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BROOK BROOKDALE SENIOR LIVING Investor Presentation August 10 , 2026
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2 Forward-Looking Statements – Safe Harbor Certain statements in this Investor Presentation 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,” “proforma,” 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. 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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About Brookdale OUR MISSION Enriching the Lives of those we serve with compassion, respect, excellence and integrity T o be the nation’s First Choice in senior living OUR VISION
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4 #1 largest provider of senior living in the U.S.(1) #3 largest owner of senior living properties in the U.S.(2) 535 consolidated communities that are geographically diverse and high- quality(4) ~46K ability to serve ~46,000 residents(4) ~30K caring and dedicated associates(4) 48 YEARS STRONG Brookdale is the leading senior living owner-operator in the United States 100% senior living and related services 94% of senior living resident fees are private pay (3) 100% of communities are self-operated, with no reliance on external operators/managers Company Communities Brookdale is the nation‘s premier owner-operator of senior living communities, with communities in 41 states. We offer a broad continuum of services across various sectors of the senior living industry, including independent living, assisted living, memory care and continuing care retirement communities. Brookdale provides older adults with a comfortable and homelike environment while offering expert care, wellness programs and opportunities to pursue their passions and build meaningful relationships. With our expertise in healthcare, hospitality and real estate, we enable residents to age in place, providing tailored solutions that help empower seniors to live with dignity, connection and purpose.
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5 Brookdale offers tailored product lines to support a diverse range of needs Continuing Care Retirement Communities (CCRC) Typically larger, our 13 CCRCs encompass a range of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs, and may include Independent Living, Assisted Living, Memory Care and Skilled Nursing all within one community. CCRC 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 product provides 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. 57% Independent Living (IL) Our independent living product is 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. 23% 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 (2). Our secure communities provide a daily path of engagement that allows residents to flourish, even with advanced expressions of dementia. 18% 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. 2% (1) (1) (1) (1) Pie charts represent percentage of total consolidated units
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6 535 Consolidated Communities across 41 States Brookdale is 22% higher in needs-based AL & MC Industry Mix(2) Brookdale portfolio is diversified by community type, size and geography Broad Range of Community Sizes(1) IL 39% MC 14% AL 39% SNF 8% 75% 53%Brookdale Mix(1) 49% 76% 51% 24% Dec 31, 2017 Jun 30, 2026 Consolidated Portfolio: Units IL 23% MC 18% AL 57% SNF 2% 691 Community Count 0 Less than 35 units 35 to 69 units 70 to 119 units 120 to 199 units 200 or more units
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7 Achieve critical mass at market level Brookdale’s strategy: Three key levers to achieving our multiyear projection Senior housing is entering an unprecedented supply- demand environment, with baby boomers boosting demand against slow industry inventory growth Leverage the supply-demand dynamics that will underpin senior housing for the next decade-plus Increase the number of seniors we serve through targeted efforts to grow occupancy Ensure appropriate and dynamic pricing that reflects our high-quality care and service, in addition to local market supply-demand dynamics Prioritize whole markets based on the opportunity to rapidly improve performance – rate, occupancy, expenses and operating income – across the entire market Leverage and coordinate district leadership across the Key-3 functions (ops, sales, clinical) Focus corporate resources at the market level, including contact center cross-selling of communities, intentional CapEx deployment, targeted marketing spend, recruiting support and bespoke sales incentives programs 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 ®, Brookdale EngagementPlus® and Optimum Life® 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 Leverage supply and demand dynamicsExcel operationally
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2Q 2026 Results & 2026 Guidance
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9 Continued multi-year occupancy and RevPAR growth RevPAR and Weighted Average Occupancy(1) $3,000 $3,400 $3,800 $4,200 $4,600 $5,000 $5,400 $5,800 65% 70% 75% 80% 85% Mar21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Jul26 69.4% 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% 82.1% 82.4% 82.7% March 2021 – Pandemic recovery inflection point 1,330 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 Occupancy Quarterly RevPAR *1Q26 reflects impact of higher year-over-year rate increase *
