Document

Exhibit 99.1

Brookdale Announces Second Quarter 2020 Results

Nashville, Tenn., Aug 10, 2020 - Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter ended June 30, 2020.

SECOND QUARTER 2020 HIGHLIGHTS


•	Ended the quarter with $600 million of liquidity, including $562 million of cash and cash equivalents and marketable securities.


•	Subsequent to the quarter end, the Company entered into definitive agreements to restructure a portfolio of 120 communities leased from Ventas, Inc. ("Ventas") to improve cash flow through permanent rent reductions and eliminate financial covenants.


•	Completed baseline testing of residents and associates at all 700-plus of the Company’s communities, across 44 states.


•	Improvement within the quarter of both Senior Housing and Health Care Services as move-ins and census grew.

Lucinda ("Cindy") Baier, Brookdale’s President and CEO, said, "I’m proud of the outstanding efforts of our team to help protect our residents, patients and associates. It was a monumental effort to have over 100,000 tests performed for our communities’ residents and associates and as of the end of July less than 1% of our residents currently have COVID-19 positive results. We are pleased with the recently announced Ventas transaction, which delivers significant improvement in long-term cash flow. Through operational and transactional enhancements we’ve made since the beginning of our turnaround, we are proving the strength and durability of Brookdale."

SUMMARY OF SECOND QUARTER RESULTS

Consolidated

The table below presents a summary of consolidated operating results.



							Year-Over-Year Increase / (Decrease)					Change Attributable To:
($ in millions)	2Q 2020			2Q 2019			Amount			Percent		COVID-19		Transactions			Lease Standard
Resident fee revenue	$	731.6		$	801.9		$	(70.3	)	(8.8	)%	See note (1)		$	(15.2	)	$	(5.3	)
Management fee revenue	$	6.1		$	15.4		$	(9.3	)	(60.4	)%	—		$	(8.6	)	—
Other operating income	$	26.7		—			$	26.7		NM		$	26.7	—			—
Facility operating expense	$	606.0		$	590.2		$	15.8		2.7	%	$	60.6	$	(14.4	)	$	(11.8	)
General and administrative expense	$	52.5		$	57.6		$	(5.1	)	(8.9	)%	—		—			—
Net income (loss)	$	(118.4	)	$	(56.1	)	$	62.3		111.1	%	See note (1)		See note (1)			$	6.5		(1)
Adjusted EBITDA⁽²⁾	$	44.7		$	104.0		$	(59.3	)	(57.0	)%	See note (1)		$	(12.4	)	$	6.5

⁽¹⁾

Estimated lost resident fee revenue attributable to COVID-19 was $63.6 million for the second quarter of 2020. The change in net income (loss) attributable to COVID-19 and transactions and the change in Adjusted EBITDA attributable to COVID-19 are not presented as certain impacts are not available without unreasonable effort. The change attributable to the lease standard represents the 2019 impact of the timing of the revenue and cost recognition associated with residency agreements related to the adoption of ASC 842.


⁽²⁾	Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. See "Reconciliations of Non-GAAP Financial Measures" for the Company's definition of such measure, reconciliations to the most comparable GAAP financial measures, and other important information regarding the use of the Company's non-GAAP financial measures.


•	Resident fee revenue.


•	Excluding the impact of transactions and the lease accounting standard, consolidated resident fee revenue decreased 6.2% over the prior year quarter.


•	Consolidated RevPAR decreased $143, or 3.5%, to $3,954 compared to the prior year second quarter as a result of a decrease in consolidated weighted average occupancy of 480 basis points, offset by an increase in consolidated RevPOR of $113, or 2.3%, to $5,022.


•	Consolidated senior housing occupancy was 77.8% as of June 30, 2020 compared to 82.2% as of March 31, 2020. The Company estimates that the COVID-19 pandemic and the Company's response efforts resulted in $63.6 million

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of lost resident fee revenue for the second quarter of 2020, based on its pre-COVID expectations.


