Brookdale Senior Living Inc. (NYSE: BKD) today announced favorable updates to its first quarter 2023 financial expectations based upon preliminary, unaudited results. The improved expectations are based on management's estimates derived from the information available at this time and are subject to revision upon finalization of the Company's quarter-end accounting and financial reporting processes and reviews.
Preliminary First Quarter 2023 Financial Expectations
Based on the Company's preliminary, first quarter 2023 financial results, the Company expects:
Year-over-year first quarter RevPAR growth of approximately 12.9%;
First quarter Adjusted EBITDA meaningfully above the previously issued guidance range. Compared to the Company's original first quarter 2023 guidance, the Company now anticipates:
Commenting on first quarter performance, Lucinda ("Cindy") Baier, Brookdale's President and CEO said "I'm pleased that our disciplined execution has resulted in preliminary financial results that have meaningfully surpassed our expectations and previously provided guidance. I want to thank our residents for the opportunity to serve them and to recognize the tremendous efforts of our associates who continue to prioritize providing high quality care and service to our residents. We look forward to serving even more seniors as the year progresses."
The Company will provide second quarter 2023 guidance in its upcoming quarterly earnings release. As a reminder, seasonal factors affecting quarterly expectations should be reviewed and can be found on page 19 of the Investor Presentation dated February 21, 2023, which is available at brookdaleinvestors.com.
The Company plans to release its first quarter 2023 financial results after the market closes on Monday, May 8, 2023. The Company also plans to discuss the results on a conference call scheduled for Tuesday, May 9, 2023, at 9:00 AM ET. Additional conference call details will be provided at a later date.
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