Brookdale Senior Living Business Summary

Brookdale Senior Living Inc. (BKD) is the largest operator of senior living communities in the United States, primarily generating revenue through private-pay resident fees (representing approximately 94% of revenue) and management service contracts. The company’s operations are divided into three reportable segments: Independent Living, Assisted Living and Memory Care—which serves as the primary revenue driver—and Continuing Care Retirement Communities (CCRCs). As of early 2026, Brookdale is executing a decentralized "six operating companies" regional strategy to enhance local agility while aggressively transitioning its portfolio toward a 70% owned-asset mix, targeting a rationalized footprint of approximately 517 communities by mid-year. Direct competitors include Sunrise Senior Living, Atria Senior Living, Five Star Senior Living, and The Ensign Group; within this peer group, Brookdale maintains market leadership as the top operator by community volume and the third-largest owner of senior housing real estate. Originally founded in 1978, Brookdale is currently spearheaded by CEO Nick Stengle, who assumed the role in October 2025 with a pedigree including tenures as President and COO of Gentiva and EVP/COO of Sunrise Senior Living, complemented by experience at TPG Capital and an 11-year career as a U.S. Air Force Top Gun instructor. The executive team is anchored by EVP and CFO Dawn Kussow, a company veteran since 2007, and EVP and COO Mary Sue Patchett, who rejoined the firm in late 2025 to oversee the regional reorganization. The company’s strategic direction is further guided by Non-Executive Chairman Denise W. Warren, a former healthcare executive at WakeMed, and a refreshed Board of Directors featuring institutional heavyweights such as Mark Fioravanti (CEO of Ryman Hospitality Properties) and Joshua Hausman (formerly of Onex Corporation), reflecting a rigorous focus on real estate optimization and operational deleveraging.