The Board Has Established a Clear and Compelling Strategy for Creating Shareholder Value That Has Already Demonstrated Significant Momentum

Vote “FOR” ONLY Brookdale’s Eight Nominees on the BLUE Proxy Card

Over the Past Several Years, We Streamlined Operations, Simplified the Business, Rationalized Our Lease Portfolio and Reduced Leverage – Brookdale’s Post-COVID Growth Is In Line with Its Peers and, in 2024, the Company Outperformed Compared to 2019 Across Key Metrics:

Consolidated RevPAR was 18% higher in 2024 than 2019

Operating income per available unit was 8% higher in 2024 than 2019

Adjusted EBITDA Margin is higher than 2019 levels and is continuing to rise

Brookdale Is Executing on Five Key Initiatives We Believe Will Deliver Meaningful Shareholder Value

  • 1

    Improving operating performance

    to drive higher occupancy, improved rates, and robust cash flow

  • 2

    Optimizing our real estate portfolio

    to focus management’s efforts on assets that can yield the greatest value for shareholders

  • 3

    Reinvesting capital into our communities

    using a portion of asset sale proceeds and improving operations

  • 4

    Reducing our leverage

    to maintain financial flexibility and resilience

  • 5

    Ensuring high-quality environments

    for our residents and our associates

Brookdale's Plan is Working

  • Renegotiated leases for ~250 communities inherited by the Company since 2022 and reduced the number of leased units by 19% since Q1 2021

  • Reduced community portfolio from more than 1,000 in 2017 to less than 600 by year-end 2025

  • Reduced leverage ratio by nearly half over the prior two-year fiscal period

  • Expecting to have implemented Brookdale HealthPlus® in a total of ~190 communities by 2025 year-end

Q1 2025 Results

Brookdale’s solid first quarter results and annual guidance raise are a testament to the significant momentum underway as the Company continues to meet the diverse needs of the baby boomer demographic.

  • Positive Adjusted Free Cash Flow1 – which typically has been negative in the first quarter
  • Adjusted EBITDA1 that exceeded internal expectations and consensus estimates
  • 80%
    same community weighted average occupancy, a key turning point towards positive cash flow generation
  • 140 bps
    increase in consolidated weighted average occupancy YoY2
  • 4.9%
    growth in consolidated RevPAR YoY, exceeding internal expectations
  • 90 bps
    expansion in operating income margin YoY  – delivering the highest same community operating income margin achievement in five years

Full Year 20251 Outlook

  • 5.00% - 5.75%
    RevPAR YoY growth
  • $440M - $450M
    Adjusted EBITDA
1 See Non-GAAP Financial Measures located in the Disclaimer for further information
2 Year Over Year

Protect the Value of Your Investment: Use the BLUE Proxy Card to Vote “FOR” ONLY Brookdale’s Eight Highly-Qualified Director Nominees Today

How to Vote