Brookdale Senior Living Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Brookdale Senior Living Inc. has filed its 2023 10-K annual report, detailing financial performance and segment data for the fiscal year.</b>

AI Summary

Brookdale Senior Living Inc. (BKD) filed a Annual Report (10-K) with the SEC on February 21, 2024. Brookdale Senior Living Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points for common stock, additional paid-in capital, treasury stock, and retained earnings are included for fiscal years 2020-2023. Segment data for HealthCare Resident Service, Management Service, Reimbursement Costs Managed Communities, and Other Operating Income are provided for fiscal years 2021-2023. The company's principal business is in Nursing & Personal Care Facilities (SIC code 8050).

Why It Matters

For investors and stakeholders tracking Brookdale Senior Living Inc., this filing contains several important signals. This filing provides a comprehensive overview of Brookdale's financial health and operational segments for the fiscal year 2023, crucial for investors assessing performance and future outlook. The detailed segment information allows for an in-depth analysis of revenue streams and operational efficiency across different service lines within the senior living sector.

Risk Assessment

Risk Level: — Brookdale Senior Living Inc. shows moderate risk based on this filing. The company operates in the senior living industry, which is subject to regulatory changes, labor shortages, and economic fluctuations that can impact occupancy and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Brookdale's operational performance and potential challenges in the senior living market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date the 10-K was filed)
• 001-32641 — SEC File Number (Brookdale's SEC file number)

Key Players & Entities

• Brookdale Senior Living Inc. (company) — Filer of the 10-K report
• 10-K (document) — Type of filing
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-21 (date) — Filing date
• 8050 (other) — Standard Industrial Classification code for Nursing & Personal Care Facilities

FAQ

Industry Context

Brookdale Senior Living operates within the senior living and healthcare services industry, providing a range of residential and care services for seniors.

Regulatory Implications

The company is subject to various federal, state, and local regulations governing healthcare facilities, including licensing, operational standards, and resident care.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends and profitability across different service segments.
2. Review the company's operational data and any disclosed segment performance metrics.
3. Assess the risk factors section for potential challenges and their impact on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share BKD New York Stock
• $4 — s determined using a per share price of $4.22, the price at which the registrant's
• $1.5 billion — Rates As of December 31, 2023, we had $1.5 billion of long-term variable rate debt outstan

Filing Documents

• bkd-20231231.htm (10-K) — 2393KB
• bkdex1019ventasleaseamendm.htm (EX-10.1_9) — 181KB
• bkd10kex1022jllamendment1.htm (EX-10.2 _2) — 55KB
• bkd10kex1023jllamendment2.htm (EX-10.2 _3) — 224KB
• bkdex19insidertradingpolicy.htm (EX-19) — 62KB
• bkd10kexhibit2112312023.htm (EX-21) — 477KB
• bkdex23eyconsent2023123120.htm (EX-23) — 2KB
• bkd10kexhibit31112312023.htm (EX-31.1) — 11KB
• bkd10kexhibit31212312023.htm (EX-31.2) — 11KB
• bkd10kexhibit3212312023.htm (EX-32) — 7KB
• bkdex97clawbackandforfeitu.htm (EX-97) — 32KB
• bkd-20231231_g1.jpg (GRAPHIC) — 44KB
• imagea.jpg (GRAPHIC) — 5KB
• 0001332349-24-000041.txt (&nbsp;) — 13392KB
• bkd-20231231.xsd (EX-101.SCH) — 88KB
• bkd-20231231_cal.xml (EX-101.CAL) — 125KB
• bkd-20231231_def.xml (EX-101.DEF) — 462KB
• bkd-20231231_lab.xml (EX-101.LAB) — 1102KB
• bkd-20231231_pre.xml (EX-101.PRE) — 734KB
• bkd-20231231_htm.xml (XML) — 1821KB

Risk Factors

Item 1A Risk Factors 20

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 34

Cybersecurity

Item 1C Cybersecurity 34

Properties

Item 2 Properties 35

Legal Proceedings

Item 3 Legal Proceedings 37

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 37 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

(Reserved)

Item 6 (Reserved) 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 64

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Controls and Procedures

Item 9A Controls and Procedures 102

Other Information

Item 9B Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III

Directors, Executive Officers, and Corporate Governance

Item 10 Directors, Executive Officers, and Corporate Governance 103

Executive Compensation

Item 11 Executive Compensation 103

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 104

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 104 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 105

Form 10-K Summary

Item 16 Form 10-K Summary 108 3 SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain statements in this Annual Report on Form 10-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target," or other similar words or expressions, and include statements regarding our expected financial and operational results. These forward-looking statements are based on certain assumptions and expectations, and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on our operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees, including downturns in the economy, housing market, consumer confidence, or the equity markets and unemployment among resident family members; changes in reimbursement rates, methods, or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the effects of senior housing construction and d

Business

Item 1. Business Unless otherwise specified, references to "Brookdale," "we," "us," "our," or "the Company" in this Annual Report on Form 10-K mean Brookdale Senior Living Inc. together with its consolidated subsidiaries. Our Business We are the nation's premier operator of senior living communities, operating and managing 652 communities in 41 states as of December 31, 2023, with the ability to serve approximately 59,000 residents. We offer our residents access to a broad continuum of services across the most attractive sectors of the senior living industry. We operate and manage independent living, assisted living, memory care, and continuing care retirement communities ("CCRCs"). Our senior living communities and our comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home. Our expertise in healthcare, hospitality, and real estate provides residents with opportunities to improve wellness, pursue passions, make new friends, and stay connected with loved ones. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to age-in-place, which we believe enables them to maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents' families who are concerned with care decisions for their elderly relatives. Strategy Our goal is to be the first choice in senior living by being the nation's most trusted and effective senior living provider. Brookdale is committed to its mission—to enrich the lives of those we serve with compassion, respect, excellence, and integrity. We continue to focus on the health and well-being of our residents and associates and on achieving our long-term growth potential by providing valued high-quality care and personalized service. We believe successful execution of this strategy provides the best opportunity to create attracti

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View this 10-K filing on SEC EDGAR