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BKD Brookdale Senior Living

Participants
Kathy MacDonald SVP of IR
Cindy Baier President, CEO & Director
Steve Swain Executive VP & CFO
Steven Valiquette Barclays
Joanna Gajuk Bank of America
Brian Tanquilut Jefferies
Frank Morgan RBC Capital Markets
Call transcript
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Operator

Good morning, ladies and gentlemen. My name is Dexter, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Brookdale Senior Living's First Quarter Earnings Release Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. reminder, will a replay recorded As purposes. Instructions] this be conference for [Operator like call turn would to I now the over Ms. to of MacDonald Investor Kathy Relations.

Kathy MacDonald

you Living. good like XXXX Thank everyone. call to welcome earnings Senior and Quarter the Brookdale you, for First 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 comparable the and direct to on each of release found X-K GAAP the non-GAAP brookdale.com/investor which measure, information, reconciliations measure I furnished yesterday. most For from was supplemental you be

turn Cindy. over to will I call the Now

Cindy Baier

that analysts participants. and all the began in first you, occupancy first of of to to pleased quarter to call. earnings our morning our Thank I by grow end and am Good the other shareholders, quarter XXXX continued Welcome Kathy. April.

the battle we've history. in the company's year last the toughest been in For

and health the fighting and been well-being We have patients associates. of residents, for our

help While COVID-XX and we including in thousands not to hosting have reduce us the tools clinics effective is cases, created communities. vaccination battle over, our implemented highly of

residents, associates Associates the So lifesaving to XX,XXX extraordinary a and COVID-XX leadership for our say associates vaccine. Together, want corporate their you thank receive and series our frontline to served stepped throughout of our who live considered patients to in of our grateful would I a unprecedented and pandemic. year. residents, regional and patients and could those everything up to carefully families we us. and the to do by executed affection a gratitude rapidly within and our associates support are for communities that in work ice-storms actions trust everything great associates recently means deal I'm so agencies. historic this their have who especially proud during accomplished. to for support you our and through I'm genuine express partnership, The you thank Texas. to I our the their led like also could

of helped as who And With produce crisis. well the and every agencies vaccines. this We scientists shot for created Health, associates, end role pandemic is the the during other pharmacy administer partners am we're within day, these more hopeful Americans I vaccinated of proud vital unique life-saving sight. and residents Brookdale's Departments community who Health are vaccines, that our prioritize the as beyond grateful people the government for also the and them, CVS Public who

Let's review journey. our

thrilled Today, guests all our ones. against to and ravaging of was our help ago, communities Just have that that to non-essential novel world. to the I'm communities the the over reopened of all we a loved closed year country protect Coronavirus

activities group of have many resumed and We our events. favorite residents' social

the we realized our helping clinics chances to over and three doses our our our communities. hope changing of we leadership access critically made administered at residents believe communities have saved XX% vaccines the least possible, the in our from focus business Early benefit role vaccines in vaccine to of and available unwavering and reflected clinics and important protection vitality sense officials educate for mid-December. of associates already successfully priority our We were seniors the I work is communities and cases XX% and reduce for our vaccines, and contracting as that their resident relentless of communities at we individuals With speeds. we vaccine COVID-XX. of the within the public our vaccine nation a proud COVID-XX positive trends. many Herculean these impact in advocating lives. in clinics renewed of residents vaccine in every living lightning-fast The in as making residents COVID-XX with four decline are our on on, private closely and assisted XXX,XXX am and a the benefiting believe perseverance, less since in in rollout. Through to peak COVID-XX associates. the Brookdale's life-saving took importance one than of I feel incredibly can quickly effort of You hosted improve vaccines schedule of significant months, the

that With areas broken with the the believe in rate, case COVID-XX vaccination we our the metropolitan communities. link have surrounding trends high we

an has Our the communities XXX small across cases. country number incredibly current combined of

best PPE Yet, approach communities and through we these to use, are protocols results. with remain science-based pleased help our protect diligent practices. other cleaning our We with

always, and As wellbeing health the top associates of is priority. and residents our our

