Core Insights - Brookdale Senior Living Inc. reported fourth quarter and full year results for 2025, showing positive momentum and operational excellence, with expectations for continued growth in 2026 [2][3][20] Financial Performance - In Q4 2025, resident fees decreased to $714.5 million, down 4.0% from $744.4 million in Q4 2024, primarily due to community dispositions [3][8] - Facility operating expenses decreased by 4.5% to $529.7 million, while general and administrative expenses fell by 14.6% to $41.4 million [3][11] - Adjusted EBITDA for Q4 2025 increased by 7.1% to $105.6 million compared to $98.5 million in Q4 2024 [3][11] - Full year 2025 net loss was $263 million, with Adjusted EBITDA of $458 million, exceeding previous guidance [5][9] Occupancy Metrics - Weighted average occupancy improved to 82.5% in Q4 2025, up 310 basis points from 79.4% in Q4 2024 [3][9] - RevPAR for the full year 2025 increased by 5.7% to $5,134, reflecting strong demand in a constrained supply environment [9][20] Liquidity and Financing - Total liquidity as of December 31, 2025, was $377.7 million, including $279.1 million in unrestricted cash [19] - The company successfully refinanced approximately $596.9 million in mortgage debt, strengthening its balance sheet [14][19] 2026 Outlook - For 2026, the company anticipates RevPAR growth of 8% to 9% and Adjusted EBITDA between $502 million and $516 million [20][21]