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10 Second quarter 2026 financial and operational highlights Business Highlights and Recent Performance Important Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA, FFO, and Normalized FFO are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the most comparable GAAP financial measures, in the Appendix hereto. Brookdale reiterates 2026 annual guidance of $502 million to $516 million of Adjusted EBITDA and RevPAR year-over-year growth of 8% to 9% +8.2% RevPAR year-over-year increase in second quarter +5.2% RevPOR year-over-year growth in second quarter +230 bps year-over-year consolidated weighted average occupancy growth in the second quarter – continuing multiyear trend of strong occupancy growth 82.9% same community weighted average occupancy for the second quarter, up 110 bps over the prior year Trailing twelve month FFO of $205 million and Normalized FFO of $231 million Portfolio optimization progress continues, with the sale of 16 communities in 2026 through August 10 for net proceeds of approximately $150 million; continue to target sale of 29 total non-strategic or underperforming communities during 2026 for total proceeds of approximately $190 million Acquisition of Brookdale Galleria in Houston for $23.4 million – Previously managed by Brookdale, this 244-unit community was purchased at a substantial discount to replacement cost and offers Brookdale significant upside through repositioning and occupancy gains Subsequent to the quarter, Brookdale announced it has agreed to acquire 17 leased communities, comprising 735 units, for a purchase price of approximately $157 million – increasing its owned community count and decreasing cash lease expense. Brookdale also announced it obtained $249 million of fixed rate financing, maturing in 2031, to refinance all $244 million of remaining 2027 mortgage debt maturities
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11 2026 guidance – strong RevPAR drives mid-teens Adjusted EBITDA growth $250 $300 $350 $400 $450 $500 $550 2023 2024 2025 2026 Guidance (mm) $502 - $516 2026 Guidance Considerations • Higher annual resident rate increase and projected strong move-in volume drive accelerated RevPAR growth in 2026 • Increased occupancy from favorable supply-demand dynamics • RevPOR and occupancy benefit from positive mix impact of 2025 lease terminations and 2025-2026 community dispositions • Widening RevPOR-ExPOR spread in 2026 versus prior year driven by higher rate growth and lower marginal costs associated with occupancy growth above 80% level • 29 owned community dispositions anticipated in 2026; 42,820 consolidated units in 2Q26 should decline to approximately 42,200 for 3Q26 and 41,500 for 4Q26 • Approximately $157 million — expected 2026 G&A expense • Slightly below $180 million — expected 2026 cash facility operating lease payments • Approximately $0.5 million expected total remaining management fees for 3Q26-4Q26 due to reduction in managed communities • 2025 baseline Adjusted EBITDA of $445 million removes the benefit from earlier timing of cost rationalization associated with dispositions and lease terminations 2026 Annual Guidance RevPAR YOY Growth 8.0% to 9.0% Adjusted EBITDA $502 to $516 million Reconciliation of the non-GAAP financial measure included in the foregoing guidance to the most comparable GAAP financial measure is 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). Variability in the timing or amounts of items required to reconcile the measure may have a significant impact on the Company's future GAAP results. $386 $336 Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA is a financial measure that is not calculated in accordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, this measure, including reconciliation to the most comparable GAAP financial measure, in the Appendix hereto. $458 reported $445 baseline 11.3% 6.1% 5.7% 77.2% 78.6% 80.9% ~83% 0% 20% 40% 60% 80% 100% 0% 5% 10% 15% 20% 2023 2024 2025 2026E Annual RevPAR Growth Average Occupancy Consolidated RevPAR Growth & Average Occupancy 2026 Adjusted EBITDA Guidance of $502M to $516M 8%-9%
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12 2026 Quarterly Pacing 1QA 2QA 3Q 4Q Average Units Consolidated Average (Expected) 43,637 (down 14% Y/Y) 42,820 (down 16% Y/Y) ~42,200 (down 16% Y/Y) ~41,500 (down 9% Y/Y) RevPAR Illustrative Y/Y Growth 8.2% 8.2% Similar to 2Q26 Acceleration from first half on disposition impact and expected occupancy growth Adjusted EBITDA Y/Y Growth vs. As-Reported 2025 results 5.6% 4.3% Low double digit Above long-term growth expectation range Adjusted EBITDA Y/Y Growth vs. Baseline* 2025 results Low double digit Low double digit Low double digit Above long-term growth expectation range 2026 RevPAR and Adjusted EBITDA year-over-year growth pacing RevPAR and Adjusted EBITDA improvement in the second half reflect improving occupancy as well as the accretive impact of dispositions * 2025 baseline Adjusted EBITDA of $445 million removes the benefit from earlier timing of cost rationalization associated with dispositions and lease terminations Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA is a financial measure that is not calculated in accordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, this measure, including reconciliation to the most comparable GAAP financial measure, in the Appendix hereto.
