Supply-Demand Imbalance New construction is lagging anticipated demand, creating a shortage of available Senior Housing units and increasing demand for Brookdale communities By 2027, estimated demand for Senior Housing is expected to exceed supply by over 100K units By 2035, the deficit is expected to exceed 400K units
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28 Brookdale’s Incremental Operating Income Opportunity Is Underpinned By Growth In Occupancy And “Net Pricing” (RevPOR Vs. ExPOR Spread) Expansion $0M $50M $100M $150M $200M $250M $300M $350M 83% 84% 85% 86% 87% 88% 89% 90% 91% 92% 93% Estimated Incremental Annual Senior Housing Operating Income Weighted Average Occupancy Rate Incremental Operational Income from Occupancy Change Incremental Operating Income of 1% Net Pricing Incremental Operating Income of 2% Net Pricing Incremental Operating Income of 3% Net Pricing Margin Opportunity 100 bps occupancy increase yields approximately $23M in Senior Housing Operating Income on same community portfolio 1% point RevPOR increase above expense inflation (ExPOR) yields approximately $27M in Senior Housing Operating Income on same community portfolio Illustrative Operating Income Through Occupancy and Pricing Gains
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29 Achieve Critical Mass At The Market Level And Win Entire Markets
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30 National Footprint With Local Market Strength National Footprint; Strong Locally Brookdale top markets include: • Austin • Charlotte • Denver • Dallas • Detroit • Kansas City • Los Angeles • Orlando • Phoenix • Portland • Seattle • Tampa-St. Pete Clustered facilities provide optionality by location, care type and price point within a local market Clustered facilities also provide operational advantages through shared resources and closer oversight
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31 Instead Of Winning In Individual Communities, The Focus Is To Win Entire Markets Designate Priority Markets Prioritize markets (as opposed to specific communities) based on embedded opportunity to rapidly improve performance — occupancy, rate, expenses, and Operating Income across the entire market Apply Local Leadership And Oversight Leverage district leadership across the Key 3 functions (ops, sales, and clinical) Fully coordinate strategy across all communities in priority markets Ensure all community leadership positions are filled and fully supported Focus All Corporate Resources Focus corporate resources at the market level • Contact Center cross- selling of communities to find the best match • Holistic CapEx deployment • Targeted marketing spend • Recruiting support • Bespoke sales incentive programs
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32 Case Study: Kansas City Has Successfully Implemented Market-Based Strategy Brookdale Rosehill (CCRC) Brookdale Shawnee (MC) Brookdale College Square (MC) Brookdale Wornall Place (RC) Brookdale Leawood State Line (MC) Brookdale Overland Park (CCRC) Brookdale Overland Park 119 th (IL) Strong Local Market Results 7 communities, including 6 owned and 1 leased community 2025 real estate purchase of two communities that we previously leased; generating improved financial returns Full continuum of our product offering, including Independent Living, Assisted Living, Alzheimer's & Dementia Care, Rehabilitation & Skilled Nursing Local District leadership team has been stable and fully engaged to drive market-level results 88% occupancy for Brookdale’s roughly 900 units across entire market
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33 Case Study: Dallas Has Opportunity To Leverage Market Positioning Brookdale Summer Ridge (AL) Brookdale Waxahachie (AL/MC) Brookdale Club Hill (RC) Brookdale Lake Highlands (AL/MC) Brookdale Farmers Branch (AL/MC) Brookdale Collin Oaks (AL/MC) Brookdale Creekside (MC) Brookdale Stonebridge Ranch (AL/MC) Brookdale Lewisville (AL) Brookdale Denton South (AL) Brookdale Denton North (AL) Brookdale White Rock MC) Brookdale Watauga (AL) Brookdale North Richland Hills (RC) Brookdale Richland Hills (AL/MC) Brookdale Westover Hills (AL/MC) Brookdale Tanglewood Oaks (AL/MC) Brookdale Weatherford (AL) Brookdale Mansfield (AL) Brookdale Pecan Park (AL/MC) Brookdale Eden Estates (RC) Brookdale Oak Hollow (MC) Fort Worth Dallas Significant Opportunity Market 23 communities, including 20 owned and 3 leased; 8 Dallas communities are part of our HORT performance improvement program Product offering in the Dallas market includes Independent Living, Assisted Living, and Alzheimer’s & Dementia Care <80% occupancy for Brookdale’s roughly 1,500 units, with higher occupancy in IL and ability to transition appropriate residents to AL and MC; NIC market occupancy is roughly 89%
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34 Excel Operationally Across All Key Functions
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35 Refocusing Brookdale As An Operating Company Built Upon A Foundation Of Real Estate • New CEO — Brings extensive operations experience • New COO — Brings years of industry experience, including at Brookdale; Brookdale has not had a COO in more than 10 years • New Operations organizational structure: • 6X regions led by experienced Vice Presidents • Each region composed of a Regional Leadership Team representing all key functions: Sales, Clinical, Dining, Alzheimer's and Dementia Care, Workforce Management, Recruiting, Asset Management, Resident and Family Engagement, etc. • Each region owns the results for their geographic scope • Brookdale, as the largest Senior Living operator in the U.S., can leverage the depth/strength of expertise and ability to scale key functions
