Brookdale Senior Living (BKD)

Kathy Ann MacDonald Brookdale Senior Living, Inc.
Lucinda M. Baier Brookdale Senior Living, Inc.
Steven E. Swain Brookdale Senior Living, Inc.
Brian Gil Tanquilut Jefferies LLC
Steven James Valiquette Barclays Capital, Inc.
Call transcript
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Good morning, ladies and gentlemen. My name is Mary, and I will be your conference operator today. At this time, I would like to welcome everyone to the Brookdale Senior Living Third Quarter Earnings Release Call. At this time, all lines are on mute.

We will open the lines for questions at the end of the call.

conference recorded this replay reminder, a will for be purposes. As the now to like would call to Relations. I Investor turn over of Kathy MacDonald

Kathy Ann MacDonald

you Living. good like XXXX and everyone. call to welcome earnings Senior you, quarter the Brookdale Thank for third morning, to I'd

are the All our President today laws. may to are historical statements expressly future. and today, Executive and and President be Baier, securities Executive are from factors be facts, statements reports differ Form as of the Certain earnings the we financial forward-looking Report please as the we of to statements results could Form within to on file meaning the I we the actual our we which the materially the Swain, Vice detailed and with to Cindy of federal statements. in forward-looking that deemed may full XX-Q. disclaim differ our Annual present as in this Chief made are SEC Reports risk These Quarterly factors issued you XX-K Actual us Chief and for in time today's Officer; Joining update during well Steve Financial performance date call, from Harbor results statements obligation to any the that, time, contained Officer. yesterday, these including release cause and statement. direct note the Safe measures. Also, will non-GAAP release in the on not

may at and an With to comparable the call would and direct that, to turn on each of release found X-K to GAAP the non-GAAP brookdale.com/investor which measure, information, I reconciliations Cindy. measure I furnished over yesterday. like most For from the was supplemental you be

Lucinda M. Baier

to Good Kathy. earnings third quarter Welcome our and Thank our participants. all analysts morning call. of other shareholders, you, to

to better start this and residents, times. our top on saying associates pandemic is patients through and we company are resilient our me a to and Let that by priority support

period, taken that Our leadership our in value and we took transactions decisive the significant and on have we robust our prospects will built as financial and operations this actions actions In strengthen shareholders. position. drive trusted the year. viewed partners several swift completed by residents, quarter, third financial the long-term unprecedented we our for Throughout to earlier

First, negotiated XXXX, this nearly our a which we lease. with half completed a Ventas, long-term by improvement cut lowered lease to permanently the payments lowered outlook. our rent transaction was and we debt our total, remainder our the significant improved This million in our cash most lease through of In $XXX expense for in flow history.

recently we August, with with replaced enhance substantially our important financial the These new maturities lower debt. refinanced executed and facility extend non-recourse all and and continue Secondly, two mortgages, credit XXXX flexibility. assets in transactions. September, long-term In transactions XX-year interest securing financing XXXX our expense, maturities we financing remaining we to

and over To us help XXX,XXX testing the protocols. testing centers we perspective, communities. well-being. this keep with to took help and our our In of Turning built I days progress highlighted quarter's in as one didn't safe and a to overcome We trained testing last We could. testing the additional been between begin a there. initiated at our We our every emotional people proactively unmatched XXX pandemic, Since have completion actions created their third excellence. well-being enormous challenges, care. We that social of and this our seniors to of as residents COVID-XX. the leader This new actions significant evolve proudly promote people and clinical over many the protect chapter. actions put to residents risk share the requires communities. early decisive our and tests. with delicate to learned industry in we that We call, with stop the to solutions operational enabled in knowledge believe of baseline we with the revised live quarter quickly as each operations, help of ever-present balance we and in conduct XX states spanned plans of this We effort to baseline our made

Another tests. step as rapid of Human recently the that us significant shipped and recent and over point-of-care Department is HHS known XX,XXX Health Services

and use thankful Through economies rapid are actively the protect senior our to of protocols into help months we importance we generally We respond scale COVID-XX that We communities, have keep needs, and the tests multiple of on and of of hotspots close our teams living HHS to protocols. power, we to residents. recognized our testing incorporated new associates help our and PPE effectively. monitor hand areas in created purchasing