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13 Fixed Rate Maturities Variable Rate Maturities Recurring Principal Payments Total Weighted Rate(1) 2026 $23* $- $33 $56 3.70% 2027 237 - 46 283 4.52% 2028 333 575 41 949 5.59% 2029 714 78 35 827† 4.30% 2030 518 291 22 831 4.28% Thereafter 1,298 23 51 1,372 5.88% Total 3,123 967 228 4,318 Capital structure anchored in attractive fixed-rate, non-recourse mortgages mortgage debt maturities through 2027 of debt is fixed rate debt with 23% variable of debt is non-recourse property-level mortgage financings of variable rate debt is subject to interest rate cap/swap agreements $0M 77% 89% 100% (mm) 2027 maturities consist of the following: •$237M maturities were fully refinanced in July 2026; new agency loan is due 2031 2028 maturities primarily consist of the following: •$304M agency loan with a 5.37% blended interest rate, maturing in 4Q 2028 •$227M agency loan with a 4.98% blended interest rate, maturing in 2Q 2028 •$376M bank loans with two one-year extension options available * Includes convertible senior notes of $23M in 2026 † Includes convertible senior notes of $369M in 2029 Debt principal as of June 30, 2026 (refinanced)
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14 Meaningful leverage reduction on significant Adjusted EBITDA growth 30% anticipated leverage reduction over three years Expect continued future leverage improvement with target below 6.0x by year-end 2028 Half-turn leverage improvement for ~$30 million in incremental annual Adjusted EBITDA 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 in accordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the most comparable GAAP financial measures, in the Appendix hereto. $336 $386 $458 11.1x 9.9x 8.9x 8.0x 0 2 4 6 8 10 12 $0 $200 $400 $600 $800 $1,000 $1,200 2023 2024 2025 2026E Adjusted EBITDA and Year-End Leverage(1) Adj EBITDA Adj EBITDA Guidance Annualized Leverage ~ $502-$516 Current Net Debt Level (mm)
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Long-T erm Organic Growth Potential
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16 Limited new supply and growing demand underpin significant opportunity New construction is expected to continue to lag demand, creating a shortage of available senior housing units and increasing demand for existing Brookdale units US population age 80+ from 2026 to 2028 is projected to grow at an average rate of 5.3% per year (3) New senior housing units from 2026 through 2028 are projected to increase 0.5% per year, based on NIC construction starts (1) -4% -2% 0% 2% 4% 6% 8% Annual Supply Growth 80+ Annual Population Growth Senior Housing Supply and Population Growth(1,2) Peak senior housing unit growth rate – achieved from 2015-2020 – would not meet the average population growth through 2035 (1,3)
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17 Robust operating income opportunity from occupancy and rate growth 100 bps occupancy increase yields approximately $23M in Senior Housing Operating Income on same community portfolio Operating income is expected to increase due to the significant flow-through from increases in occupancy and rate increases above cost inflation Illustrative Operating Income through Occupancy and Pricing Gains 1% point RevPOR increase above expense inflation (ExPOR) yields approximately $27M in Senior Housing Operating Income on same community portfolio