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36 Regional Model For Operations Improves Responsiveness And Accountability New Operations Model CA OR WA NV ID MT WY UT AZ ND SD NE CO NM TX KS OK MN IA WI IL MI IN MO AR LA MS AL FL GA SC TN NC KY WV VA OH PA NY VT ME NH MA CT NJ RI DE DC MD CCRC New COO — Brookdale’s first dedicated COO in a decade; six regions led by regional VPs reporting to the COO Organizational structure marries scale of the nation’s largest operator with the nimbleness of a regional provider Decision responsibility is focused regionally for faster response and greater accountability This model creates, in effect, 6X regional Senior Living “companies” of around 100 communities each, while maintaining the support, resources, and synergies of a centralized support structure
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Thank you
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38 Mary Sue Patchett Chief Operating Officer
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Operational Excellence
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40 Brookdale’s Operating Priorities In Action Transform our Operating Structure Attract, engage, develop and retain the best associates Earn resident and family trust and satisfaction by providing valued high- quality care and personalized service Operational Excellence resulting in increased revenue, disciplined expense management and accelerated EBITDA growth
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41 CA OR WA NV ID MT WY UT AZ ND SD NE CO NM TX KS OK MN IA WI IL MI IN MO AR LA MS AL FL GA SC TN NC KY WV VA OH PA NY VT ME NH MA CT NJ DE DC RI MD CCRC New Operations Model Improves Strategy, Execution, Accountability Regional Organizational Structure Six strategic focused regions — led by Regional Vice Presidents with an average of more than 23 years of Brookdale experience COO leadership • Brookdale’s first dedicated COO in a decade • Coordinates functions of Centers of Excellence departments with fewer structural layers between communities and Community Support Center Decision responsibility focused regionally for faster response to the communities and improved performance-driven decisions
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42 Model Marries Scale Of The Nation’s Largest Operator With The Nimbleness Of A Regional Provider Regional Team Capabilities Regional Vice President, Operations Reports to COO and directs district teams with community and market focus Regional Leadership Team Includes: • Sales • Clinical • Workforce Management & Planning • Environmental Services • Asset Management • Financial Planning & Analysis • Dining • HR Business Partner • Talent Acquisition • EngagementPlus • Alzheimer’s & Dementia Care Alignment of Cross-Functional Leadership at the Regional and National Levels Streamlines Communication and Execution Improves Responsiveness and Accountability National (Community Support Center) Expertise Centers of Excellence Provide leadership, best practices, research, training and support for specialty focus areas • Ops Strategy & Integration • Clinical, Skilled Nursing and Alzheimer’s & Dementia Care • Brookdale HealthPlus® • Resident & Family Engagement • Customer Experience • Environmental Services, Fleet Management • Sales • Marketing • Asset Management • Human Resources • Finance & Accounting • Legal, Regulatory & Compliance • IT & Procurement
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43 Operational Excellence Amplifies Through Brookdale’s Associates ~33,000 ASSOCIATES Attract the best associates Engage and develop the best associates Retain the best associates Skill and relationships deliver the best resident experience
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44 Operational Excellence Starts With Brookdale’s Leaders 2023 2024 2025 60 61 62 63 64 65 66 67 68 69 70 Key 3 Community Leaders Retention +390 bps last 2 years “Key 3” Retention is the retention of Community Executive Directors, Community Sales Leaders, and Health & Wellness Directors
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45 Associate Career Pathways Lead Caregiver Caregiver Certified Nursing Assistant Medication Technician Resident Care Coordinator Wellness Nurse Resident Programs Health & Wellness Director (similar to Director of Nursing) Sales Charge Nurse Health & Wellness Coordinator (similar to Assistant Director of Nursing) Dining Maintenance Human Resources Business Office Executive Director Area Nurse Manager Clinical Informatics/Analyst District Nurse Clinical Trainer Nurse Executives Vice President, Clinical Services Nurse ExecutivesClinical Operations Caregiver Roles Certified Roles Licensed Roles Non-Clinical Path Support Licensed Roles Corporate Licensed Roles
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46 Operational Excellence Earns Resident And Family Trust And Satisfaction Optimum Life® Optimum Life is how we define the Brookdale brand experience. Optimum Life® is a registered trademark of Brookdale, and it serves as the foundation of how we help residents, family members and our associates live their best possible lives Clare Bridge® Our Signature Memory Care Program Brookdale’s exclusive brand of memory care is deeply rooted in a person-centered approach designed to provide a sense of belonging and purpose while still preserving a sense of self Brookdale is committed to its foundation as an operating company, enriching lives and driving value in senior housing