COVID-XX efforts test working On Our results. result. XX, testing demonstrated our teams' use dedicated and positive October current strong protocols a X% of our are in of our had as residents around

of We proud results. test these are

residents screening PPE. just families. see, Brookdale more their wants can now friends apartments and by is reality family and However, or local allowed ones. air than making regulations, hear loved for and Each about open and Where a in our this our and protection. hold us with life to of in spaces appropriate visit is after residents state

in in-house small returning social is and Socializing a dining, offerings among proper communities. classes, slowly our activities new group to with distancing many with normal exercise residents

there the fewer Additionally, restrictions community. are on leaving residents

We continue help. are our communication Throughout and our promote conferencing, transparent. engagement times, in-room community has there been and to offer strategy to intentional video associates uncertain these and

with responses. continued efforts were a and We we nearly this positively families, as to and residents listen have We families. were was thrilled receive residents during in extra and for with touch part response felt the to From pandemic about more we years. family, survey and Brookdale community friends even than our likely of XX% right. the families providing received along support frequently our we engaged. and with marks commitment in more recommend them we communicated more on focused of that prior their standpoint XX,XXX programming overwhelmingly conducted and standpoint, our stay to survey, how residents' communicating From and been learned recognized. stay of with helping Recently, voices have From residents that to resident to residents respondents satisfied become help resources the high our the have their relatives, of our than families

in addition survey, take we select to ensure frequently meet In timely our asked Advisory had to that a improve National from resident to to life our communities. country experience residents' representatives ribbon leadership panel the more the can across community-wide of the we steps blue communities team into insights our Council, of

framework from their by teams future force instill our to our to a with developed oversight residents, for are our during win make we families. leaders how visits prospects and virtual on In from in-person and strategy, to solutions locally most to make ease we restrictions existing local them feedback process we to prospect welcoming. to has make cases, on life decisions In provided in residents our divisional as focused future acting our and confidence easier a visits, move-in helped sales to We multiple or on back pivoted call Returning regional community-by-community basis. neighbors. addition the pandemic more which

make help We engage expertise are have the their their easier. serve again to older that internal and able to lives protect, in-person we needs evolving support Americans, demonstrate and care

pandemic. independent received the XX Brookdale an We national survey have as executed in in grow. Brookdale responding response markets, our on highest COVID-XX other rating advantage an panel In seen to compared use in operators. top our as plan the to to We confidence for scale

September, addition, In highest of during at we volume XX,XXX. ever digital over had inquiries the just

trend by back living the to record shows search had conversion XXXX. reinforced is In Our for demand third-party rate market highest consumer analysis September, going is intelligence move-in that to strong. we on visit senior

than increased restrictions Third volume those communities fewer with quarter basis average, XX% on move-ins on XX% On move-ins. fared with higher restrictions. restrictions fewer sequential at with a move-in better

seeing move-outs combined our sheltering move-ins. after and quarter Director last place, move-out XX rate Director very October XX%. with communities controllable to controllable of Executive being months trailing the anticipated, returned we slightly Health accepting we and As normal XX% On remains were third from am Wellness in favorable. pleased XX, I lower the trend that quarter, the resident in our over retention

during and made protect wildfires, hurricanes efforts quality and evacuating huge our from to While their maintaining teams pets residents when standards pandemic, our high necessary. including residents the

every uniting Our our global through of single well-being sacrifices our lifetimes they gratitude personal Brookdale the residents help Everyday My continues health protect vulnerable in testament while Heroes make XX an and the This of crisis the health Heroes are have to dedication them. to and largest is serving residents to most Everyday made successfully our to an sacrifices ensure the incredible continually and scanning those lead day threats for the and and for a coronavirus. hours to resilience our leaders. Brookdale help the economic countless to day. crisis, They