financial highlights Let first quarter. to the for our me turn

fact light a increased sequential every to movement first improvement of the nation. the third wave significant pandemic's to XX% is first continue the the We Movements month ravaging from the started particularly quarter. This quarter fourth with November. that since deliver quarter progress, in

sequential that is people aging. Living the turned first MIMO Our and increasing maintaining is a momentum, March is known move-ins March sequentially. MIMO are driving and since positive each occupancy proud so sales our net can I leads sales that as Brookdale, with about the before to net many delighted am we challenges segments. we MIMO visits help growth exciting delivering three In associates is in the March, positive also with this The especially transformation force more and great results. navigate accomplished while is What team pandemic began. we I'm of discipline. seniors This was move-outs positive positive. our as net attracting Senior concluded of

We focus on our occupancy continue strategies. driving to improvement and profitable growth

The the funding turning soon portal grants. XXXX file our When update of able submit providers Relief request as To-date Now requests. an on opens, and possible. quarters to and to portal to prepared lost to COVID-XX government has as yet requests second revenue first fourth have not are XXXX. expenses Fund quarter been the opened Provider for and third for we

Relief grateful quarter the to to signed of We that Senate by portion the to Senate requested are HHS living. senior letter remaining dedicated bipartisan Provider a of the be Fund full a

addition, representatives In house signed the letter. XX companion

role As help for the the and protect advocate the industry, largest vital be Senior an living population. Living operator, will industry in continue senior role continuum the reinforcing we a healthcare plays vulnerable our to to critical its

for turn Healthcare care of sell closing. to our and Brookdale mid-year our Steve, the to Healthcare to healthcare health address HCA recovery. continues transaction over a outlook with the call Before I'd senior our track majority to a services Starting for services, stake like be I on living Services to transaction expectations

benefits are position. When we receive residents transaction million strengthen the and about on proceeds, and of to working for cash this in well approximately expect patients. together Brookdale's teams the plan transaction closes, transition net which we Our liquidity our the will $XXX remain excited

higher gaining Independent For our our senior that next than living momentum. communities green returning Brookdale is the times business, competitor. growth. market Demand first and unaided seeing for showed for are we awareness a shoots identified X.X of of is research

in transformation net With recent we MIMO force taking every are results, stronger is growth in growth and a inflection second the and basis, quarter expect as we On sales sequential seen third growth in a we Our believe move-in since month at occupancy positive hold, sequential the quarter. November. point. our our that growth

tell to confident we Based improve. accelerating very with recent on dramatically and the lower am of optimistic construction tailwind, about am While recovery. experience, exact our I and future. that can't our demand starts I demographic a the will continue you timing the

our doing the Our time business to meaning We helping spend give life by their seniors is high rapidly services senior aging. its that core challenges joy quality for of them manage needs-based things more provide growing enable the and at population. providing

will clinical our We with call the continue operational and especially to position, make of I'll best our leadership expertise. turn to Steve. now the over

Steve Swain

takeaways We maintained face Cindy. related March continued three a first rate Thanks, positive are we strategy, There our discipline and to challenging April. and inflected in Occupancy labor pricing positive with results. environment. the in continue a to growth quarter

as based leverage. grows, improve margins operating However, will on occupancy

provide context for three occupancy. me with highlights Let starting the

resurgence. felt strengthening the we Even and the year, with country to into of back Looking pleased of the quarter wave including the movements industry pressure January third are the our first during April. this so

February, clinics by rapidly communities of the benefit of March turned turned the With in or pandemic, for net on first March our vaccine occupancy completing occupancy and basis. month-end, a of our the the had declines MIMO time positive moderated. beginning and XXX% net move-out move-ins positive In since first sequential