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47 Some call it aging well. We like to call it your Optimum Life®. However you define your Optimum Life, you’ll find it at Brookdale. OPTIMUM LIFE® RESIDENT ENGAGEMENT • EngagementPlus • Friendships First • Programs Second • Purpose Partner for Aspirational Living • B-Fit • Brain Fit • The Ageless Spirit • Growing Together • My Life Story DINING SERVICES • Optimum Life Dining Selections • Optimum Life Menu Chats • Signature Seasonings CUSTOMER EXPERIENCE • 90-Day Create a Resident Experience (CARE) Process • Resident Ambassadors • National Advisory Council • Fresh Impressions • Family Connects COMMUNITY OPERATIONS • BEST Standards • Creating Optimum Experiences ASSOCIATE EXPERIENCE • Providing the Training, Resources and Benefits Necessary to Live Your Optimum Life Professionally • Becoming the Optimum Choice of Employer in the Senior Living Industry CLINICAL SERVICES • Brookdale HealthPlus® • Clare Bridge® • Personal Solutions • Brookdale at Home® • Pharmacy Collaboration • Chronic Conditions Management
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48 Operational Excellence: Feedback/Action To Drive Satisfaction Key Actions Taken From Resident/Family Feedback: • Improvements to 90 Days to an Optimum Life® Program • Family Connects Program Execution — Proactive Cadence • Issue Resolution/Customer Service Training for Operations/Clinical • Focused NPS Consultations • 2026 Focus on Goal of a “Perfect 10” and Resolving Issues Significant Improvement YOY NPS 2023 2024 2025 Net Promoter Score (NPS) Continue to leverage 60,000+ responses to help improve resident satisfaction and reduce controllable move-outs Resident & Family Surveys ~51,000 RESIDENTS SATISFACTION DRIVERS INFLUENCER 1. Value for money spent 2. Issues resolved timely 3. Community runs smoothly RESIDENT 1. Value for money spent 2. Staff cares 3. Quality of service 4. Management cares 5. Issues resolved timely2022
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49 Life at a Clare Bridge® Community Operational Excellence: Brookdale Clare Bridge® Alzheimer’s & Dementia Care Largest Alzheimer’s and dementia care provider in the U.S.1 With the ability to serve over 9,000 residents With over 30 years of experience, Brookdale was among the earliest scale providers of freestanding Alzheimer’s and dementia care in the U.S.2 Brookdale has a dedicated dementia care team, including two gerontologists Residents enjoy meaningful days filled with engaging activities, social time with neighbors and support from our specially trained team It’s about helping residents thrive — emotionally, physically and socially — in a place that feels like home
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50 Operational Excellence: Focus On Food • Brookdale’s dining transformation continues with the addition of our VP of Dining Services and with a full internal and external review of dining offerings • Utilize continuous feedback from internal surveys, comment cards and outside assessments to improve compliance and resident satisfaction • Improve overall food rating with focus on resident menu preferences, quality and memorable food experiences • Food matters to driving satisfaction in senior housing
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51 Operational Excellence: Clinical Expertise • Brookdale’s clinical expertise, built over years of service, distinguishes our communities competitively by offering a higher level of on-site clinical support and care coordination • Personalized, coordinated care for our residents is provided by Integrated Care Teams within our communities and starts when a new resident moves in • Specialized clinical programs provide evidence-based protocols and resources for managing common chronic conditions such as diabetes, Parkinson’s disease, heart failure, COPD and stroke • Local expertise supported by national expertise allows real-time monitoring backed by expert resources
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52 Brookdale HealthPlus® — Industry-Leading Community-Based Care Coordination Brookdale HealthPlus works to help improve residents’ quality of life and prevent avoidable emergency room visits and hospitalizations through care coordination and chronic conditions management Fewer Urgent Care Visits Fewer Hospitalizations Higher Annual Wellness Visit Completion Rate Care Coordination Proactive assistance with management of preventive healthcare services Chronic Conditions Management Evidence-based protocols and monitoring to manage chronic conditions to help avoid ER visits and hospitalizations Increased Resident and Family Satisfaction Brookdale HealthPlus coordinates care with providers to simplify healthcare and improve resident and family satisfaction
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53 Brookdale HealthPlus® Rollout — Continued Expansion And Opportunity Brookdale HealthPlus® Rollout Over 180 communities have Brookdale’s HealthPlus platform as of year-end 2025 58 communities across 8 states — including 3 new states — added Brookdale HealthPlus during 2025 Executed 3 new value-based contracts and aligned with more than 60 value- based care providers in 2025 CA OR WA NV ID MT WY UT AZ ND SD NE CO NM TX KS OK MN IA WI IL MI IN MO AR LA MS AL FL GA SC TN NC KY WV VA OH PA NY VT ME NH MA CT NJ RI DE DC MD AK HI 2025 New Brookdale HealthPlus Communities
