S&P 500 7,623.68 −0.52%
Nasdaq 25,955.34 −0.21%
S&P/TSX 35,788.18 −0.52%
Apple 347.73 −0.14%
Nvidia 210.96 −0.59%
Microsoft 524.51 +0.66%
Shopify 236.24 −0.07%
Royal Bank 281.77 −0.36%
CAD/USD 0.7141 −0.01%
CLOSED · 03:25 ET
Market ClerkRecap
Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

BKD

Brookdale Senior Living Inc.
NYSE · HEALTH CARE · SERVICES-NURSING & PERSONAL CARE FACILITIES
10.08
−0.11 −1.08%
USD · close Oct 23
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
44
WATCH · shorts 44
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $2.4BP/E —DIV YIELD —FCF YIELD 0.99%REV TTM $3.1B −4.4%NET INCOME −$138.3MNET DEBT $3.9B52W 8.75 – 16.77SEC XBRL · TTM TO Invalid Date

How BKD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
41%
of sentences unchanged
Added
371
new sentences
Dropped
410
sentences removed
Length
−2,219
words, now 37,615

New in FY2025

  • For information regarding our business, including our strategy and recent developments regarding community acquisitions, dispositions, and mortgage financings, refer to "Item 1.
  • Financial Statements and Supplementary Data" for more information about acquisitions, dispositions, and other significant leasing transactions.
  • Results of Operations As of December 31, 2025, our total operations included 584 communities with a capacity to serve approximately 51,000 residents.
  • As of that date, we owned 370 communities (33,262 units), leased 178 communities (10,608 units), and managed 36 communities (4,374 units).
  • Our management uses same community operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition), and communities with results that are or likely will be impacted by completed or in-process development-related capital expenditure projects. • RevPAR , or average monthly senior housing resident fee revenue per available unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our communities), 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.
  • Our management uses RevPAR for decision making and components of executive compensation, and we believe the measure provides useful information to investors, because the measure is an indicator of senior housing resident fee revenue performance that reflects the impact of both senior housing occupancy and rate. • RevPOR , or average monthly senior housing resident fee revenue per occupied unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our communities), 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.
  • As of December 31, 2025, we had three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in "Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 17, 2025.
  • Comparison of Years Ended December 31, 2025 and 2024 Summary Operating Results The following table summarizes our overall operating results for the years ended December 31, 2025 and 2024.
  • Years Ended December 31, Increase (Decrease) (in thousands) 2025 2024 Amount Percent Resident fees $ 3,042,712 $ 2,972,050 $ 70,662 2.4 % Facility operating expense 2,216,016 2,183,261 32,755 1.5 % Net income (loss) (262,746) (201,994) 60,752 30.1 % Adjusted EBITDA 457,819 386,194 71,625 18.5 % The increase in resident fees was primarily attributable to a 5.1% increase in same community RevPAR, comprised of a 210 basis point increase in same community weighted average occupancy and a 2.3% increase in same community RevPOR.
  • The increase was partially offset by the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $56.9 million less in resident fees during the year ended December 31, 2025 compared to the prior year.
  • The increase in facility operating expense was primarily attributable to a 4.7% increase in same community facility operating expense, primarily resulting from increases in wage rates, utilities expense, estimated group health insurance expense, and repairs and maintenance expense.
  • The increase was partially offset by the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $49.2 million less in facility operating expense during the year ended December 31, 2025 compared to the prior year.
  • The increase in net loss was primarily attributable to a $62.8 million increase in non-cash impairment charges, primarily related to the planned disposition of certain underperforming communities resulting in a change in their intended holding periods, the increase in facility operating expense, and a $32.8 million loss on extinguishment of a financing obligation during the year ended December 31, 2025 for the reacquisition of three communities previously subject to sale-leaseback transactions for the amount by which the repurchase price exceeded the previously recognized financing obligation for such three communities, partially offset by the increase in resident fees.