billion advocacy with the living assisted serves the the due assisted when pleased will of to estimate make provider a to distribution. efforts, the living X Turning to help grants we've Phase We government extensive monumental for relief role to healthcare I'm critically information the industry. was our industry living HHS our progress the Washington to X importance in to Brookdale in X understands was day by senior participate pay continuum ensure more necessary COVID-XX. living by fully in eligibility our HHS to the critical $X than obtaining September fight specifically the only grants. government assist Phase name mentioned provide acknowledged efforts this made provider important announcing assisted private the

future. our expecting Phase We are grant funds near the in very X

protect lost from most continuing HHS living industry. government incurred Provider the senior regulatory costs having significant local Phase General demonstrated HHS as living pleased of the Phase well is for we Distribution revenues incremental needs COVID-XX and addition, future assisted include announced incremental value The portion X, understands the on Fund, We of to COVID-XX X population to as and requirements. the that are the state help that recognizes believe the funding. and the X In vulnerable that the and October government assisted eligible in of adhere the to Relief living

Phase effective for provide the I that vaccine We Medicine being support. senior we am plan. of the COVID-XX We and our employees are living Sciences, its believe grateful fuel under Academies senior Engineering again, and and pleased important for that also are is prioritized. X grateful safe that National residents will vaccine recovery, included a living and for Committee

turn financial comments quarter. to for highlights third me community few let Steve, share the the my Before a over results. I focus same will I call on

progress. are highlighted segments. census, hotspots The As concentrated affected senior last the make Florida, earnings quarter COVID-XX housing and occupancy both call, Texas Care third for hotspots our and in our Services we of our heavily California we Health in third continue and but to quarter

the occupancy housing, of senior loss rate For improved.

third earlier, slightly ongoing strong second quarter pricing to quarter RevPOR on than discipline over mentioned As rates move-in with along September's low the increases. the sequential third was XX% the On benefit move-ins a were more year-over-year point. favorable basis. double Sequentially, the in a held move-ins increased rent compared quarter. annual April the from basis, with

me quarter revenue on was census our of Let Health of With XX% yet sequentially. COVID-XX quarter in and basis, third hotspots nearly XX% now generated lower Services. year-over-year turn third Florida, Care Texas a the about our flat to California,

sequentially home third revenue and mid-year quarter. improved health Our the slightly stabilized in

overall improved X, of drive we Our growth. future average star out which industry-leading an X.X will quality has expect to at

is Outside perform home Florida, at occupancy to starts referral and business. health quarter lower last an communities business non-Brookdale This portion Services business home the Care COVID-XX to our is a prior Health lower lower COVID-XX the increased a large of census, our services and to within X% our hotspot recovery. prior communities, this affects third in than of community housing our revenue year. senior faster communities occupancy home indicator health the growth than early health Hospice case With new relative While improved continues rate. of was our of strong year. inside impacting

recognized other other grants We bringing Services operating into Health $XX income are grant the in the approximately pleased to quarter, to Care the as our million. Phase third X during segment's segment of $X operating million recognize approximately income year-to-date

started a third to we weather the took path storm call, leadership position As there on operational areas this financing we our I decisive progress, showcase operational are our and with mentioned three strengthen and our strong forward. quarter actions Reflecting that major future.

are and center First, inquiries Sales sales the seniors. business with the conversion digital recovering. connection our rate to volume higher increasing that to calls is our force of our visit serve indicators gateway along more is move-in important

Second, and the of help fact senior that communities move-ins open housing our Health almost businesses. all both our Care should are to

are have expertise successful From approximately closing strong Brookdale. and executing Steve. cash customer that, the perspective, Ventas operational I'll continue to to our more financing call and transactions, transaction demonstrating marketable to the Third, we and turn of likely $XXX position to With liquidity advocates quarter-end. clinical at attract with two refinancing prospects over after and million a a securities

Steven E. Swain

Thanks. of highlights with To strong liquidity having build quarter. the for a on third position, last me statement start Cindy's let

I First, financing pleased significant completed that we am transactions. two

As maturities until significant debt a result, no we have XXXX.