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54 $ Operational Excellence resulting in increased revenue, disciplined expense management and accelerated Adjusted EBITDA growth Leveraging scale and Brookdale’s extensive data to differentiate Brookdale through better products and services at a compelling value to win locally Helping residents live and age well drives improved revenue and Adjusted EBITDA
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55 Marketing Competitive Advantage Starts With Brand Awareness & Targeting Industry-Leading Awareness, Consideration and Share of Voice In Brand Awareness Among Operators1 50% Greater Willingness to Consider Than the Next-Largest Operator1 Share of Voice Than the Next-Largest Operator2 Owning the Top of the Funnel: Heavy Emphasis on Search and Social, Complemented by Traditional Advertising, Ground Strategy, Referrals and AI SOCIAL MEDIA ENGAGEMENTS#1 TOTAL LEAD VOLUME#1 WEBSITE VISITORS#1 START ONLINE 61%23M+ Engagements3 626K+ Followers3 11M Site Visits4 2.5M for Social Engagement with content to build audiences tailored to needs and interests 22X more engagement5 than the next-largest competitor Retargeting to reach audiences who previously engaged with Brookdale 21.5M+ audience size targeted with digital and social advertising Direct response programs to convert audiences to inquiries Level of care models identify best leads, running 1,500+ campaigns, 3M keywords, 100K+ ad variations and 17.6M pieces of direct mail & e-mail annually Visits and Move-Ins Continuously optimize and enhance performance to drive the most-efficient move-ins with 99% model accuracy
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56 Brookdale Marketing — Converting Leads To Move-ins Lead Generation 123 million1 annual impressions through omni-channel marketing investments Highest share of voice and #1 brand awareness among operators2 #1 website for content and engagement in industry3 Connection Center Connection Center is an internal commitment with more than 23,000 unique numbers for marketing tracking, quick response and high-quality service and compassion #1 fastest response time to online forms and calls3 Over 600K inquiries (forms, calls and chats)4 Remarketing and Conversion Most choices5 of any operator, often including multiple products to fit needs, lifestyle and budget in the same market Close coordination between national and local sales teams Sophisticated remarketing builds strong pipeline to attract customers in all stages of their journey General Research Narrowing the Search Contacting and Touring Selection & Move-In Relief Anxiety Sadness Our Personalized Content and Messaging Helps Minimize Negative Feelings of Sadness and Anxiety Immediacy of Customer Needs Determines Decision Velocity to Move-In
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57 Brookdale’s Sales Organization Marries Scale With Service Broadest scope of services Highly experienced sales leadership and team Leveraging insights to deliver the best possible personalized experiences 22.5 Years’ average industry experience of 6 Regional Sales Leaders 20+ Years’ average industry experience at SVP and VP levels 2.5 Average years’ Brookdale tenure for community-based sales professionals Centralized sales onboarding training and ongoing sales enablement
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58 Centralizing Strategic Functions To Improve Long-Term Profitability Pricing analysis and go-to-market strategy Utilize predictive analytic tools and valuable exclusive data gleaned from our extensive customer and business partner relationships to allow us to anticipate challenges and opportunities Strategic and targeted CapEx deployment Align operational resources and investments where they will support strategic goals most Workforce management and planning Execute strategies through our regions with local market intel and teams to drive efficiency and enable the organization to remain competitive and proactive in a constantly changing environment
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59 High Opportunity Response Teams (HORT) Accelerate Performance HORT Occupancy Growth Since Dec-2024 Baseline HORT Communities +480 bps Outperformance Total HORT Same Store - ComparableSame Community +480 bps occupancy outperformance improvement for HORT groups relative to same community results since December 2024 Over 130 communities with capacity of roughly 15,000 units are part of HORT Groups 1 and 2
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60 HORT Teams And First Impressions Program Drive Occupancy AfterBefore First Impressions Reinvesting cash flow into updating shared community spaces to help connect with prospective residents and their families and improve resident retention HORT Team Playbook Mobile HORT teams that transform challenged Brookdale communities through a structured process, including leadership assessments, targeted pricing, targeted CapEx authorization and the establishment of clear expectations and accountability HORT teams have been instrumental in lifting communities out of the sub-70% band
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61 Business Tools To Streamline Analysis And Execution At All Levels Know Your Business Set Your Plan Lead Your Team • Dashboards and reporting help ensure our analysis directly supports the organization’s strategic goals and facilitates clear decision-making • Our aim is to tighten the range of available analysis in order to provide comprehensive data while also enabling our teams to act on insights promptly • Starting at the Executive Director level