  • The increase in Adjusted EBITDA was primarily attributable to the increase in resident fees and a $34.8 million decrease in cash facility operating lease payments due to acquisitions and dispositions of previously leased communities, partially offset by the increase in facility operating expense.
  • Operating Results - Senior Housing Segments The following table summarizes the operating results and data of our three senior housing segments (Independent Living, Assisted Living and Memory Care, and CCRCs) on a combined basis for the years ended December 31, 2025 and 2024 including operating results and data on a same community basis.
  • The same community portfolio excludes 31 communities, including 29 communities (2,364 units) that we plan to sell during 2026.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2025 2024 Amount Percent Resident fees $ 3,042,712 $ 2,972,050 $ 70,662 2.4 % Facility operating expense $ 2,216,016 $ 2,183,261 $ 32,755 1.5 % Number of communities (period end) 548 619 (71) (11.5) % Total average units 49,297 50,910 (1,613) (3.2) % RevPAR $ 5,134 $ 4,858 $ 276 5.7 % Weighted average occupancy 80.9 % 78.6 % 230 bps n/a RevPOR $ 6,347 $ 6,182 $ 165 2.7 % Same Community Operating Results and Data Resident fees $ 2,626,630 $ 2,499,250 $ 127,380 5.1 % Facility operating expense $ 1,863,451 $ 1,779,710 $ 83,741 4.7 % Number of communities 517 517 — — % Total average units 41,395 41,390 5 — % RevPAR $ 5,288 $ 5,032 $ 256 5.1 % Weighted average occupancy 82.3 % 80.2 % 210 bps n/a RevPOR $ 6,423 $ 6,276 $ 147 2.3 % Independent Living Segment The following table summarizes the operating results and data for our Independent Living segment for the years ended December 31, 2025 and 2024, including operating results and data on a same community basis.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2025 2024 Amount Percent Resident fees $ 593,813 $ 598,922 $ (5,109) (0.9) % Facility operating expense $ 396,267 $ 403,840 $ (7,573) (1.9) % Number of communities (period end) 53 68 (15) (22.1) % Total average units 11,814 12,574 (760) (6.0) % RevPAR $ 4,189 $ 3,969 $ 220 5.5 % Weighted average occupancy 82.8 % 80.4 % 240 bps n/a RevPOR $ 5,061 $ 4,934 $ 127 2.6 % Same Community Operating Results and Data Resident fees $ 446,372 $ 423,854 $ 22,518 5.3 % Facility operating expense $ 294,741 $ 280,450 $ 14,291 5.1 % Number of communities 52 52 — — % Total average units 8,940 8,937 3 — % RevPAR $ 4,161 $ 3,952 $ 209 5.3 % Weighted average occupancy 84.1 % 82.4 % 170 bps n/a RevPOR $ 4,950 $ 4,795 $ 155 3.2 % The decrease in the segment's resident fees was primarily attributable to the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $26.7 million less in resident fees during the year ended December 31, 2025 compared to the prior year.
  • The decrease was partially offset by an increase in the segment's same community RevPAR, comprised of a 3.2% increase in same community RevPOR and a 170 basis point increase in same community weighted average occupancy.
  • The increase in the segment's RevPOR was primarily the result of the current year annual rate increase.
  • The decrease in the segment's facility operating expense was primarily attributable to the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $18.9 million less in facility operating expense during the year ended December 31, 2025 compared to the prior year.
  • The decrease was partially offset by an increase in the segment's same community facility operating expense, primarily resulting from increases in wage rates, repairs and maintenance expense, utilities expense, and estimated group health insurance expense.
  • The segment's same community facility operating expense for the year ended December 31, 2024 excludes $1.2 million of natural disaster expense.
  • Assisted Living and Memory Care Segment The following table summarizes the operating results and data for our Assisted Living and Memory Care segment for the years ended December 31, 2025 and 2024, including operating results and data on a same community basis.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2025 2024 Amount Percent Resident fees $ 2,103,303 $ 2,038,660 $ 64,643 3.2 % Facility operating expense $ 1,539,893 $ 1,505,357 $ 34,536 2.3 % Number of communities (period end) 480 534 (54) (10.1) % Total average units 32,750 33,603 (853) (2.5) % RevPAR $ 5,338 $ 5,045 $ 293 5.8 % Weighted average occupancy 80.5 % 78.2 % 230 bps n/a RevPOR $ 6,632 $ 6,454 $ 178 2.8 % Same Community Operating Results and Data Resident fees $ 1,907,034 $ 1,813,739 $ 93,295 5.1 % Facility operating expense $ 1,355,748 $ 1,293,174 $ 62,574 4.8 % Number of communities 451 451 — — % Total average units 28,766 28,765 1 — % RevPAR $ 5,525 $ 5,254 $ 271 5.2 % Weighted average occupancy 82.0 % 79.8 % 220 bps n/a RevPOR $ 6,738 $ 6,586 $ 152 2.3 % The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 2.3% increase in same community RevPOR and a 220 basis point increase in same community weighted average occupancy.