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18 Higher occupancy drives significantly higher operating income Additional opportunity for growth as RevPOR potential surpasses inflation in future years Key Considerations Our higher occupancy communities generate significantly more operating income per unit on average We are focused on driving revenue and operating income growth in communities across all occupancy bands, especially through occupancy growth in those under 80% Increasing occupancy in the ~12,800 units at owned communities currently under 80% to over 80% is expected to generate significantly higher operating income and Adjusted EBITDA Illustrative Adjusted EBITDA by Occupancy Band, 2Q26 (Annualized) Owned Same Community Portfolio ($ in millions, except per available unit data) Illustrative Adjusted EBITDA Per Available UnitOccupancy Band Number of Communities Units Senior Housing Adjusted EBITDA Over 80% 203 18,030 $374 $20,700 70 – 80% 86 8,595 $74 $8,600 Under 70% 51 4,193 $16 $3,800 Total Owned Portfolio 340 30,818 $464 $15,100 Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA and Senior Housing Owned Portfolio Adjusted EBITDA are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). See the definition of, and important information regarding, such measures, including reconciliation to the most comparable GAAP financial measure, in the Appendix hereto. Moving communities up from lower occupancy bands would deliver significant operating income and Adjusted EBITDA
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19 Recent community renovation CapEx investment projects demonstrate ROI Brookdale Montclair Poulsbo, Washington Project Cost $1.6m Occupancy 97% (+260 bps) Units 103 ROI 57% Montclair Poulsbo was a full renovation of resident-use common space to provide an update to all finishes, including paint, flooring, furniture, fixtures and lighting. Where appropriate, re-programming of spaces was incorporated to provide better functionality and higher resident satisfaction. Project Cost $2.7m Occupancy 85% (+1,840 bps) Units 399 ROI 236% Carriage Club was a full renovation of the main Club House, which is the primary resident-use common space for the Independent Living residents. This was a major update of all finishes including paint, flooring, furniture, fixtures and other millwork. Project Cost $1.8m Occupancy 85% (+440 bps) Units 117 ROI 47% River Valley was a full renovation of the resident-use common area spaces to provide an update to all finishes including paint, flooring, cabinetry, front desk, interior doors, fireplace area, interior signage, furniture, fixtures and lighting. Brookdale Carriage Club Providence, North Carolina Brookdale River Valley Tualatin, Oregon ROI is calculated as change in community operating income from twelve months prior to renovation project to three months (annualized) starting twelve months after completion divided by project cost. Occupancy change is twelve months prior to renovation to three months starting twelve months after renovation. For Brookdale Montclair Poulsbo, ROI is calculated using 2Q-26 (annualized) and occupancy is 2Q-26 due to time limitation post-renovation.