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Thank you
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63 Dawn Kussow Chief Financial Officer
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64 ($ millions) Brookdale Delivered Strong 2025 Results Occupancy +230 basis point year-over-year increase in consolidated average occupancy to 80.9%, our highest level since 2019 Occupancy exceeds 80% — the approximate level at which Brookdale leverages fixed costs Just 80 of 548 communities, representing 13% of available units, remained below 70% for the fourth quarter of 2025 187 of 548 communities, representing 43% of available units, are now above 90% occupancy for the fourth quarter of 2025 RevPAR & RevPOR +5.7% increase in RevPAR on a mix of occupancy and rate improvement Portfolio Cash Flow Both Owned and Leased portfolios are generating positive cash flow Adjusted EBITDA +19% increase to $458 million +230% increase in Adjusted EBITDA since 2021 on fourth consecutive year of improvement $138 $241 $336 $386 $458 2021 2022 2023 2024 2025 Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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65 2026 Same Community Portfolio Higher Occupancy Drives Significantly Higher Operating Income Illustrative Adjusted EBITDA by Occupancy Band, 2025 Owned Same Community Portfolio Occupancy Band Number of Communities Units Senior Housing Adjusted EBITDA ($ millions) Illustrative Annual Adjusted EBITDA Per Available Unit Over 80% 201 18,101 $333 $18,400 70%–80% 88 8,550 $75 $8,800 Under 70% 50 4,137 $19 $4,600 Total Owned Portfolio 339 30,788 $427 $13,900 2026 Portfolio Owned: 339 Communities (30,788 units) Leased: 178 Communities (10,608 units) Total: 517 communities (41,396 units) ~30 dispositions of previously announced non-core communities expected to close in the first half of 2026; same community portfolio starting around midyear ~$200 million expected gross proceeds for dispositions that had not closed as of December 2025 Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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66 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 2026 Annual Financial Guidance 2026 RevPAR YOY Growth: 8% to 9% Higher 2026 in-place annual resident rate increase than prior year driven by favorable supply-demand fundamentals and improving occupancy Annual occupancy growth greater than historical average due to: • projected strong move-in volume and accretive impact of dispositions • partially offset by higher same community absolute move-out volume from larger resident base Occupancy band progress continues through strong move-in volume and disposition of lower- occupancy communities Stronger annual RevPAR year-over-year growth rate in 2026 versus 2024 and 2025 given rate and occupancy drivers 2026 Adjusted EBITDA: $502 to $516 Million Mid-teens Adjusted EBITDA growth range for 2026 (as compared with 2025 baseline) and expected for next several years Widening RevPOR vs. ExPOR spread in 2026 vs. prior year driven by higher rate growth and lower marginal costs associated with occupancy growth above 80% level $162 million — expected 2026 G&A expense $180 million — expected 2026 cash facility operating lease payments (annual lease escalators average below 3%) Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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67 C B A 8%–9% >83% Guidance 11.3% 6.1% 5.7% 77.2% 78.6% 80.9% 0% 20% 40% 60% 80% 100% 0% 4% 8% 12% 16% 20% 2023 2024 2025 2026 Average Occupancy Annual RevPAR Growth Annual RevPAR growth Average OccupancyG C B A RevPAR And Occupancy Growth Strong year-over-year RevPAR growth projected for 2026 driven by occupancy gains, larger annual resident rate increase and disposition impact Consolidated RevPAR Growth And Average Occupancy 2027 And 2028 RevPAR Growth continued strength and RevPAR growth driven by favorable supply-demand fundamentals 2026 Additional Notes: RevPAR growth in 2023 driven by historically high resident rate increases from elevated inflationary environment, which also resulted in corresponding elevated expense headwinds 2026 consolidated average occupancy projected to be above 83% Accelerating annual RevPAR growth in 2026 compared with 2024 and 2025 primarily driven by: • Higher annual resident rate increase and anticipated strong move-in volume from favorable supply- demand fundamentals • Accretive impact of dispositions
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68 B A Adjusted EBITDA Adjusted EBITDA annual growth for 2026 and the next several years projected in mid-teen percentage range as RevPAR growth outpaces expense inflation Adjusted EBITDA ($ Millions) 336 386 $300 $400 $500 $600 2023 2024 2025 2026 Adjusted EBITDA A B $502–$516M 458 Reported 445 base- line Guidance Annual Adjusted EBITDA Growth Over the Next Several Years projected in the mid-teen percentage range driven by strong RevPAR growth and widening of RevPOR vs. ExPOR spread Additional Notes: 2025 baseline removes the non-recurring benefit from earlier timing of G&A savings vs. later timing of community dispositions 2026 Adjusted EBITDA guidance of $502–$516M represents a mid-teens growth rate over the 2025 baseline (ongoing) footprint and is driven by: • Accelerating RevPAR growth due to favorable supply-demand fundamentals • Widening spread of RevPOR growth vs. ExPOR growth from favorable supply-demand fundamentals and accelerating margin expansion from continued occupancy growth and operational execution Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations.