MIMO year-over-year occupancy losses The COVID-XX net year in past positive will March an have While negative impact a was related milestone. occurred important comparisons. on that over the

or rate to RevPAR. Turning

quarter higher was X.X% first on higher same X.X% The basis. sequential a and community year-over-year

occupancy. rate help of the of mitigate labor the our will our communities, and beginning lower price higher took annual For increase costs most effect The at year. increases

remain specific While balanced market discounting competitive we respond markets. to in dynamic, have targeted conditions the with discipline rate environment to

is key OpEx. highlight third The

more and as housing the year-over-year. as levels driver related variable was occupancy the such On favorability community work the first and from basis, to The same offset difficult favorability the X% pandemic. XXXX. and food, expense through higher the progressed of The labor resulting occurred variable improved quarter to and wage than staffing primary environment it was costs from lower rates linked we that supplies incremental operating senior cost

communities Texas. impacted Services significant discuss cost fewer The revenue To to briefly by with due business was me and severe with the the continued the Let model. the mitigate of expenses services loss, decrease portion along controls current their our the our pandemic lower mainly impact segment matching within occupancy of a revenue Healthcare to the payment storm operating winter team their strong in results.

with For of recognized wages Healthcare million retention related income. credit of $XX of we with in to the approximately employee this Senior the along associated Housing for the Act CARES quarter $X September was million paid government million year, $X end combined, XXXX, through and first grants. related Services

remaining look XXXX mentioned, the the on revenue. the we submit requests for and half and Cindy provide use related second lost HHS COVID to updates expenses and of Provider Relief mitigate Fund As to opportunity

Turning to G&A.

This reduce transaction well prior was just million EBITDA significant costs. transaction quarter. was footprint. $XX the tighter last to the transaction years, venture, management million, controls mentioned. and delivered our match took year-over-year million quarter unconsolidated for The G&A past the XXXX community onetime the I of G&A to XXXX. completed from majority related $XXX G&A our related first costs first CCRC year as Of reduction, to termination our the was the Over few in actions which the as to quarter we on smaller Adjusted for fee $XXX Healthpeak the Healthpeak compared

CapEx was a than pandemic. Non-development the The EBITDA to lower flow adjusted was impact accounts year to revenue driver help lower lower is first favorability due million mainly lower items cash projects. timing Adjusted elective payable free million. working $XX prior payments $XX due major Two capital year was of to of of was other change period. the This to million $XX mitigate the and the in the of The timing quarter EBITDA. compared prior payroll. lower of benefit due lower to

liquidity. to Turning

to paid $XXX The of funding, principal ongoing million $XXX cash of credit, total and million March $XX primarily free negative dead at was of out XX, annual million, of and from adjusted million year-end. insurance letters liquidity $XX items, our including million payments. flow debt and compared was As of infrequent change million of $XX $XXX

sequential communities. we expenses To wrap the quarter I last and net provide reported a COVID-related second about by In quarter, second will CapEx As a in share provided growth cases On liquidity Healthcare in quarter $XXX we as XXXX. the occupancy are at second described approximately down growth, With up, will stronger in quarter, be accelerate number the comments level believe investing anticipate quarter. step positive let expect growth the million recent our low in second projects high me of to third point. we the of Services we quarter. our and the cash active in segment a expected of expect due the inflection our activities. sizable will basis, We sale

Now at communities XXXX. to $XXX are million growth. see remains and Annual that CapEx approximately our continued open for moving non-development we expect investment

require from we working proceeds. to programs in of portion balances Payroll received be the payment The tax. two the XXXX repayment. from healthcare that to the CARES deducted For employer will we and We Security Act segment Social defer program accelerated capital, payments elected Medicare benefit of sale related the services

of quarter in be these balances paid As and senior remaining XXXX. were million. million $XX program XXXX of will $XX half end, amounts The half in housing

the Healthcare will will final position. For $XXX results as strengthen closes, the expect Services, the midyear the occur of of regulatory subject our the we transaction, proceeds closing reporting which until a approvals. continue we million to Upon segment transaction net to approximately liquidity

our the expect toughest Construction Occupancy pricing positive will slowed. has of We inflected We in to the continue rate pandemic through provide discipline to maintained strategy the are leading encouraged business and and benefits part decidedly future. has growth. by several indicators.

according low. years. Brookdale NIC, several units is at and portfolio will construction construction under six-year increasing residents care diagnosed Cindy. XX current upcoming within new peak. X least turn starting XX% diseases. a starts The will over acuity from within starts The And with When are tailwind year. chronic to we demand assisted the for a residents higher baby a to two construction of strong potential from million back I with dropped are leased is And seeing where low boomer call now instance, opportunity nearly XX% the needs-based owned provide minutes looking living that For of have

