Brookdale Senior Living(BKD) - 2024 Q1 - Quarterly Report

Financial Performance - Resident fees in the Independent Living segment increased by $30.8 million, or 6.5%, from $471.7 million to $502.5 million[70] - The RevPAR for the Independent Living segment rose by $309, or 6.5%, from $4,730 to $5,039[70] - The occupancy rate in the Independent Living segment improved by 150 basis points, reaching 77.5% compared to 76.0% in the prior year[70] - In the CCRCs segment, resident fees decreased by $6.8 million due to the disposition of communities, despite a 200 basis point increase in occupancy and a 2.7% increase in RevPOR[72] - Adjusted EBITDA for the three months ended March 31, 2024, was $97.6 million, up from $88.6 million in the same period last year[99] Liquidity and Debt - Total liquidity as of March 31, 2024, was $355.1 million, an increase of $14.4 million from $340.7 million as of December 31, 2023[84] - The company had $3.8 billion of debt outstanding at a weighted average interest rate of 5.62% as of March 31, 2024[83] - Cash lease payments for operating leases were $66.5 million for the three months ended March 31, 2024, compared to $58.6 million in the prior year[93] - The company expects to fund its liquidity needs for at least the next 12 months through cash flows from operations and other financing sources[85] Capital Expenditures and Debt Management - Capital expenditures for the three months ended March 31, 2024, totaled $50.8 million, including community-level and corporate expenditures[89] - As of March 31, 2024, the company has $1.6 billion of outstanding long-term variable rate debt indexed to SOFR plus a weighted average margin of 242 basis points[102] - 94% of the long-term variable rate debt, amounting to $1.5 billion, is subject to interest rate cap or swap agreements[102] - The weighted average fixed interest rate for the SOFR interest rate cap and swap agreements is 3.90% with a weighted average remaining term of 0.5 years[102] - The company may incur additional costs for obtaining new interest rate cap agreements upon the maturity of existing agreements, which could offset benefits[102] Risk Factors - There have been no material changes to the risk factors disclosed in the Annual Report for the year ended December 31, 2023[106]