Brookdale Senior Living Inc. (BKD)

Brookdale Senior Living Inc. is the largest operator of senior living communities in the United States. As of December 31, 2025, it operated and managed 584 communities in 41 states, with capacity to serve approximately 51,000 residents. It offers independent living, assisted living, memory care and continuing care retirement communities (CCRCs), with the aim of letting seniors age in place as their needs change. The company was formed in Delaware in June 2005 by combining Brookdale Living Communities and Alterra Healthcare, and has since grown through acquisitions including American Retirement Corporation, Horizon Bay and Emeritus.

The company has three reportable segments, with communities it manages for others reported in an All Other category. Independent Living (53 communities, 9,137 units) serves middle to upper income seniors with dining, housekeeping, wellness programs and optional concierge or private duty services. Assisted Living and Memory Care (480 communities, 30,553 units) provides housing and 24-hour help with activities of daily living, including 100 freestanding memory care communities for residents with dementia. CCRCs (15 communities, 4,180 units) combine independent living, assisted living, memory care and skilled nursing on one campus. In 2025 the segments generated 19.4%, 68.9% and 11.3% of $3.05 billion in resident fee and management fee revenue, and All Other generated 0.4%. Healthcare initiatives include the Brookdale HealthPlus program, a care coordination program, and a pilot of private duty services for seniors living outside its communities.

The primary market is individuals age 75 and older, and the company cites demographic trends and growing demand for care, including for dementia. In 2025, 93.9% of resident fee revenue came from private pay residents, 4.8% from government reimbursement programs (mainly Medicaid and Medicare) and 1.3% from other sources. The company owned 370 communities, leased 178 and managed 36 for others. Owned communities generated 66.5% of resident fee revenue and leased communities 33.5%.

The senior living industry is highly fragmented and competitive, with about 2,400 local and regional operators and few barriers to entry in independent living, assisted living and memory care. Named competitors include Discovery Senior Living, Erickson Senior Living and LCS, along with regional and not-for-profit providers. It also competes with healthcare REITs such as Welltower and Ventas, and with private equity firms, for acquisitions. The company is pursuing a capital recycling program. In 2025 it bought 30 previously leased communities from Diversified Healthcare Trust and Welltower, sold 12 owned communities and ended leases on 58 communities. It extended its Ventas master lease for 65 communities through 2035 and plans to sell 29 owned communities in 2026. It refinanced $596.9 million of mortgage debt in December 2025.