Cindy Baier

am proud the of lives focused our enriching patients what and their admiration tremendous incredibly depth residents, dedication. we my our their for They and most serve on I associates express cannot families. of have of matters the those

to coming begin smile through to it a on are and faces We communities. and all Thank that with our year pandemic return growth and new promises of the in enrichment our puts grit a determination our you

Kathy MacDonald

the for opening Dexter line for we're questions. now ready

Operator

Instructions] line First Thank you, Valiquette [Operator Steven from Barclays. from Kathy. of the question comes

is line Your open.

Steven Valiquette

way about assume Good the me, the think morning. Congrats margin? the and over you these the Question the for talk other up results. XXXX. relationship the Should occupancy trends between that either year year we that Thanks. are labor between different those dynamics last the we about of that this on same between remainder year XXXX? this on those correlation pricing recovery way occupancy there two we on down NOI on alter some as in or two? gains expense Can saw metrics just Or the relationship might

Cindy Baier

Hey, that's And Steve. an question. insightful

Steve can start then me Let jump in. and

that grateful First of through all, end are the safety February true of the see know is levels. What of to we're XXX staffing we at basis points from very April. we currently be growth to occupancy

labor And the so in we'll to able having occupancy be to had without relationship years. same that historical build we've

to cash it occupancy the can flow, labor a talk costs, you gain So tight a with will of we Steve said EBITDA initially, is, until to bit and about we market. expect get a some we the adjusted labor higher that revenue dollars dynamic our because at as trends and in call drive level. very more of least little

Steve Swain

morning, Good Steve.

Cindy base variable in As became throughout due occupancy. to staffing, saw mentioned, and level we pandemic, and the our maintaining less that earlier labor the the lower annually

do throughout the improved leverage. operating However, occupancy levels as rest we of expect we XXXX, increase

this quarter to NOI leverage, of the and operating on margins improve we half as through in XXXX. second the stabilize second So we expand expect then

Kathy MacDonald

have asked? items up Or that you follow the did Steve, any did you question? answer other multiple

Steven Valiquette

you. Thank That Yeah. was helpful?

Cindy Baier

Steve. Thanks,

Operator

America. Your of from next Joanna comes the line of Gajuk question from Bank

line open. Your is

Cindy Baier

Joanna. morning, Good

Joanna Gajuk

Hey, good morning. you. Thank

not you just labor And can labor the and employees, some with tech talk labor But more Thank for that hearing you ability does When think you these would how you this - topic, openings. us, like, forward? point replace other down? compare for of of to terms you. the on your to try really of, you we from where you quarter? your providers as hire there's market kind out it kind might this time, you topic healthcare was I do QX, see about much going - people? cost Co kind come market. whether at contract contract flush least in to hire actually To in need of So it can sounds staff. do number guess new how expect or

Cindy Baier

And Yeah. fluctuated that will labor during say I the of use the contract quarter.

we wave of you the top about our the of were beginning in at January, think the at If what third was of pandemic. the happening communities,

you the of of we of just communities. And wouldn't into need had thousands that that had we goes lot vaccination labor normally And so have our if we amount labor special resident area. extra a hosting massive for care about work think clinics, then in

that cases, labor residents. need us vaccination less news XX% So of positive the we now. COVID positive resident in behind good the with take is care to will a reduction are Also, clinics

And keeping so it's a really our just incoming residents vaccinated. of matter

So of return we'll demands as postings today fair to labor say it workers applicants won't has a that harder it calls. show COVID-XX. in for some last of is see up to number a year. seeing where special or we're result they interviews But And saw than it we been that for less is of won't hire the that

shifts. mission have to really our put to But we best we driven community our people. forward foot to openings, have with fill have so, And keep when appropriate staff our we

a little financial And so from perspective what now progresses. the a as talk year bit about Steve can he sees