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69 Maximizing RevPAR To Drive Operating Income Growth Incremental operating income from 1% occupancy growth Historical High 89% 84.5% 83.5%4Q 2025 Same Community 1% growth in occupancy = ~$23M annual incremental operating income Approximately 70% of revenue growth from occupancy flows through to operating income Incremental operating income from 1% RevPOR growth above expense inflation +1% RevPOR Expense Inflation 1% above expense inflation = ~$27M annual incremental operating income 100% of revenue growth from RevPOR flows through to operating income
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70 Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for definitions and reconciliations. Adjusted EBITDA Opportunity Adjusted EBITDA annual growth projected in mid-teen percentage range with meaningful upside opportunity through additional occupancy increase and RevPOR growth above expense inflation Illustrative Adjusted EBITDA Opportunity ($ Millions) $300 $400 $500 $600 $700 $800 $900 $1,000 2025 2026 2027 2028 Adjusted EBITDA Projection +1% Occupancy Growth +1% RevPOR Growth > Expense Inflation Projected mid-teen percentage growth over next several years Upside Opportunity Upside Opportunity Upside Opportunity $445 baseline E E E Material upside potential through incremental occupancy and RevPOR growth ~$76–$96 million - Same Community occupancy growth - RevPOR > ExPOR ~$66–$86 million - Same Community occupancy growth - RevPOR > ExPOR ~$64 million (at guidance mid-point) - Same Community occupancy growth - RevPOR > ExPOR $458
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71 Annualized Leverage Leverage improvement with operating income growth through occupancy gains and widening RevPOR vs. ExPOR spread E 2024 and 2025 represent Adjusted Annualized Leverage, which excludes cash facility lease payments for previously leased communities acquired in December 2024 and February 2025. Half-turn leverage improvement for every ~$30M incremental annual Adjusted EBITDA ~8.0X Approx. 2026 Year-End 7.5X ~$30M incremental Adjusted EBITDA results in half-turn improvement Continued future leverage improvement with the ability to get below 6.0X by year-end 2028 Adjusted EBITDA and Net Debt are non-GAAP financial measures. See the Appendix for definitions and reconciliations.
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72 Financial Target Summary Key Metric 2025 Result 2026 Guidance Multiyear Projection RevPAR Growth 5.7% 8%–9% Adjusted EBITDA $458 million, as reported $445 million, baseline $502–$516 million Mid-teens growth rate Leverage 8.9X Target below 6.0X Note: 2025 Leverage is Adjusted Annualized Leverage which excludes cash facility lease payments for previously leased communities acquired in February 2025 Adjusted EBITDA and Net Debt are non-GAAP financial measures. See the Appendix for definitions and reconciliations.
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Thank you
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74 Q&A
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75 Investment Thesis Fundamentals underpinned by the reality of demand & supply dynamics Accelerating financial results — Adjusted EBITDA, debt leverage, cash flow, etc. Stable portfolio (and lease terms) with all segments accretive to results Refreshed executive team with Operations focus Positive free cash flow generation which opens targeted investment options Valuable real estate portfolio in environment of scarcity
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76 Q&A
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January 30, 2026
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Appendix & Endnotes
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79 Appendix: Definitions Operating Income is defined by the Company as revenue less facility operating expense. Operating Income does not include general and administrative expense or depreciation and amortization. RevPAR, 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 of available 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 of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Same Community information reflects operating results and data of a consistent population of communities by excluding the impact of changes in the composition of the Company's portfolio of communities. The operating results exclude natural disaster expense and related insurance recoveries. The Company defines its same community portfolio as communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed 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 lease terminations, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. Senior Housing Leased Portfolio represents the Company’s leased communities and does not include owned or managed communities. Senior Housing Owned Portfolio represents the Company’s owned communities and does not include leased or managed communities.
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80 Appendix: Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, nonoperating 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's underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented 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. Transaction 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, professional fees, and other third-party costs. Legal costs include charges associated with putative class action litigation. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its senior leadership changes, including severance. The Company believes that presentation of Adjusted EBITDA as a performance measure is useful to investors because (i) it is one of the metrics used by the Company’s management for budgeting and other planning purposes, to review the Company’s historic and prospective core operating performance, and to make day-to-day operating decisions; (ii) it provides an assessment of operational factors that management can impact in the short-term, namely revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods; (iii) the Company believes that this measure is used by research analysts and investors to evaluate the Company’s operating results and to value companies in its industry; and (iv) the Company uses the measure for components of executive compensation. Adjusted EBITDA has material limitations as a performance measure, including: (i) excluded interest and income tax are necessary to operate the Company’s business under its current financing and capital structure; (ii) excluded depreciation, amortization, and impairment charges may represent the wear and tear and/or reduction in value of the Company’s communities, goodwill, and other assets and may be indicative of future needs for capital expenditures; and (iii) the Company may incur income/expense similar to those for which adjustments are made, such as gain/loss on sale of assets, facility operating lease termination, or debt modification and extinguishment, non-cash stock-based compensation expense, and transaction, legal, and other costs, and such income/expense may significantly affect the Company’s operating results.