  • The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase.
  • The increase in the segment's resident fees was partially offset by the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $31.5 million less in resident fees during the year ended December 31, 2025 compared to the prior year.
  • The increase in the segment's facility operating expense was primarily attributable to an increase in the segment's same community facility operating expense, including increases in wage rates, estimated group health insurance expense, repairs and maintenance expense, and utilities expense.
  • The increase in the segment's facility operating expense was partially offset by the disposition of communities, primarily though lease terminations, since the beginning of the prior year, which resulted in $29.1 million less in facility operating expense during the year ended December 31, 2025 compared to the prior year.
  • The segment's same community facility operating expense for the year ended December 31, 2025 and 2024 excludes $1.2 million and $4.7 million, respectively, of natural disaster expense.
  • CCRCs Segment The following table summarizes the operating results and data for our CCRCs segment for the years ended December 31, 2025 and 2024, including operating results and data on a same community basis.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2025 2024 Amount Percent Resident fees $ 345,596 $ 334,468 $ 11,128 3.3 % Facility operating expense $ 279,856 $ 274,064 $ 5,792 2.1 % Number of communities (period end) 15 17 (2) (11.8) % Total average units 4,733 4,733 — — % RevPAR $ 6,085 $ 5,889 $ 196 3.3 % Weighted average occupancy 78.9 % 76.6 % 230 bps n/a RevPOR $ 7,709 $ 7,691 $ 18 0.2 % Same Community Operating Results and Data Resident fees $ 273,224 $ 261,657 $ 11,567 4.4 % Facility operating expense $ 212,962 $ 206,086 $ 6,876 3.3 % Number of communities 14 14 — — % Total average units 3,689 3,688 1 — % RevPAR $ 6,172 $ 5,912 $ 260 4.4 % Weighted average occupancy 80.7 % 77.8 % 290 bps n/a RevPOR $ 7,648 $ 7,601 $ 47 0.6 % The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 290 basis point increase in same community weighted average occupancy and a 0.6% increase in the segment's same community RevPOR.
  • The increase in the segment's same community RevPOR was primarily the result of the current year annual rate increase, and was partially offset by an occupancy mix shift to more independent living and assisted living residents and lower skilled nursing revenue.
  • The increase in the segment's facility operating expense was primarily attributable to an increase in the segment's same community facility operating expense, including increases in wage rates and food costs.
  • Operating Results - Other Income and Expense Items The following table summarizes other income and expense items in our operating results for the years ended December 31, 2025 and 2024.
  • Years Ended December 31, Increase (Decrease) (in thousands) 2025 2024 Amount Percent Management fees $ 10,853 $ 10,521 $ 332 3.2 % Reimbursed costs incurred on behalf of managed communities 140,501 142,916 (2,415) (1.7) % Costs incurred on behalf of managed communities 140,501 142,916 (2,415) (1.7) % General and administrative expense 195,141 185,850 9,291 5.0 % Facility operating lease expense 200,263 200,587 (324) (0.2) % Depreciation and amortization 355,527 357,788 (2,261) (0.6) % Asset impairment 71,349 8,557 62,792 NM Loss (gain) on sale of communities, net (2,368) — 2,368 NM Loss (gain) on facility operating lease termination, net 4,139 — 4,139 NM Interest income 12,382 19,162 (6,780) (35.4) % Interest expense 254,292 252,575 1,717 0.7 % Gain (loss) on debt modification and extinguishment, net (40,087) (20,762) 19,325 93.1 % Non-operating gain (loss) on sale of assets, net — 923 (923) (100.0)% Other non-operating income (loss) 3,802 9,376 (5,574) (59.4) % Benefit (provision) for income taxes 1,951 (4,646) 6,597 NM Reimbursed Costs Incurred on Behalf of Managed Communities and Costs Incurred on Behalf of Managed Communities.
  • The decrease in reimbursed costs and costs incurred on behalf of managed communities was primarily attributable to terminations of management agreements subsequent to the beginning of the prior year, partially offset by an increase in community labor costs incurred for communities managed in both years.

