Brookdale Senior Living announced late Monday that it has achieved 31 consecutive months of year-over-year weighted average occupancy growth.
May weighted average occupancy increased 20 basis points compared with the previous month, whereas May month-end occupancy increased 30 basis points. That growth is supported by ongoing improvement in resident retention, according to an update from the Brentwood, TN-based company.
Last month’s average occupancy reflected a continued outperformance versus pre-pandemic normal seasonality, according to Brookdale.
To-date occupancy figures for the second quarter — which includes April, May and June — show a 160-basis-point increase, to 78%, compared with 76.4% the second quarter of 2023. Those figures are in line with a May investor presentation in which the company said that it expected average occupancy to outperform normal seasonality heading into the second quarter. Brookdale also noted at the time that it expected to see continued benefit from ongoing year-over-year improvements in staff retention and turnover.
During a first-quarter earnings call in May, President and CEO Lucinda “Cindy” Baier” said that the company entered 2024 with a focus on recovering pre-pandemic occupancy and margins.
In a May business update, Ventas, a Chicago-based real estate investment trust, noted that the senior living communities in its Brookdale triple-net lease portfolio “improved organic operating performance” and that the communities were “enjoying positive operating trends.”
Brookdale operates and manages 652 communities in 41 states as of March 31; it owns some of those communities and leases others from the owners.
The company is the largest operator and third-largest owner of US senior living communities, according to the 2023 ASHA 50 list from the American Seniors Housing Association. Brookdale also made Argentum’s 2023 list of largest providers, landing at No. 1 there as well as topping separate Argentum lists of the largest assisted living providers and memory care providers.