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81 Appendix: Non-GAAP Financial Measures Adjusted EBITDA (Continued) The table below reconciles Adjusted EBITDA from net income (loss). (in millions) 2021 2022 2023 2024 2025 (Preliminary results) Net income (loss) (99)$ (238)$ (189)$ (202)$ (263)$ Provision (benefit) for income taxes (8) (2) 9 4 (2) Equity in (earnings) loss of unconsolidated ventures (10) 11 4 - - Loss (gain) on debt modification and extinguishment, net 2 1 3 21 40 Non-operating loss (gain) on sale of assets, net (289) (1) (1) (1) - Other non-operating (income) loss (6) (12) (22) (9) (4) Interest expense 195 205 238 253 254 Interest income (2) (7) (24) (19) (12) Income (loss) from operations (217) (43) 18 47 13 Depreciation and amortization 338 347 343 358 356 As set impairment 23 30 41 8 71 Loss (gain) on sale of communities, net - (74) (36) - (2) Loss (gain) on facility operating lease termination, net (2) - - - 4 Operating lease expense adjustment (23) (35) (46) (49) (14) Non-cash stock-based compensation expense 16 15 12 14 12 Transaction and organizational restructuring costs 3 1 4 8 18 Adjusted EBITDA 138$ 241$ 336$ 386$ 458$ Years Ended December 31,
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82 Appendix: Non-GAAP Financial Measures Adjusted EBITDA (Continued) The table below reconciles Senior Housing Owned Portfolio Adjusted EBITDA from net income (loss). 2025 (Preliminary results) (in millions) Net income (loss) (263)$ Provision (benefit) for income taxes (2) Loss (gain) on debt modification and extinguishment, net 40 Other non-operating (income) loss (4) Interest expense 254 Interest income (12) Income (loss) from operations 13 Depreciation and amortization 356 Asset impairment 71 Loss (gain) on sale of communities, net (2) Loss (gain) on facility operating lease termination, net 4 Operating lease expense adjustment (14) Non-cash stock-based compensation expense 12 Transaction, legal, and organizational restructuring costs 18 Adjusted EBITDA 458$ Senior Housing Leased Portfolio resident fees (1,020) Senior Housing Leased Portfolio facility operating expense 716 Senior Housing Leased Portfolio general and administrative expense allocation 51 Senior Housing Leased Portfolio cash facility operating lease payments 214 Corporate cash facility operating lease payments 1 Management fees (11) All Other general and administrative expense allocation 11 Senior Housing Owned Portfolio Adjusted EBITDA 420$ Resident fees of owned communities excluded from same community portfolio (150) Facility operating expense of owned communities excluded from same community portfolio 148 General and administrative expense allocation for owned communities excluded from same community portfolio 8 Natural disaster expense of Senior Housing Owned Same Community Portfolio 1 Senior Housing Owned Same Community Portfolio Adjusted EBITDA 427$
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83 Appendix: Non-GAAP Financial Measures Adjusted EBITDA after cash financing lease payments and Net Debt Net 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, less unrestricted 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 Net Debt. (in millions) 2022 2023 2024 2025 (Preliminary results) Net income (loss) (238)$ (189)$ (202)$ (263)$ Provision (benefit) for income taxes (2) 9 4 (2) Equity in (earnings) loss of unconsolidated ventures 11 4 - - Loss (gain) on debt modification and extinguishment, net 1 3 21 40 Non-operating loss (gain) on sale of assets, net (1) (1) (1) - Other non-operating (income) loss (12) (22) (9) (4) Interest expense 205 238 253 254 Interest income (7) (24) (19) (12) Income (loss) from operations (43) 18 47 13 Depreciation and amortization 347 343 358 356 As set impairment 30 41 8 71 Loss (gain) on sale of communities, net (74) (36) - (2) Loss (gain) on facility operating lease termination, net - - - 4 Operating lease expense adjustment (35) (46) (49) (14) Non-cash stock-based compensation expense 15 12 14 12 Transaction and organizational restructuring costs 1 4 8 18 Interest expense: financing lease obligations (48) (22) (28) (11) Payment of financing lease obligations (22) (9) (1) (1) Adjusted EBITDA after cash financing lease payments 171$ 305$ 357$ 446$ 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Long-term debt (including current portion) 3,850$ 3,697$ 4,063$ 4,292$ Cash and cash equivalents (399) (278) (309) (279) Marketable securities (49) (30) (20) - Cash held as collateral against existing debt (14) (3) (3) (6) Net Debt 3,388$ 3,386$ 3,731$ 4,007$ Annualized Leverage (Net Debt/Adjusted EBITDA(1)) 19.8 x 11.1 x 9.9 x 8.9 x As of: Years Ended December 31, (1) For 2024, adjusted to exclude $21 million of cash facility lease payments for previously leased communities acquired in December 2024. For 2025, adjusted to exclude $4 million of cash facility lease payments for previously leased communities acquired in February 2025.