Second, lease savings transactions. of $X billion completed based future on we nearly will recognize primarily year-to-date

for Third, from occupancy senior September. housing, slowed through declines July

on addition, improved basis expenses to in care. reduced basis. health, revenue continuing as points comp non-cash sequential for the and marketing, growth our while same in continued discipline a lastly, the Care And cut, kept the third sequentially. Discretionary rate largest costs for quarter, In such Health business except maintained even we a our lower Fourth, community excluding segment, XX investments than XX% we and prior for RevPOR intentional to tight Services, transaction stock-based and was returned activities control year-to-date year. were to be on commitment CapEx home operating quality G&A

COVID-XX. me updates Let related color some with provide financial to

our conditions COVID government recognized the grants, provided income. third supplemental. government and fund The Services the skilled In of in financial operating million satisfying deferrals and grants COVID-XX-related financial on units segments. infection grants. reported community majority and state as results. CCRC reminder, the we allocation, control a are page a summary other X As income $XX.X previous our costs Health same within was incremental Care we from quarter, These allocation and nursing of the grant impact the the included The benefited of

X mentioned, future. funds we Cindy As expect grant Phase the in near very

in the $XX.X building of bringing million. declined incurred quarter. expense the in months' we COVID-XX costs third costs, approximately second of After in PPE supply multiple quarter, third quarter, million the year-to-date XX% to COVID-XX expense For the $XX

received, business are which incredibly While of and compares grants COVID-XX grants. exceeded end $XX million revenue the government an of on of the value grants the impact we million September. for grateful our $XXX through we government far the that costs $XX recognized the COVID-XX have of to We has lost million estimated of

be included to pleased X are Phase We in funding.

in learning disperse will We the about to are methodology interested very more funds. additional HHS use

discipline provide. demonstrates were show that value for considering X.X% in is quarter a was community the sequential This lost Turning quarter it basis to on Senior able communities revenue X.X% for living the on third has and was on slightly ability is than the quarter. Detailing operations, points comments rate the results. of win sequential longer maintained impact highly revenue higher housing, move-ins living components, will stay was XX on living. XXXX that considered senior our living third senior occupancy lower or I housing each is locally. were million a compared independent to our RevPOR sequential with living the areas a quarter, occupancy generally year-over-year assisted the impressive sequential basis estimate to for that basis. nearly basis. decline COVID-XX starting partially our lower The are assisted is and higher for The same has better of focus hotspots. metropolitan was located trend a and because industry to pleased my fragmented revenue we frail increase many we length third of We Rate We and X% were COVID communities independent population. more the critical to of and slowed how a in which that $XX

will partially costs performance, repairs, investments, lower driven Same holiday and compensation-related in non-labor to to to community expense facility monitor select the expenses. driven third The was and bonuses decreased million continue Other rate, on COVID-XX million, by the While occupancy disaster to X% offset dollars by marketing favorability million expense by of $XX variable seasonally remains utilities several basis. the quarter, and actively offset somewhat and compared a sequential to relation natural $XX higher conditions. lower quarter. maintain very by operating goal our market dynamic labor second decreased we scaling the and respond market is to matching in of additional

Brookdale mentioned, residents. numerous help as our protect demands additional Cindy on As they created hurricanes Everyday to wildfires our and mobilized Heroes

On communities smaller third actions sizable and While will industry impact. insurance in environment damage of reductions, across quarter are in improved with community the property taking operating the lower there communities year Same XXX we're regions, basis, was of revenue, difficult history to most a basis affected that to majority and XX% prior damage several margin OpEx to operating other our decreased the the income cover quarter. points. operating question the the Without in despite compared reduce sequential cost. we

Moving the of to basis. third Services XXXX quarter a XX% sequential COVID-XX the Health lower Care sequential on revenue impact in a Health lower Services revenue and lower million resulted was to while lost operating was compared year basis. than X% the the nearly flat to XX% estimate third $XX in Care on quarter. prior expense segment, the We due quarter

We see better the scaling benefits to continue to of and made match operations this structural to changes year expenses revenue. earlier

government quarter, in Services. for $X Health we grants third Lastly, million the of Care recognized

is want favorable operating completed and business prior with infrastructure as aligned the in quarter the to scaling beginning transaction third for go-forward we G&A year XX% of July. successfully tightened from year non-cash needs. workforce the quarter, payments our Unique this further we pandemic. spending to Ventas cash I lease the Incrementally, onset to the G&A stock-based G&A, highlight transaction excluding our was we to This at Turning comp, completed costs as of the benefit quarter.