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Limited New Supply Rapidly Growing Demographic Brookdale’s Unique Differentiators Key Drivers T o Achieving Long- T erm Growth Potential Less New Competition Greater Demand Competitive Advantage
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21 100 120 140 160Index (Base Year=2015) 0 1 2 3 4 5 6Interest Rate (%) Macroeconomic factors have influenced pace of industry development Cost to build surged and has remained elevated amid high material, labor and capital costs Construction costs have risen 42% since 2020 due to supply chain issues and inflation in materials Labor shortages continue to pressure project timelines and expenses with 349,000 net new workers needed in 2026 to meet anticipated demand for construction services (3) Elevated interest rates have significantly increased borrowing costs, limiting new development Access to capital remains tight, especially for higher-risk developments U.S. Construction Cost(1) U.S. Federal Funds Effective Rate(2)
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22 0% 1% 2% 3% 4% 5% 0 200 400 600 800 1000 1200 Seniors Housing Unit Inventory Seniors Housing Unit Inventory % Change 0% 1% 2% 3% 4% 5% 0 10 20 30 40 50 Seniors Housing Starts-LTM Starts % Seniors Housing Inventory 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 10 20 30 40 50 60 70 80 Units Under Construction Construction % Seniors Housing Inventory Extremely few competitive communities are under construction Lengthy pre-development and construction phases will suppress supply growth for years to come Developing a Team Obtaining Licenses & Permits Construction Period Project Development Takes 3–5 Years Senior Housing Inventory and Percent Growth(1) (k) Senior Housing Starts and as Percent of Inventory(1) Senior Housing Units under Construction and as Percent of Inventory(1) (k) (k)
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23 Demographic Trends Age-driven demand for senior living is growing • >1 million new seniors enter 75+ age cohort every year through 2036(3) • In 2026, Baby Boomers began celebrating their 80th birthdays • 25% of Brookdale residents are Baby Boomers • 84 years is Brookdale's average age at move-in • 51% of Brookdale move-ins occur between age 80 and 90; 30% of Brookdale move-ins are under age 80 Births by Year(1,2) U.S. Population Age 80+(3) (mm) 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 0 5 10 15 20 25 30 35 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+ (mm)
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24 Challenges experienced by older adults are also on the rise 70% of adults age 65+ develop severe need of long-term services and support(1) Chronic conditions in residential care(2) 0% 20% 40% 60% COPD Osteoporosis Heart Disease Diabetes Depression Alzheimer's… High Blood PressureHigh Blood Pressure Alzheimer's and Other Dementias Depression Diabetes Heart Disease Osteoporosis COPD 66% 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) 34% drop in ratio of unpaid caregivers to seniors 2026 to 2036 (6) 1 in 5 older 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) Fewer Caregivers 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) 514K 730K 925K 980K 1,030K 2020 2030 2040 2050 2060 US adults new dementia cases by year(3) 42% lifetime risk of dementia after age 55(3)
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25 $371 $504 Household Income ($k) Home Value ($k) ~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) 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) Senior living improves affordability of support for an aging population *Average cost of 24/7 care; home health does not include room & board +$16 +$133 $25,600 $10,800 $6,600 $0 $10,000 $20,000 Home Health Aide Nursing Home Assisted Living Assisted Living is a cost-effective option Brookdale Communities are Well Positioned for Affordability(5) Brookdale Senior Living is a strong value proposition Service 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) $82 $98 US National Median Top 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 offering provides 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 Approximately 10% 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 Highly fragmented competitive landscape with ~2,900 operators, ~90% of which operate five or fewer communities(1) Well Recognized Senior Housing Industry Leadership Position Earned most senior living community recognitions by brand 2022-2026 (2)
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27 Industry-leading clinical expertise through programs like Brookdale HealthPlus® Care Coordination Proactive assistance with and management of preventive healthcare services, like annual wellness visits, immunizations and health screenings Chronic Conditions Management Evidence-based protocols are used to manage chronic conditions and monitor a change in condition to help avoid emergency room visits and hospitalizations Increased Resident Satisfaction We help coordinate care with providers, manage health daily and provide oversight of urgent care needs, which supports increased resident satisfaction Helping to Improve Our Residents’ Health: Brookdale HealthPlus Outcomes For Brookdale HealthPlus residents compared to similar individuals living in private homes(1) Fewer urgent care visits Fewer hospitalizations 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 Approximately 180 communities have the Brookdale HealthPlus platform as of year-end 2025 58 communities across eight states – including three new states – added Brookdale HealthPlus in 2025