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84 Endnotes Slide 1 65% of seniors live within 30 minutes…ESRI, Brookdale proprietary analysis; target population defined as age 75+ with $75,000+ income and within the United States 2 74% Is needs-based Assisted Living and Memory Care, versus 51% for industryNational Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 4Q 2025 11 1 10 Largest Senior Housing Owners and Operators"2025 ASHA 50: The 50 largest U.S. seniors housing real estate owners and operators" American Seniors Housing Association, August 2025 1 Highly fragmented competitive landscape with ….NIC Supply Set 4Q 2025; NIC data subject to future revision; industry data does not include Brookdale 2 Brookdale Clare Bridge Training recognized by the Alzheimers AssocClare 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 1 70% of adults age 65+ develop severe need of long-term services and support"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 2019 2 66% of long-term care residents are diagnosed with at least two chronic conditions"Residential Care Community Resident Characteristics: United States, 2018" National Center for Health Statistics, CDC, September 2021 3 US adults new dementia cases by year"Lifetime risk and projected burden of dementia" Nature Medicine, M Fang, J Hu, J Weiss, et al, March 2025 4 80% of long-term care at home is provided by unpaid caregivers"Who Will Provide Your Care?" U.S. Department of Health and Human Services, Administration for Community Living, February 2020 5 25% drop in ratio of unpaid caregivers to seniors between 2023 and 2030"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 6 By 2027, adults age 64+ will exceed number of children "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 45-64 7 Ratio of adult caregivers declines to 3:1 by 2050"California's Middle-Income Population Projections" (NIC Blog) October 27, 2022 8 1 in 5 older adults don’t have someone they can depend on in time of need"A Look at Loneliness in America ’s Older Adults and People with Disabilities " State of Social Health Report, Papa, 2023 9 69% of seniors felt lonely most of the time prior to moving into a senior living community"Loneliness in Older Adults: Challenges and Remedies" US News and World Report, Tina Donvito, March 2025 10 31% increased likelihood of developing dementia is associated with loneliness"Loneliness linked to dementia risk in large-scale analysis" National Institute on Aging, January 2025 11 10% decline in frailty level following move to senior housing"Older Adults Are Demonstrably Less Vulnerable Soon After Moving into Senior Housing" National Investment Center (NIC), September 2023 1 % BKD CapacityBased on consolidated portfolio 2 % Industry Units (NIC)National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 4Q 2025 3 Industry Avg. Move-In Age"Are assisted Living Residents Moving in Too Early or Too Late?" Lois Bowers, McKnights Senior Living, November 2023; "Aging-In-Place Challenges in Active Adult Communities", Lynne Moore, McKnights Senior Living, August 2022 4 Monthly Cost (NIC)National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 4Q 2025 5 Service Cost Per MonthFor 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 2024 18 1 Weighted Average OccupancyBased on consolidated portfolio; weighted average shown is based on units occupied 1 Births by year, 1909-1996"Live Births, Birth Rates, and Fertility Rates, by Race: United States, 1909-2003" National Center for Health Statistics, CDC, 2003 2 Births by year, 1909-1996"Defining Our Six Generations" The Pew Charitable Trusts, February 2019 3 Nearly 600K (20%) more Americans born in 1946 vs. 1945 and trend expands for next 20 years of births“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 4 >1 million new seniors enter target market age cohort every year through 2036"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+ 25 1 Assisted Living Population by Age Cohort"Assisted Living Facts & Figures" American Health Care Association, National Center for Assisted Living, 2025 26 1 Senior Housing Inventory, Starts and Under ConstructionNational Investment Center for Seniors Housing & Care (NIC), NIC Supply Set 4Q 2025 27 1 Estimated Supply and Demand for Senior Housing"Market Trends & Investor Survey: Senior Living & Care H1 2025" Cushman & Wakefield, June 2025 1 Largest Alzheimer ’s and dementia care provider in the U.S.National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 4Q 2025 2 One of the very first providers of free -standing Alzheimer ’s and dementia care in the U.S. (1991)"History of Alterra Corporation", Reference of Business, Company Profile 1 #1 in brand awareness among operators RAM Senior Living Brand Awareness Study Q3 2025 2 14.5x greater share of voice than the next-largest operator Cision, Internal reporting 3 23M+ engagements; 626k+ followersInternal Reporting, Sprinklr, includes data from the Brookdale Corporate Social Accounts (no local profiles ) 4 2.2M+ site visits Internal Reporting, Adobe Analytics , includes traffic from the Brookdale Corporate Social Accounts (no local profiles ) 5 22x more engagement than the next-largest competitor Internal Reporting, Sprinklr 1 123 million annual impressions through omni-channel marketing investments Brookdale Marketing Analytics 2 #1 in brand awareness among operators RAM Senior Living Brand Awareness Study Q3 2025 3 #1 website for content and engagement in industryIndependent audit of Brookdale and competitor websites, 4Q 2025 4 Nearly 1.5M inquires (forms and calls) and 400k+ call length data pointsInternal Reporting, Connection Center and mCDP 5 Most choices of any operator, often including multiple products to fit needs, lifestyle and budget in the same marketNational Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units in NIC reported markets, NIC Supply Set 4Q 2025 10 14 12 56 55 49 24 15
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Thank you