flow permanent reductions by a five-plus rent billion the over next reminder, years. through As improves our $X.X significantly cash

the one-time as the recorded of we impact step-down mitigated The the quarter made times. the payment third $XXX of lease transaction, was third quarter rent that payment. million, quarter, to completing a one-time and XX% an our a transaction, in the After in about compared to third cash pro part which down operating coverage started are X by in we lease improved forma the prior Ventas partially quarter. permanent obligations lease cash Ventas As year

was Ventas was the compared flow Ventas the many more million million of than to Similar wellness access CapEx, was because year quarter. million we one-time year of lower highlights. $XXX quarter. lease offset to for year our by which prior the quarter or payment, interest prior free cash lower, million Adjusted one-time was approximately $XX the compared EBITDA quarter, EBITDA financing completed negative than $XX restricted million reflects the was three lower CapEx $XX third have quarter prior million third favorable canceled expense, for the last summarized residents, with for in $XX projects. and adjusted payment, non-development Excluding was the the cash to the $XX delayed The the Without community to adjusted negative been Healthpeak $XX highly costs would elective improvement And rates interest January. the in lease for year-over-year which related transaction $XX along quarter. million lower million decline

primarily priority, million June Turning liquidity one-time to million. payment $XXX $XXX was my of in top which due was from $XXX Ventas decrease XX, XX. The liquidity, decrease a of September is total to of the liquidity as million,

let occupancy trend fourth share quarter. we're what for October, month-over-month Now, In me softened. our seeing the

families resurgence. new potential stabilized, will we residents see and to move-ins believe the delayed While happen with move-outs their our controllable what

the outbreak carefully, barring monitoring resurgence, we quarterly severe occupancy will We expect declines current improve. a still to and continue are

X grants $XX receive of to expect up Phase approximately to additional relief. We from million

our non-development due primarily working an is $XX plan. reduction $XX year, in the original expect the $XXX quarter million outlook use $XX XXXX extra expected from $XX be of million capital in for another CapEx to CapEx XXXX. total approximately We payroll And a which or a in is reduction our prior from for million be approximately lastly, cash to cycle fourth million non-development million to

to have strengthening position. have million back judicious remain third in and $XXX With While I with the we of plans turn strong a proactive call financial is will liquidity the and approximately Cindy. unpredictable, to quarter end we been at liquidity the we our investments, coronavirus over believe of position. operational now the

Lucinda M. Baier

the residents Our people. this a people by business is business is incredibly care of our and the to am of built I one long-term. taking proud associates, support taken actions time strong we've ensure patients relationship to at for

that to people we've listened us the the part and our has have of feedback that made better. from received communities, We are

actions We are to perspective, and expense, going rent keep our we flexibility. cash flow improve enhance far-reaching doing From a that. our financial lower financial debt, overall to have taken reduce

As pandemic. safe trusted an focused to residents an a remain environment partner during keep on deliver patients we associates, care quality in leader, that this industry being and helps

outside are committed our with sharing We expertise also others to of Brookdale.

it increase. a growth for Looking of approaching. is that wave the in undeniable starting senior new X nearly ahead, demographic With baby residents remains XXXX, care potential million silver year the the will demand boomer

While the best operate about you. manage our and accelerate continue the in Thank increasingly to business, in near-term possible vaccine will optimistic our we our to I'm residents environment. patients recovery, and our today's serve way availability of a communities

Kathy Ann MacDonald

Mary, Kathy. this is

ready for are Q&A. the We


Thank Kathy. you,

Your Brian first Tanquilut. is question from

is open. line Your

Brian Gil Tanquilut

to Good about typical wanted as the levels? I seasonality the be on But to guess gave you first coming the thanks check are for expectations. QX for the what blending and how pre-COVID Hey. the guys. facilities to think ask place and or then, QX, that you thinking of to question, communities do you well for guys as your the trends recovery color just And people Steve, visits occupancy are back my you in out? would reopening catalysts morning,