Steve Swain

Joanna. morning, Good bet. You

line, look rates. volume. Simply when little the pieces. a described I two the and expense bit Rate about at you labor into So break it

when consider I the up. So those contract add rate. into pay, labor, And overtime use of premium of all what speaking, generally it wage you go rates, all

country mentioned, same be rate as headwind. sees. same that And industry Cindy percentage are the pressure of across We the are in that kind seeing similar pressure

the mentioned, you as during pandemic, If look variables, work activity the even I function as base a of level occupancy. we Like once had at volume staffing a such decreased. occupancy maintain to of as

as we operating the increase is last improved work expenses. fewer sizeable, driving volume leverage. in due again, in the step activity, cases see second XXXX, half XX% So And should another to quarter, expect of The occupancy down piece is less COVID-related that's which we metric. second in related a i.e. we

Joanna Gajuk

may color. That's great the follow commentary. if And I up a on

sure I occupancy, growth Just thinking to was expect stronger in that comments QX. wasn't growth had Q about in you clarify I about to guess

in you're about, talking So that I increases sequential occupancy that correct? assume

Cindy Baier

Yeah, our plan. That's absolutely.

Joanna Gajuk

Okay. was there's pent so right Because the demand. way I it, obviously, about thinking - up

So sidelines people the to to move and waiting sitting able be on in.

So I up. open that's guess saw improvement. monthly basis. how the then kind that's you expect things April it, that would And of of to improving thinking you maybe that's you're started bps, XX on why about And kind

when a from kind get of guess, improvement, have, you three of then that's growth QX, full That's like why rate, stronger that. you you're into So how I of kind saying this quarters QX QX.

Cindy Baier

it, Yeah. services. The way our I tremendous for there's think is Joanna first need about

needs-driven and a operators in other have We the we concentration cares member are assisted and business, higher business. of because in living

thing that's only is important living. The second choose XX% of seniors senior

So penetration services. pretty there's small demand the the overall a for in

really pandemic. were during didn't choose there Third, why two to move people reasons the

contracting COVID-XX. The was fear the first of

in age of sort their Most that vaccinated small among much the interactions their so in as different And people sheltering at game place younger seniors workforce. The we this changer have is been serve. homes, that, than a social particularly for as vaccination possible. were keeping point,

and second reason their is have family able not about to see may concerned people they that chosen move being not will friends. The to

setting, just to be new your or make of was XXX% That decision. something grandchildren. Today, not moving chose are not able And many so a that about to people knowing daughter our your think you'll that see communities when open. hug and into

be and can they'll So good. that family that get residents friends. to confident very And see is

U.S., also, if think in go trying what's happening market think I work. back about you are in the people the broader to to is

of looks workplace. now back are to the about offices returning like in offices, workers so their XX% And or

to that continues mom of people work, will as to care there so or home fewer dad. take at be And

to tell reasons, look I will lot now you like. that those exactly is strengthen. of what help. demand see recovery your it people there And And, been though, all we our home continuing need out and the to the than in for I a it who venture your optimistic safer past of has am So are caregivers. can't of

know should is the to occupancy bode a that of for important recovery. lower. all also nice It's So that

many about move-out. We excited And just basis have think headwind future. reasons I'm about a are smaller from that in is we headwind XX reduction points. our why There so

Joanna Gajuk

That's it. color. great Appreciate Thank very you.

Cindy Baier

Joanna. Thanks,

Operator

from Tanquilut Jefferies. We with have question a Brian

line open. is Your

Cindy Baier

Brian. Hi,

Brian Tanquilut

good I that Services you. morning. good uptick. strategy quarter talk pitch - with guess your we Hey, guys. Brookdale Good right. question was remember Health how part having I Brookdale morning, used Congratulations and to for about of for offering

pitch sell HCA, G&A it that drop I residents? related is, from point, my does corporate as how an of level Or second one, that you as the And Number corresponding expense you potential questions. off part BHS? expect strategy in check do box at allocation of guess change? to So some question to kind perspective, to how should we you two then

Cindy Baier

question. Let with the start me strategic

So the hospice we residents. And to our important residents originally and thing high most the quality home our have health offering services. of that request started at access is