and 331 more.

Gone since FY2024

  • Executive Overview and Recent Developments For information regarding our business, including our strategy and recent developments regarding macroeconomic conditions, community acquisitions and community lease amendments, refer to "Item 1.
  • Business." During 2023, we entered into amendments to our existing lease arrangements with Welltower Inc.
  • (“Welltower”) pursuant to which we continue to lease 74 communities.
  • In connection with the amendments, we extended the maturity of one lease involving 39 communities from December 31, 2026 until June 30, 2032.
  • For 2024 compared to 2023, the classification of such lease costs as operating lease expense resulted in a $9.9 million increase in cash lease payments for operating leases and an offsetting decrease in cash lease payments for financing leases.
  • Financial Statements and Supplementary Data" for more information about the amendments.
  • During 2023, we completed the sale of two owned communities for cash proceeds of $25.6 million, net of $29.6 million in mortgage debt repaid and transaction costs, and recognized a net gain on sale of communities of $36.3 million.
  • During 2023, we elected not to exercise our lease renewal option under the current terms for a master lease and completed the termination of our triple-net lease obligations on the 18 communities for which the master lease was scheduled to expire on December 31, 2023.
  • Additionally, we acquired the remaining 50% equity interest in one community during 2023 for $0.6 million.
  • Results of Operations As of December 31, 2024, our total operations included 647 communities with a capacity to serve approximately 58,000 residents.
  • As of that date, we owned 353 communities (32,206 units), leased 266 communities (18,633 units), and managed 28 communities (4,256 units).
  • Our management uses same community operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition), and communities with results that are or likely will be impacted by completed or in-process development-related capital expenditure projects. • RevPAR , or average monthly senior housing resident fee revenue per available unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our 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.
  • Our management uses RevPAR for decision making and components of executive compensation, and we believe the measure provides useful information to investors, because the measure is an indicator of senior housing resident fee revenue performance that reflects the impact of both senior housing occupancy and rate. • RevPOR , or average monthly senior housing resident fee revenue per occupied unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our 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.
  • As of December 31, 2024, we had three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is presented below.
  • Discussion of our financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 can be found in "Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.
  • Comparison of Years Ended December 31, 2024 and 2023 Summary Operating Results The following table summarizes our overall operating results for the years ended December 31, 2024 and 2023.
  • Years Ended December 31, Increase (Decrease) (in thousands) 2024 2023 Amount Percent Resident fees $ 2,972,050 $ 2,857,270 $ 114,780 4.0 % Other operating income — 9,073 (9,073) (100.0)% Facility operating expense 2,183,261 2,129,800 53,461 2.5 % Net income (loss) (201,994) (189,070) 12,924 6.8 % Adjusted EBITDA 386,194 335,538 50,656 15.1 % The increase in resident fees was primarily attributable to a 5.8% increase in same community RevPAR, comprised of a 4.1% increase in same community RevPOR and a 120 basis point increase in same community weighted average occupancy.
  • The increase was partially offset by the disposition of communities since the beginning of the prior year which resulted in $55.2 million less in resident fees compared to the prior year.
  • During the year ended December 31, 2023, we recognized $9.1 million of government grants related to the COVID-19 pandemic as other operating income based on our estimates of our satisfaction of the conditions of the grants during the year.
  • The increase in facility operating expense was primarily attributable to a 4.4% increase in same community facility operating expense, primarily resulting from broad inflationary pressure, an additional day of expense due to the leap year, an increase in estimated insurance expense, an increase in property repair expense primarily as a result of severe weather events, an increase in information technology costs, and an increase in marketing expense compared to the prior year, partially offset by a decrease in the use of premium labor, primarily contract labor.
  • The increase was partially offset by the disposition of communities since the beginning of the prior year, which resulted in $48.0 million less in facility operating expense during the year ended December 31, 2024 compared to the prior year.
  • The increase in net loss was primarily attributable to the increase in facility operating expense compared to the prior year, a $36.3 million gain on sale of communities, net recognized during the year ended December 31, 2023 for the sale of our one remaining entrance fee community, an $18.1 million increase in loss on debt modification and extinguishment compared to the prior year, and an increase in depreciation and amortization expense recognized compared to the prior year.
  • These changes were partially offset by the increase in resident fees and a decrease in asset impairment expense compared to the prior year.
  • The increase in Adjusted EBITDA was primarily attributable to the increase in resident fees, partially offset by the increase in facility operating expense, the decrease in other operating income, and a $1.2 million increase in cash facility operating lease payments.