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28 Brookdale and industry strengths drive investment opportunity 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 Brookdale's real estate assets, including ownership of 76% of its consolidated units(1), meaningfully underpin the Company's intrinsic value. Scarcity within the senior housing asset category increasingly supports real estate value. Significant Real Estate Value Unprecedented senior population growth expected in coming years combined with Brookdale’s innovative initiatives contribute to our confidence in a strong future Accelerating Demographic Growth Senior living inventory growth remains at record lows with new construction expected to remain constrained, resulting in ongoing occupancy gains within existing communities Constrained Supply Trend Brookdale’s senior housing mix is weighted toward Assisted Living and Memory Care, for which demand is more needs-based. Brookdale is well-positioned to meet the expanding needs of the senior population with increasing chronic medical conditions Needs-Based Business Brookdale'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 ® Clinical Expertise Leadership in Senior Living Renewed, operations-focused leadership team leads nation’s premier senior housing owner-operator. For each of the past four years, Brookdale has had the most communities recognized as Best by U.S. News. Strong Brand and Leadership Driving Operations
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Appendix & Endnotes
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30 Definitions Community Operating Income is defined by the Company as resident fee revenue less facility operating expense for one of the Company's communities. Community 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. Same Community Operating Income is defined by the Company as resident fee revenue less facility operating expense (excluding natural disaster expense and rel ated insurance recoveries) for the Company's Same Community portfolio. Same Community Operating Income does not include general and administ rative 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, As sisted 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 Unit is defined by the Company as Senior Housing Operating Income divided by the weighted average number of available units in the Senior Housing portfolio for the period. Senior Housing Owned Portfolio represents the Company’s owned communities and does not include leased or managed communities. Senior Housing Leased Portfolio represents the Company’s leased communities and does not include owned or managed communities. 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, FFO, Normalized FFO, and Net Debt (each as defined on the following pages), 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 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, 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 this Appendix of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP and to review the information under "Reconciliations of Non-GAAP Financial Measures" in the Company’s earnings release dated August 10, 2026 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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31 Adjusted EBITDA Adjusted 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’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 operating 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 table below reconciles Adjusted EBITDA from net income (loss). Appendix: Non-GAAP Financial Measures
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32 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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33 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. (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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34 Appendix: Non-GAAP Financial Measures Funds from Operations (“FFO”) and Normalized FFO Funds from Operations (“FFO”), is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization, gain/loss on sale of communities, and non-cash impairment charges. Normalized FFO is a non-GAAP performance measure that the Company defines as net income (loss) excluding: deferred benefit/provision for income taxes, depreciation and amortization, and property and casualty insurance 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 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 sale of communities, gain/loss on debt modification and extinguishment, gain/loss on facility operating lease termination, 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 the Company’s senior leadership changes, including severance. The table below reconciles Funds from Operations and Normalized Funds from Operations from net income (loss).
