Brookdale Senior Living achieved 19 consecutive months of year-over-year weighted average occupancy growth in May, the company announced in its most recent occupancy report.
The Brentwood, TN-based company reported Thursday that its May weighted average monthly occupancy increased 200 basis points year over year to 76.6%, a 40-basis point increase compared with April.
The senior living provider also reported that its second-quarter-to-date average monthly move-in volume grew 3.5% compared with the first quarter average. Second-quarter-to-date average monthly move-out volume improved 8.8% from the first quarter average.
Brookdale President and CEO Lucinda “Cindy” Baier, during a fourth-quarter and full-year 2022 earrings call in February, attributed the company’s occupancy increases to execution on its initiatives to rebuild occupancy lost during the COVID-19 pandemic.
Under the company’s goal to get every available residential unit into service at the most profitable rate, Baier said during that call that the company intended to increase occupancy this year through targeted efforts, the implementation of “appropriate pricing actions” that consider inflationary pressures and competitive labor markets, improved labor productivity and reduced premium labor costs.
In a first-quarter earnings call, Baier shared that the provider had entered into revised agreements under each of its three triple-net leases with Toledo, OH-based real estate investment trust Welltower, which will provide $17 million of additional lessor-funded capital investment.
Brookdale operates and manages 673 communities across 41 states, with the ability to serve more than 60,000 residents. The company had 265 communities recognized in this year’s US News & World Report Best Senior Living program.
