Brookdale Senior Living sees Q1 RevPAR growth about 12.9% y/y

Based on the company’s preliminary, first quarter 2023 financial results, the company expects: Year-over-year first quarter RevPAR growth of approximately 12.9%; Consistent with the company’s expectation for a return to pre-pandemic seasonality for the first quarter, weighted average occupancy of 76.3% represents a sequential 80 basis point decrease compared to the fourth quarter of 2022 and a 290 basis point increase year-over-year. First quarter Adjusted EBITDA meaningfully above the previously issued guidance range. Compared to the company’s original first quarter 2023 guidance, the company now anticipates: Total revenue and other operating income for the quarter to exceed previous expectations driven primarily by the RevPAR favorability referenced above. Facility operating expense for the first quarter to be relatively in-line with reported fourth quarter 2022 facility operating expense.