Brookdale Senior Living Inc. (NYSE: BKD) has reported its consolidated occupancy for December 2023, showing positive growth in the company's key metrics. The company announced that its weighted average occupancy for the fourth quarter of 2023 increased by 80 basis points compared to the third quarter, reaching 78.4%. Additionally, Brookdale achieved twenty-six consecutive months of year-over-year weighted average occupancy growth, signaling sustained performance in this aspect of its business.
December 2023 observations revealed that the weighted average occupancy increased by 130 basis points year-over-year, and had grown nearly 900 basis points since the start of the recovery in March 2021. This indicates a significant upward trend in occupancy for the company over the past few years.
Marvin Brown, CEO of Brookdale Senior Living, commented on the company's performance, stating, "We are pleased to see continued growth in our occupancy metrics, reflecting the strong demand for our senior living communities. The sustained increase in weighted average occupancy demonstrates the value and quality of the services we provide to our residents."
Brookdale Senior Living Inc. operates 652 communities in 41 states as of December 31, 2023, with the ability to serve approximately 59,000 residents. The company's commitment to enriching the lives of the people it serves with compassion, respect, excellence, and integrity is evident in its mission and the positive performance reflected in its occupancy metrics.
The stock of Brookdale Senior Living Inc. (BKD) moved 1.6% following the announcement, reaching a trading price of $5.64 per share. The company's stock has been closely watched by investors, and the positive performance in occupancy may impact its market outlook going forward.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $4,531 | $4,057 | $3,540 | $2,758 | $2,825 | $2,962 |
| Revenue Growth | n/a | -10.47% | -12.74% | -22.09% | 2.43% | 4.83% |
| Operating Margins | -13% | -1% | -3% | -8% | -2% | 2% |
| Net Margins | -12% | -7% | 2% | -4% | -8% | -4% |
| Net Income (MM) | -$528 | -$268 | $82 | -$99 | -$238 | -$123 |
| Net Interest Expense (MM) | $14 | $15 | $6 | $6 | $12 | $27 |
| Depreciation & Amort. (MM) | $447 | $379 | $359 | $338 | $347 | $344 |
| Earnings Per Share | $187468.0 | -$1.44 | $0.44 | -$0.54 | -$1.25 | -$0.55 |
| EPS Growth | n/a | -100.0% | 130.56% | -222.73% | -131.48% | 56.0% |
| Diluted Shares (MM) | 187 | 186 | 184 | 185 | 190 | 225 |
| Free Cash Flow (MM) | -$22 | -$88 | $20 | -$271 | -$194 | -$136 |
| Capital Expenditures (MM) | $225 | $304 | $186 | $177 | $197 | $221 |
| Current Ratio | 1.0 | 0.57 | 1.12 | 1.11 | 0.99 | 0.66 |
| Total Debt (MM) | $6,986 | $6,771 | $7,763 | $7,619 | $7,634 | $3,797 |
| Net Debt / EBITDA | -44.88 | 19.5 | 28.23 | 60.26 | 23.74 | 8.41 |
Brookdale Senior Living's financial statements include several red flags such as declining revenues and decreasing reinvestment in the business, consistently negative margins with a stable trend, and declining EPS growth. Additionally, the firm has a highly leveraged balance sheet.
