布鲁克代尔高级护理 2025年度报告

brookdale.com OUR MISSION To be the nation’sfirst choicein senior living O U R CO R N E RSTO N E S Dear Shareholders, I joined Brookdale as Chief Executive Officer and asa member of the Board in October 2025 with excitementand passion for a stalwart company with very significantoperational and financial upside potential within a compellingsector—the very same characteristics prized by you, ourshareholders. Since my arrival, I have been heartened by allthat I have found, including our more than 30,000 caringassociates and our well-positioned portfolio of communities.I truly believe Brookdale is at the start of a great journey ofimprovement and growth. First, let me state that Brookdale is, fundamentally, an operating company that is underpinnedby a foundation of real estate. By that, I mean Brookdale is focused on the details of operations,because it is through operational excellence that we achieve our financial objectives. In my firstseven months at Brookdale, I have made extensive regional visits and have had in-persontouchpoints with leaders of well over a hundred of our communities, which are the bedrock ofour company. I have found a company committed to delivering unmatched care to our residents,meaningful work and opportunity to our associates, and strong returns to our investors. The Brookdale Opportunity The Brookdale multiyear investment opportunity is compelling. On the demand side, 2026is the year when the first baby boomers turn 80 years old. The Baby Boom dwarfs the priorgeneration in numbers, and the American population over 80 years old is anticipated to expandat a compound annual growth rate of 5% over the next decade.1The average move-in ageacross Brookdale’s communities is 83 years old, and half of our total move-ins are between theages of 80 and 90. Simply put, we are at the precipice of a demand surge for our services. On the supply side, senior housing unit growth is at historic lows.2During 2025, the averagenumber of senior housing units grew just 0.7% over the prior year—a growth rate significantlyless than the anticipated demand. Units currently under construction and new community startsare also at multidecade lows. New development in senior housing typically requires three tofive years before the first resident is received, highlighting that the total unit supply in theUnited States will soon be overwhelmed by the increased demand. This imbalance will likelypersist for a prolonged period. Based in large part on the industry supply-demand dynamics, Brookdale anticipates steadilyincreasing occupancy in our communities, and occupancy is the key driver of our economicmodel. During 2025, Brookdale occupancy climbed to 80.9% on a consolidated basis comparedwith 78.6% in 2024. The senior housing model involves relatively high fixed cost levels, and aswe cross over approximately 80% occupancy, we leverage those fixed costs significantlyand begin to see much higher flowthrough to operating income of each incremental move-inand resulting revenue. We anticipate continued occupancy growth and fixed expense leverage in 2026 andbeyond. With that, we believe we can deliver mid-teens growth of AdjustedEBITDA3over the next several years. Furthermore, we expect our financialleverage to decline meaningfully over the next several years. Leadership Changes and Operations Reorganization I was announced as Brookdale’s Chief Executive Officer in October2025, replacing a temporary “Office of the CEO” comprising ourBoard Chairman, Denise Warren; Chief Financial Officer,Dawn Kussow; and General Counsel, Chad White. I amthankful to that team for their stewardship and for themany positive steps taken during their tenure. We havesince further streamlined our executive leadershipreporting structure with the goal of having appropriatespans of control and clearly defined areas of focus. My own background is primarily in operationsleadership positions, including in senior housing,hospice, home health, and the hospitalityindustry—all of which help informmy perspective on optimizing Brookdalefor today and looking forward. In November, we further strengthened ourexecutive leadership and operations teamwith the appointment of Mary Sue Patchettas Brookdale’s Chief Operating Officer (COO),our first dedicated COO in more thana decade. Mary Sue has decades ofoperations leadership experience in seniorhousing, including here at Brookdaleand with other providers, and she is alreadyleveraging her experience, insights,and leadership skills to enhanceour operating discipline and culture. Brookdale, at its core, is an operating company,and it is vital for us to be structured as such.During the fourth quarter of 2025, Brookdaleimplemented its new regional operating structure,creating six distinct regional leadership teamsthat encompass all functions integral to senior livingoperations. Each region is led by a Vice Presidentof Operations, reporting to the Chief OperatingOfficer. Effectively, this regionalization all