XX% better a HCA Healthcare. healthcare our integrated we really this residents the several in XX% sell But of As with and once interest have through over the changed you retain HCA. health last a of what integration will is to BHS the business care the business we offer experience, years to partnership has know, the ability

to hospitals, residents health even it's is experience should physicians, their make our services, provided than better high will healthcare that hospice. and improved of And network, lab by it they'll being part home But have so really have still BHS exciting the by quality access HCA today. healthcare that

telehealth during learned COVID-XX. lot we think a I about

around the we've learned years over several practitioners having in about lot and nurse our communities. think last doctors I a

such a business. And so so being high-quality with healthcare able our relationship is strategic to encouraging a for have provider

of G&A within Now, shown office, our is the if G&A think question, part BHS back the statistics. you about

course, we've and people to to of G&A sure with business those very been do will And, we go continue our the so that always will to HCA. thoughtful about we that. BHS making manage And match our

Brian Tanquilut

should does number as That out about think a about, But quarter, he in about for pressure then, there. think how for my potentially cash the just progression? guess laying improvement side term, the then of guess CapEx lot as the sense. ramping said, are I the be question up cash expectation when the free the drive little bit obviously, on rest I you thinking little flow growth And a CapEx make business, we how about the Steve, that I I of flip to of your acceleration. But But second flow longer businesses? for of thinking a

Steve Swain

Good You bet. Brian. morning,

So the believe to indicator. occupancy about of of occupancy key. was and the positive step inflected a and is kind and year, That growth the cash as both outlook RevPAR for leading huge the rest mentioned of Cindy we first in And flow think March. I

certainly, sequential growth. we So basis, the expect

even with we As and Cindy third stronger in months the seasonality. quarter second growth the discussed and Joanna the reasons quarter, in for

for be that as we expect to RevPAR As stable. goes,

- throughout keep on updated as second you we'll occupancy. and quarter So the

the quarter So lower I step pursue of expense. only first A the a questions, XX% the see funding, then in we as And quarter. third the little are to we was calls XXXX. half. of expand we COVID-related government one stabilize number second - expect prepared I the in more grants second expense for the received to from that we first as in in cases margins due mentioned second half - COVID and and Cash Cindy continue in first the cover And both down it in that's today in sizable expect expect to another to mentioned. used And also our NOI step-down piece. quarter, remarks. the The broadly,

CapEx funding from at - of we're look So unit. cover our past second the movements amount a in - you you is over second if When kind - costs add movements CapEx XXXX as at we're piece, the year. some XXXX, we per in we CapEx to of in of some the The fewer half some half and lowered turn levels. the had CapEx, incremental by reimbursements, of we for driven landlord the had of We of historical because certainly units. the hopeful

guidance will, We $XXX as but really taken go year, strengthen for XXXX. of throughout the sum our take course, proactive keep pandemic, we the have are through to up, rest of continue in - and as on we an to to we future. steps eye position. still a and Cash will It it have flow CapEx proactive the financial the priority, liquidity steps million

Brian Tanquilut

[ph]. Awesome, congrats again playing positive NIMO

Cindy Baier

you Thank so much.

Operator

Difficulty] [Technical next Your

Cindy Baier

morning Good Josh.

Unidentified Analyst

Hi, this is for on taking the morning. actually Marco for Good Josh. And question. thanks

the and the was grants. looks it you like expenses. if CARES you've million from generated quarter, During about exclude EBITDA, to COVID $XX were benefit adjusted Act million But there also $XX

those that about base excluding to growing do run-rate roughly million think EBITDA items, off how the of balance of the were quarterly through you $XX think Thanks. we the if So about year? the

Cindy Baier

of Well, from occupancy that we're driver excited in very recovery. And the we the is that occupancy timing end basis of the the had XXX fact points biggest growth of the about the expectation our signs is February the is the that demand we about We market. recovery. that and And positive of encouraging level the of end see will to win April. in

that's else the drivers. want to So add? you biggest Steve what

Steve Swain

the drive the use really Brian through. that pieces I EBITDA to motto, stepped just That's

lot of couldn't a that were necessarily there pandemic, variables the we During predict.

to outcomes. ran there a wide So range show now, of Fast they forward multiple still are still we potential and unknowns, scenarios.