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35 Slide Reference 4 1. National Investment Center for Seniors Housing & Care (NIC) IL, AL and MC units, NIC Supply Set 2Q 2026 2. “2025 ASHA 50: The 50 largest U.S. seniors housing real estate owners and operators” American Seniors Housing Association, August 2025 3. Brookdale’s Senior Housing segments’ resident fees for the trailing 12 months ending June 30, 2026 4. As of June 30, 2026 5 1. Based on consolidated portfolio, as of June 30, 2026 2. 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 6 1. Based on consolidated portfolio, as of June 30, 2026 2. National Investment Center for Seniors Housing & Care (NIC) IL, AL and MC units in NIC reported markets, NIC Supply Set 2Q 2026 9 1. Based on consolidated portfolio; weighted average shown is based on units occupied 2. Based on same community portfolio; metric is stated for the quarter of the year shown compared to the same quarter in the prior year 3. 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 quarter 13 1. Reflects rates as of June 30, 2026 14 1. 2024 and 2025 figures are Adjusted Leverage 16 1. “National Investment Center for Seniors Housing & Care (NIC) IL, AL and MC units, NIC Supply Set 2Q 2026 2. “Annual Estimates of the Resident Population by Sex, Age, Race, and Hispanic Origin for the United States: April 1, 2010 to July 1, 2019”, “National Population by Characteristics: 2020-2025”, “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; years 2020 and 2021 based on retrospective growth percentage from 2022 Census estimate 3. “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 21 1. 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, July 2026; 2026 value is average of year-to-date data available at time of reporting 2. Federal Funds Effective Rate, Board of Governors of the Federal Reserve System (US), retrieved from FRED, Federal Reserve Bank of St. Louis, July 2026 3. "ABC: Construction Industry Must Attract 349,000 Workers in 2026 Despite Macroeconomic Headwinds" Associated Builders and Contractors, January 2026 22 1. NIC Supply Set 2Q 2026; NIC data subject to future revision 23 1. "Live Births, Birth Rates, and Fertility Rates, by Race: United States, 1909-2003" National Center for Health Statistics, CDC, 2003 2. "Defining Our Six Generations" The Pew Charitable Trusts, February 2019 3. “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 Endnotes
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36 Slide Reference 24 1. “What is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” Office of Disability, Aging and Long-Term Care Policy, HHS, July 2019 2. “Residential Care Community Resident Characteristics: United States, 2018” National Center for Health Statistics, CDC, September 2021 3. "Lifetime risk and projected burden of dementia" Nature Medicine, M Fang, J Hu, J Weiss, et al, March 2025 4. "Who Will Provide Your Care?" U.S. Department of Health and Human Services, Administration for Community Living, February 2020 5. “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. “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. "A Look at Loneliness in America’s Older Adults and People with Disabilities" State of Social Health Report, Papa, 2023 8. "Loneliness in Older Adults: Challenges and Remedies" US News and World Report, Tina Donvito, March 2025 9. "Older Adults Are Demonstrably Less Vulnerable Soon After Moving into Senior Housing" National Investment Center (NIC), September 2023 10. "Loneliness linked to dementia risk in large-scale analysis" National Institute on Aging, January 2025 25 1. "Visualizing $156 Trillion in U.S. Assets, by Generation" Visual Capitalist, Marcus Lu, August 2023 2. 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 2025 3. “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 2022 4. “Boomers Bought Up the Big Homes. Now They’re Not Budging” Wall Street Journal, Rachel Louise Ensign and Rachel Wolfe, July 2024 5. 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 CBSA 6. For Assisted Living, Brookdale average monthly RevPOR for AL and MC units in 2025; for Nursing Home and Home Health Aide, 2025 median national costs for nursing home private room and home health aide calculated per month and rounded to nearest hundred, from CareScout Cost of Care Survey 2025, March 2026 7. "The Retirement Outlook of the American Middle Class" Transamerica Center for Retirement Studies, August 2024 26 1. NIC Supply Set 2Q 2026; NIC data subject to future revision; industry data does not include Brookdale 2. 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 27 1. "HealthPlus Program Assessment" ATI Advisory, September 2024 28 1. Based on consolidated portfolio, as of June 30, 2026 Endnotes
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37 * Facility operating expenses, such as labor, food and supplies trend higher due to increased number of working days; labor cost trends higher with number of holidays † For 2026, we expect RevPOR to remain relatively firm in the back half of the year Normal Seasonality Sequential View 1Q 2Q 3Q 4Q Occupancy Sequential Change Lower due to increased incidence and severity of flu Begins to turn positive toward end of quarter Historically highest sequential growth period of the year Generally remains flat to slightly positive to third quarter RevPOR $ Sequential Change* Largest sequential increase Generally steps-down from prior quarter Generally steps-down from prior quarter Generally steps-down from prior quarter Labor (Annual Merit Increase) Full-quarter impact of community associates merit increase Utilities Seasonally high Seasonally high 2026 Number of work days / holidays† 90 / 1 91 / 1 92 / 2 92 / 2 Working Capital Majority of incentive compensation payments Majority of real estate tax payments Endnotes