Brookdale Senior Living Outlines Growth Plans at 2026 Investor Day

Company targets $500M+ in 2026 EBITDA as occupancy climbs back toward 85%

Jan. 31, 2026 at 12:55pm

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Brookdale Senior Living (NYSE:BKD) used its 2026 Investor Day to outline multi-year growth targets tied to occupancy recovery, pricing discipline, and a revamped operating structure aimed at improving execution at the local level. Company leaders highlighted preliminary 2025 results, 2026 guidance, and what they described as favorable industry supply-and-demand dynamics as the first wave of Baby Boomers turns 80.

Why it matters

Brookdale is the largest U.S. operator of senior living communities and the third-largest owner of senior housing real estate. The company's growth plans and outlook provide insights into the broader senior housing industry, which is expected to see rising demand from aging demographics coupled with supply constraints.

The details

Brookdale reported preliminary 2025 revenue of just over $3 billion and adjusted EBITDA of $458 million, beating guidance. Occupancy ended 2025 at 83.5% on a weighted average basis, with a 84.5% spot rate. For 2026, the company guided to 8-9% RevPAR growth and adjusted EBITDA of $502-$516 million. Brookdale also outlined a multi-year target of 'mid-teen annualized growth' in adjusted EBITDA and a net leverage target below 6x by 2028. The company emphasized its focus on needs-based senior housing, with 94% of revenue from private pay sources.

  • Brookdale generated 'just over $3 billion' of revenue in 2025.
  • Brookdale's 2025 adjusted EBITDA was $458 million.
  • Brookdale's same-community occupancy ended 2025 at 83.5% on a weighted average basis, with a 84.5% spot rate at year-end.
  • Brookdale guided to 8-9% RevPAR growth and $502-$516 million in adjusted EBITDA for 2026.
  • Brookdale is targeting mid-teen annualized growth in adjusted EBITDA and a net leverage target below 6x by the end of 2028.

The players

Brookdale Senior Living

One of the nation's largest operators of senior living communities, offering a full spectrum of living options including independent living, assisted living, memory care, and skilled nursing services.

Nick Stengle

Chief Executive Officer of Brookdale Senior Living.

Dawn Kussow

Chief Financial Officer of Brookdale Senior Living.

Mary Sue Patchett

Chief Operating Officer of Brookdale Senior Living.

Welltower

The largest owner of senior housing real estate in the U.S., ahead of Brookdale.

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What they’re saying

“Brookdale generated 'just over $3 billion' of revenue in 2025 and $458 million of adjusted EBITDA, which he said beat the midpoint of upgraded guidance.”

— Nick Stengle, Chief Executive Officer (MarketBeat)

“Brookdale achieved adjusted free cash flow positivity for the year 'for the first time since the pandemic,' with both the owned and leased portfolios generating positive cash flow.”

— Dawn Kussow, Chief Financial Officer (MarketBeat)

What’s next

Brookdale plans to provide additional details on its 2026 capital expenditure budget later, including in its 10-K filing.

The takeaway

Brookdale's growth plans and outlook highlight the senior housing industry's favorable long-term demographic trends, with rising demand from aging Baby Boomers expected to outpace new supply in the coming years. The company's focus on needs-based, private-pay senior housing and efforts to improve operational execution could position it well to capitalize on these industry dynamics.