But still posting we meantime, of the issue you'll we're ready guidance. month, to quite financials. tighter, getting occupancy, the driver every is range biggest the not will so be be keep in Although track able to

Unidentified Analyst

if some you helpful. seeing was for And more wondering I have of Very services you. healthcare if sneak terms among in. of who thank residents in could talk you're vaccinated. the I just Great, differences, been one about uptake could

Cindy Baier

hospice Is going mean to out and Do that? the like and doctors mean that service? you things do or home you health question

Unidentified Analyst

For the home health and hospice one?

Cindy Baier

XX% a have We vaccination rate our among residents.

Difficulty] we health the strong vaccinated. there's penetration. whether difference look time vaccinations. are for seeing really [Technical taken And the so home or a haven't And in resident to hospice

Unidentified Analyst

you very thank Great, much.

Cindy Baier

Thank you.

Operator

Markets. your Morgan And from with Capital question is RBC Frank last

Your line is open.

Frank Morgan

hopped late. on Thanks,

the first completely Do What what such occupancy hopefully So program if the And got then But forward started already rates? over been competition, think whereas decision early you vaccination Do here, your on had an occurring? sustaining influenced am the then I'm asked. another I'll you move-ins vaccinated. ask gave to you I you that place I on did growth jump and any like? is about think advantage? Brookdale that consider you facilities? and when proactive with in in just was sort facilities their from fact of the from way curious these And has see this going vaccination competitors that local that curious, aggressive apologize other one. think got that you I environment jump an pricing and an

Cindy Baier

absolutely. Yeah,

Our to campaign vaccinated get huge that that until know vaccine We to us. we for was was with aggressive refer tailwind to us. know healthcare reluctant We residents providers living in vaccinations. a had were moved there senior

were first sure that the work we to first prioritize So the that we we receive did get make our that The to to the vaccine clinics be the was that did were to CVS executed. senior living think efforts that important. with

fronts. us. I living, take barriers, was and remove to on our when a state available, and to two really jump slot Our helped health work was helps the of assisted with it And really, think that over prioritization skilled local nursing there us willingness in departments every

importantly, us protecting living. helped with helps into people existing getting senior our with on it us it residents. comfortable more But moving First,

times than reduction so changer. ahead positive month. our December executed We just the in were of game you in first through think been And X.X industry. if that And the COVID now, the has cases industry XX% in faster we that about from a

And question, your important. second was? so And that Frank really was

Frank Morgan

Yes.

rate of, Just are locally there. What terms doing What have your you rates? environment. the in - competitors advantage on

Cindy Baier

Yeah, entire operate industry or lease five XX% of And we our then up. have fewer communities. competitors

imagine you a up happening. So can you is is can that imagine environment. Everything lease it

to has historically, what That for is Now, won't that count. successful. been rate that successful we maintain mean has been us just doesn't And discipline.

And months way. think a do under that's But where in competitive a discount selective We from the as is several the think it's - I targeted be us but I a on that's perspective, we'll going pressure. to grow will are help to next successful. pretty basis, occupancy, very been that something industry pricing necessary very

Frank Morgan

seeing particular Gotcha. the any are then in see secondly, terms recovery, of as areas And to where others more this improvement in this it there you you're than geographic started occupancy?

Steve Swain

Sure, look broadly, recovery we environment, urban to bit as More rural. are the urban-type Frank. little rural more seeing opposed at and a we to in

been Now, recover. much slower rural occupancy. But - didn't little in it's down it's to as go bit a

Cindy Baier

of is think teams, right. the I occupancy local to largely And strength our the that due recovery

our focus or know we that's and Directors have much they why that Executive more Executive we their placed for been So when Directors years, on have rate a than our better And the so Directors. peers. Wellness Health that two we and much performance of have retention

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Frank Morgan

much. very Good you quarter. thank Okay,

Cindy Baier

friends health So call. I your I that shot. you. think the is your if ends family to a our or question. Dexter, saying, want of vaccinated, please gotten by give you or end that haven't close yet Thank our just

Operator

you conference joining. today's Okay. Thank This call. for concludes

now disconnect. may You

Cindy Baier

a have and Bye. you day. Thank great