•	The implementation of the Patient-Driven Grouping Model ("PDGM") resulted in an additional decrease to revenue for home health services.


•	Management fee revenue. The decrease was primarily due to the transition of management arrangements on 87 net communities since April 1, 2019, generally for management arrangements on certain former unconsolidated ventures in which the Company sold its interest and interim management arrangements on formerly leased communities.


•	Other operating income.

•

During the second quarter of 2020, the Company accepted $33.5 million of cash for grants from the Public Health and Social Services Emergency Fund (the "Emergency Fund"). The grants are subject to the terms and conditions of the program, including that such funds may only be used to prevent, prepare for, and respond to COVID-19 and will reimburse only for healthcare related expenses or lost revenues that are attributable to COVID-19.


•	The Company recognized $26.4 million of grants from the Emergency Fund and $0.3 million from other grants as other operating income during the second quarter of 2020.


•	Facility operating expense.

•

Excluding the impact of transactions, the lease accounting standard, and incremental direct COVID-19 costs, facility operating expense decreased $18.6 million, or 3.3%, primarily due to decreases in certain costs as the Company intentionally scaled back certain activities in response to the COVID-19 pandemic and a decrease in labor costs for home health services as the Company adjusted its home health services operational structure, to better align its facility operating expenses and business model with the new payment model. The decreases were offset by higher labor expenses from wage rate increases.

•

The Company incurred $60.6 million of incremental direct costs during the second quarter of 2020 to address the COVID-19 pandemic, primarily consisting of the Company's acquisition of personal protective equipment ("PPE"), medical equipment, and cleaning and disposable food service supplies, enhanced cleaning and environmental sanitation costs, increased labor expense, increased workers compensation and health plan expense, increased insurance premiums and retention, consulting and professional services costs, and costs for COVID-19 testing of residents and associates where not otherwise covered by government payor or third-party insurance sources.

•

General and administrative expense. The decrease in general and administrative expense was primarily attributable to a reduction in the Company's travel costs as it intentionally scaled back such activities, a reduction in the Company's incentive compensation costs, and a reduction in the Company's corporate headcount, as it scaled its general and administrative costs in connection with community dispositions. The decrease was partially offset by a $2.7 million increase in transactional and organizational restructuring costs compared to the prior year quarter.


•	Net income (loss) and Adjusted EBITDA. The decrease in net income (loss) and Adjusted EBITDA compared to the prior year quarter was primarily attributable to the revenue and facility operating expense factors previously discussed.


•	COVID-19 Impact.

•

Measures taken by the Company, including restrictions on community visitors, were in place across the Company’s portfolio for the second quarter of 2020, and the pandemic and related infection prevention and control protocols significantly disrupted demand for senior living communities. In response to these developments, the Company has redesigned its sales process to include virtual tours, video engagement, and outdoor prospective resident meetings, enhanced and adapted its marketing programs to address the social distancing environment, and sought to strengthen its relationships with referral partners. The Company has adopted a framework for determining when to ease restrictions at each of its communities based on several criteria, including regulatory requirements and guidance, completion of baseline testing at the community, and the community having no current confirmed positive COVID-19 cases. As of July 31, 85% of the Company’s communities are accepting move-ins.


•	The Company has completed proactive baseline testing of residents and associates at all of its communities. Less than 1% of the Company’s residents as of July 31, 2020 are currently confirmed positive for COVID-19.

•

Lower than prior year occupancy and revenue trends continued through July 2020, resulting in the Company’s consolidated occupancy decreasing from 77.8% as of June 30, 2020 to 76.6% as of July 31, 2020. Consolidated weighted average occupancy was 82.7%, 80.4%, 78.4%, 77.4%, and 76.4% for March, April, May, June, and July 2020, respectively. The number of move-ins increased each month as the second quarter of 2020 progressed, lessening the decline in occupancy in sequential months. Lower move-in activity compared to the prior year periods was partially offset by lower than normal controllable move-out activity.