  • The increase in cash facility operating lease payments for the current year compared to the prior year includes the change in classification of $9.9 million of lease payments for 35 communities as cash facility operating lease payments as a result of lease amendments in the prior year period, partially offset by a $7.8 million decrease in cash paid for operating leases for the community acquisition transactions and the reclassification of lease costs due to financing lease classification.
  • Operating Results - Senior Housing Segments The following table summarizes the operating results and data of our three senior housing segments (Independent Living, Assisted Living and Memory Care, and CCRCs) on a combined basis for the years ended December 31, 2024 and 2023 including operating results and data on a same community basis.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2024 2023 Amount Percent Resident fees $ 2,972,050 $ 2,857,270 $ 114,780 4.0 % Other operating income $ — $ 9,073 $ (9,073) (100.0)% Facility operating expense $ 2,183,261 $ 2,129,800 $ 53,461 2.5 % Number of communities (period end) 619 622 (3) (0.5) % Total average units 50,910 51,960 (1,050) (2.0) % RevPAR $ 4,858 $ 4,577 $ 281 6.1 % Weighted average occupancy 78.6 % 77.2 % 140 bps n/a RevPOR $ 6,182 $ 5,927 $ 255 4.3 % Same Community Operating Results and Data Resident fees $ 2,910,004 $ 2,751,231 $ 158,773 5.8 % Other operating income $ — $ 8,708 $ (8,708) (100.0)% Facility operating expense $ 2,126,633 $ 2,037,510 $ 89,123 4.4 % Number of communities 610 610 — — % Total average units 49,960 49,950 10 — % RevPAR $ 4,854 $ 4,590 $ 264 5.8 % Weighted average occupancy 78.7 % 77.5 % 120 bps n/a RevPOR $ 6,170 $ 5,925 $ 245 4.1 % Independent Living Segment The following table summarizes the operating results and data for our Independent Living segment for the years ended December 31, 2024 and 2023, including operating results and data on a same community basis.
  • All 68 of the communities in our Independent Living segment are included within our same community portfolio.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2024 2023 Amount Percent Resident fees $ 598,922 $ 564,012 $ 34,910 6.2 % Other operating income $ — $ 487 $ (487) (100.0)% Facility operating expense $ 403,840 $ 379,854 $ 23,986 6.3 % Number of communities (period end) 68 68 — — % Total average units 12,574 12,569 5 — % RevPAR $ 3,969 $ 3,739 $ 230 6.2 % Weighted average occupancy 80.4 % 79.4 % 100 bps n/a RevPOR $ 4,934 $ 4,711 $ 223 4.7 % The increase in the segment's resident fees was primarily attributable to an increase in the segment's RevPAR, comprised of a 4.7% increase in RevPOR and a 100 basis point increase in weighted average occupancy.
  • The increase in the segment's RevPOR was primarily the result of the current year rate increase.
  • The increase in the segment's weighted average occupancy primarily reflects the impact of our execution on key initiatives to rebuild occupancy lost due to the COVID-19 pandemic.
  • The increase in the segment's facility operating expense was primarily attributable to broad inflationary pressure, an additional day of expense due to the leap year, an increase in estimated insurance expense, an increase in property repair expense primarily as a result of severe weather events, increased wireless internet access provided for residents, and an increase in marketing expense compared to the prior year.
  • The segment's same community facility operating expense for the year ended December 31, 2024 excludes $1.3 million of natural disaster expense.
  • Assisted Living and Memory Care Segment The following table summarizes the operating results and data for our Assisted Living and Memory Care segment for the years ended December 31, 2024 and 2023, including operating results and data on a same community basis.
  • (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) Years Ended December 31, Increase (Decrease) 2024 2023 Amount Percent Resident fees $ 2,038,660 $ 1,960,432 $ 78,228 4.0 % Other operating income $ — $ 8,008 $ (8,008) (100.0)% Facility operating expense $ 1,505,357 $ 1,466,123 $ 39,234 2.7 % Number of communities (period end) 534 537 (3) (0.6) % Total average units 33,603 34,414 (811) (2.4) % RevPAR $ 5,045 $ 4,741 $ 304 6.4 % Weighted average occupancy 78.2 % 77.0 % 120 bps n/a RevPOR $ 6,454 $ 6,158 $ 296 4.8 % Same Community Operating Results and Data Resident fees $ 2,004,217 $ 1,891,384 $ 112,833 6.0 % Other operating income $ — $ 7,841 $ (7,841) (100.0)% Facility operating expense $ 1,471,953 $ 1,409,225 $ 62,728 4.5 % Number of communities 526 526 — — % Total average units 33,069 33,067 2 — % RevPAR $ 5,051 $ 4,767 $ 284 6.0 % Weighted average occupancy 78.2 % 77.1 % 110 bps n/a RevPOR $ 6,457 $ 6,183 $ 274 4.4 % The increase in the segment's resident fees was primarily attributable to an increase in the segment's same community RevPAR, comprised of a 4.4% increase in same community RevPOR and a 110 basis point increase in same community weighted average occupancy.
  • The increase in the segment's same community RevPOR was primarily the result of the current year rate increase.
  • The increase in the segment's same community weighted average occupancy primarily reflects the impact of our execution on key initiatives to rebuild occupancy lost due to the COVID-19 pandemic.
  • The increase in the segment's resident fees was partially offset by the disposition of communities since the beginning of the prior year, which resulted in $41.0 million less in resident fees during the year ended December 31, 2024 compared to the prior year.

and 370 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch BKD. Know when insiders buy.
One email the day a filing lands. Free.