BREAKING NEWS: Brookdale Senior Living may be exploring potential sale – CPT PPP Coverage

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Brookdale Senior Living, the nation’s largest senior living operator, is exploring options — including a potential sale — according to a published report.

News of a potential sale saw the Brentwood, TN-basd company’s stock soar by as much as 29%, according to the Bloomberg news outlet, which cited unnamed sources in reporting that Brookdale is working with financial advisers to seek out potential buyers. 

A Brookdale representative told McKnight’s Senior Living that it does not comment on “market rumors or speculation.”

Last year, Brookdale sold 80% of its home health, hospice and therapy business to HCA Healthcare in a move to strengthen the company’s liquidity position and enabling it to remain “judicious” with investments. 

Brookdale retained its position as the largest operator on the 2022 American Seniors Housing Associatoin’s ASHA 50 lists of largest senior living operators and owners, released in August. 

During a second-quarter earnings call in August, President and CEO Lucinda “Cindy” Baier said with weighted average occupancy at 74.6% across its communities, the company was focused on building occupancy back to a pre-pandemic level of 85%. She said the next goal then would be to push for a return to Brookdale’s historically high occupancy level of 89%.

Baier said Brookdale was on a “strong path” of occupancy recovery, with second-quarter overall occupancy increasing 410 basis points (4.1%) year over year. 

The company’s same-community senior living portfolio of properties — including independent living, assisted living, memory care and continuing care retirement communities — experienced an average occupancy increase of 420 basis points (4.2%) compared with the same quarter of 2021, and a 120-basis-point (1.2%) increase compared with the first quarter of 2022.

The sequential growth outperformed the industry, Baier noted during that call, and the increase represented the company’s best second-quarter sequential occupancy growth in more than 10 years. She also said that more than 2,200 residents moved in during August, representing the highest number of move-ins in a single month over the past four years.

This is a developing story. Please check back often for updates.