Steven E. Swain

Sure, Brian.

the So, is you question, the unpredictable. as virus occupancy know,

keep is states our currently infection The residents. a that plus. of our low that to to communities occupancy on occupancy. are in residents for that of again Cindy mind is decline see COVID say the of communities quarter. on drivers response sequential target. It's the certainly accepting we that call in a to key the And and our recovery, rates the do But expect some we have expect that that our XX% in in and survey fourth open moderate important mentioned We our majority

focus long-term, looking So, that the well-being strategy. certainly right of the our on residents is

continuing in make we also receive vaccine likelihood third investments. quarter marketing of being And and Cindy mentioned, as We prioritized think will the and quarter. certainly the addition, to In see ranked the an and into help to future. fourth a then communities lastly, that vaccine, senior in we're we added occupancy marketing so increasing living the

Lucinda M. Baier

Brian, remember I closed we to things we of than answer. But baseline great communities being a testing, teeing have did it completing restrictions that just and to our job our the beginning to were it's will there today. a add is residents. also to at more know And communities, important able couple have within visitors He visitors Steve's were as up. a of important of lot the quarter, to our had the largely we we that third

And as – fourth better quarter. quarter, is look so, than for that at the third we that something the that be us should

COVID-XX. initially industry the that's is a the anyone regulators Brookdale, had the more remember experience And positive working have gotten could community. the through think important lot you single into COVID-XX a thing in another to you move case, in not and I if pandemic,

the demonstrated And in COVID-XX mention in of in every I in of – residents want to there control move we've is the that resident ask and not both it's is living our great we're staff. an recovery, community. to able the the cases, continue that and or protocols, case, for to beginning positive our the single is rate. if a And important our then, then, even I that Now strength some at just think infection residents vaccine fuel prioritized senior

And and on most that us from our a because improve getting increased something maximizing We been it's helped entire have I the very disciplined just available It's year XX about rooms XXXX. that think about basis really actually that's sequentially points about income our fact rate and your basis very, RevPOR revenue of occupancy. same-store the the that RevPAR. basis points, the not XX is important during

we're to our occupancy rate accelerate always that going balancing do recovery. just something to is and So,

Brian Gil Tanquilut

Yeah. and That leases think quarter. just then you how lot yesterday you that then, senior incremental week, the do restructuring this Healthpeak are sense. thinking refinancing of Cindy, are to some I to stay and makes trying that obviously exposure a And you the announcement, about to did thinking was they're of or during opportunities it with reduce the their about CCRCs? or housing also How earlier

Lucinda M. Baier

be thing will one and think current will has And to last creating Well, successful we transactions. we we that that market Brookdale the have nimble few that I demonstrated is years incredibly respond the condition. over been win-win

know lease for our Now, to whenever look when opportunities value shareholders additional possible, arise. will it's But impossible to create we'll renegotiations. through the

even due do the relationship properties, think important Healthpeak rent to new them, an the continue for We the course, strong CapEx are As make for owner (XX:XX:XX). their and our Healthpeak under and a importantly, lease, would the expect to committed continue under for to if I a that lease that we of partner properties Brookdale receive of been with lease transaction, transition we funding as that the we Healthpeak important would have number that that the payments of has they it's to support. grateful know and communities from and we

Brian Gil Tanquilut

about how and me. cash upcoming then, of last you the debt trends, occupancy Thanks. as Got question thinking payments? you. thinking your And for flows I about about are Steve, generating, maturities you're maturities about those and stack thinking just the given that funding think how you're the

Steven E. Swain

third financing credit, with important the transactions You two bet, With execution Brian. access in quarter. continued pleased our of really were we to

were our combined X% a we in million initial approximately of debt large have structure in third a mortgages an important these part in maturities basis. the we And variable on or debt, quarter third rate rate, With transactions, interest covenants. performance with our by $X operating property-backed a of and is expense non-recourse XXXX also lowered effectively that year-over-year the having those Following free no XXXX. of financings like of XX%

So, that to pleased our we strengthen with step suffice say to position. financial it very were this proactive

