Brookdale Senior Living Inc. (BKD) FY2025 10-K Annual Report
Brookdale Senior Living Inc. (BKD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Brookdale Senior Living Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Operator and manager of 584 senior living communities across independent living, assisted living, memory care, and CCRCs serving ~51,000 residents
- • New emphasis: Expanded Brookdale HealthPlus®, a technology-enabled proactive care coordination program, plus private duty services pilot for seniors outside communities
- • Strategic shift: Increased focus on operational excellence, associate retention, healthcare integration, and technology-driven innovation for growth and improved margins
- • Quantitative highlights: Acquired 30 communities (1,561 units) from Diversified Healthcare Trust and Welltower for $310M total; planned sales of 29 communities for ~$200M
- • Noteworthy fact: Extended master lease arrangement with Ventas through 2035 on 65 communities, terminating leases on 55 others with transition to management contracts
Management Discussion & Analysis
- • Revenue $3.043B, up 2.4% YoY (+$70.7M); same community resident fees up 5.1% (+$127.4M)
- • Net loss increased 30.1% to $(263M); Adjusted EBITDA $457.8M, up 18.5% YoY
- • Best segment: Assisted Living & Memory Care resident fees $2.103B (+3.2%), worst: Independent Living fees $593.8M (-0.9%)
- • Operating cash flow $218M (+31%), investing cash outflow $456M, financing cash inflow $201M; adjusted free cash flow positive $22.8M vs. negative $(29.5M)
- • Outlook: Plan to sell 29 communities in 2026 for ~$200M proceeds; focus on RevPAR growth, expense control, refinancing, and asset monetization; liquidity sufficient for 12 months but financing availability uncertain
Risk Factors
- • Regulatory risk from 2026 Convertible Senior Notes under Indenture with Equiniti Trust Company, $23.3M principal due Oct 15, 2026, potential cash dilution from conversion rights
- • Macroeconomic exposure: $1.0B variable-rate debt indexed to SOFR plus 244 bps, weighted avg interest 6.18%, risk from rising rates despite hedges expiring in 0.9 years
- • Operational risk: Aging asset base with average building age 28 years, requiring $175M-$195M 2026 capital expenditures mainly for maintenance and renovations
- • Market risk: Redemption option on 2026 Notes triggered if share price exceeds 130% of $8.10 conversion price, linking debt costs to equity market volatility
- • Financial risk: $4.3B total debt, 89.7% non-recourse property-level mortgage debt, refinancing risk for $668M maturing in 2027 and later, potential liquidity shortfalls
Brookdale Senior Living Inc. FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▲ +2.2% YoY
Net Income
-$263M
▼ -30.1% YoY
Gross Margin
26.2%
▲ +65bp YoY
Operating Margin
0.4%
▼ -107bp YoY
Net Margin
-8.2%
▼ -176bp YoY
ROE
587.0%
▲ +68202bp YoY
Total Assets
$6.0B
▼ -6.1% YoY
EPS (Diluted)
$-1.12
▼ -25.8% YoY
Operating Cash Flow
$218M
▲ +31.2% YoY
Source: XBRL data from Brookdale Senior Living Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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