Brian Gil Tanquilut

you. Got

Lucinda M. Baier

Thank are Brookdale XXXX actions questions, so you this operating taken I decisively think the throughout financial pandemic. has and good evidence and of the that Brian. for strong financings much during

Brian Gil Tanquilut

Thanks, guys.


question is Valiquette. Steven Your next from

Your line open. is

Steven James Valiquette

Great. everybody. Thanks. morning, Good

Lucinda M. Baier

Steve. Hi,

Steven James Valiquette

expect the a just or maybe that quarters, COVID guess of any – say, kind you up. we with that the maybe surveys here. occupancy just would COVID lead trends sensitivity up housing without vaccine to So, immediate words, would year several and or right it the assess since see I monthly just marketing vaccine a has or what will back the One in even more move questions would to prospective to not occupancy enter let's curious your brought Or or take sort completed whether in on other have material Brookdale vaccine? way notable I'm a of impact you a on, senior you your a couple now? this residents before of quarterly an maybe call it of

Lucinda M. Baier

regularly professionals out safe news early majority that's trying Yes. I to is are the and way in With the consumer their or still that to better vaccine, changes living people life. – is at do senior vast to Steve, the out a willingness what markets, living every regard that actually time and we the the in think solution. is reduce an pandemic. help important since sentiment research prospects stages to that of seen patients how their that things figure And of is of conduct a of And risk. we is is trying least recognize senior improvement a the we to live good we figure one survey. is seeing what and residents everyone our think to market that The have see majority we're healthcare improved

the we're we haven't that's the a us, and vaccine, do is risk. we on research conducted that to while focus so, And it something there's available know that on reducing research watching consumer

Steven James Valiquette


and your you quick That's that actually has out touched the one, resident growth success of pretty or year. all the well. held other on worked seen The this rate strategy, RevPOR we've steady improved either

it next way certain the necessary. for to regarding the continue should the market right year RevPOR you'll Just now? and the expect when mention for to overall, see Brookdale did respond monitor investors that in prepared local remarks still I But you strategy rate grow to XXXX, you year-over-year conditions guess

Lucinda M. Baier

thing January important our the for year. X of do residents, is increase remember So, we rate on each to in-place

continue provide. and the first you normally new that moving on focus care for regard market our impact we we of to in results. rates, With so, are see And the our that in, services quality residents quarter to which

in we However, may appropriate cases, to market. the of we local where because what respond conditions, market some in see

it's add So, pretty net-net, I than dynamic news, think you to news there a to but more is want Steve, good that? environment. do bad

Steven E. Swain

it that sums No, up.

assess like Cindy to in so is to certain RevPAR, discipline, markets, very do that's some to occupancy. match community-by-community. adjusting and occupancy. is is not have Steve, But goal, those really to profitable are chase mentioned, locally and It market-by-market we discounting our Our competitive win maximize We pricing rates. focus

Steven James Valiquette

color. right, appreciate All the Okay. Thanks.

Lucinda M. Baier

Thanks, Steve.

Kathy Ann MacDonald

Mary, this is Kathy.

at as analysts earnings shared our other that call other our Our that was the company same cover time companies.

be So, to Do you queue? the anybody Q&A. they might in late the see else


else the time. one at queue no are this There on

Kathy Ann MacDonald

want you very Then, Okay. to Cindy, I that much. last with say and thank later, you we them do think up comments? follow will

Lucinda M. Baier

to want the Certainly. for call thank conference today. I joining just everyone

our are safe year-to-date position, We our that new on the help demand our very pandemic, XXXX. our as expecting. as we've the the to capitalize to and of tests question our and conducted possible. housing residents that as And as safety the Nearly on potential to robust for associates. proud a communities we've in growing our focused swift no well year fact residents, taken keep which during patients, are senior actions starting are I'm our keep and or there's over of strengthen health communities operations X very XXX,XXX we million available financial

maximize playing short-term very to are win much. we our the a the in Thank So, you in long-term. to flexibility and financial prepare game


and gentlemen... Ladies

Kathy Ann MacDonald

ahead. Go


may gentlemen, call. this Thank concludes and and you joining you for disconnect. conference today's now Ladies