•	The Company's home health average daily census also began to decrease in March 2020 due to lower occupancy in its communities and fewer elective medical procedures and hospital discharges, resulting in an 18.7% year-over-year decline in home health average daily census for the quarter ended June 30, 2020. Census began to show recovery in June 2020 returning to levels attained in January 2020.

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Same Community Senior Housing (Independent Living (IL), Assisted Living and Memory Care (AL/MC), and CCRCs)

The table below presents a summary of same community operating results and metrics of the Company's consolidated senior housing portfolio. ⁽³⁾



							Year-Over-Year Increase / (Decrease)							Sequential Increase / (Decrease)
($ in millions, except RevPAR and RevPOR)	2Q 2020			2Q 2019			Amount			Percent	1Q 2020			Amount			Percent
RevPAR	$	3,975		$	4,120		$	(145	)	(3.5)%	$	4,237		$	(262	)	(6.2)%
Weighted average occupancy	79.2		%	84.0		%	(480		) bps	n/a	83.5		%	(430		) bps	n/a
RevPOR	$	5,020		$	4,905		$	115		2.3%	$	5,073		$	(53	)	(1.0)%
Facility operating expense	$	468.0		$	420.6		$	47.4		11.3%	$	445.6		$	22.4		5.0%

⁽³⁾

The same community portfolio includes operating results and data for 638 communities utilizing the Company's methodology for determining same store communities, which excludes communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, certain communities that have expansion, redevelopment, and repositioning projects that are anticipated to be under construction in the current year, and certain communities that have experienced a casualty event that significantly impacts their operations. To aid in comparability, same community operating results and data exclude (i) hurricane and natural disaster expense of $0.3 million for the second quarter of 2020 and related insurance recoveries of $1.4 million and $0.3 million for the first quarter of 2020 and the second quarter of 2019, respectively, and (ii) for the 2019 period the additional resident fee revenue and facility operating expense recognized as a result of the application of the lease accounting standard ASC 842 of approximately $4.9 million and $10.9 million, respectively. As presented herein, same community facility operating expense includes the direct costs incurred to prepare for and respond to the COVID-19 pandemic. These costs had been excluded from same community facility operating expense presented in the Company’s press release dated May 5, 2020 that announced results for the first quarter of 2020.


•	Resident fees.


•	Same community resident fees decreased $21.8 million to $597.5 million attributable to the decreases in RevPAR and occupancy, partially offset by the increase in RevPOR.


•	The Company estimates that the COVID-19 pandemic and the Company's response efforts resulted in $43.1 million of lost resident fee revenue on a same community basis for the second quarter of 2020.


•	Facility operating expense.


•	The year-over-year increase was primarily due to $52.9 million of incremental direct costs incurred during the second quarter of 2020 to address the COVID-19 pandemic.


•	Additionally, there was an increase in labor expense on a same community basis arising from wage rate increases. The increase in same community facility operating expense compared to the prior quarter period was partially offset by decreases in repairs and maintenance costs due to fewer move-ins and advertising costs as the Company intentionally scaled back such activities.

Health Care Services



					Increase / (Decrease)
($ in millions)	2Q 2020		2Q 2019		Amount			Percent
Resident fee revenue	$	90.1	$	114.4	$	(24.3	)	(21.2	)%
Other operating income	17.0		—		17.0			NM
Facility operating expense	97.5		105.3		(7.8		)	(7.4	)%


•	Resident fee revenue.


•	Health Care Services revenue decreased primarily due to the decline in the Company's home health average daily census as a result of lower occupancy in the Company's communities and fewer elective medical procedures and hospital discharges.


•	The implementation of the PDGM, an alternate home health case mix adjustment methodology with a 30-day unit of payment, beginning January 1, 2020, also resulted in a decrease in revenue for home health services.


•	The decrease in resident fee revenue was partially offset by an increase in volume and related revenues for hospice services.


•	Facility operating expense.


•	The year-over-year decrease in facility operating expense was primarily attributable to a decrease in labor costs for home health services as the Company adjusted its home health services operational structure, to better align its facility operating expenses and business model with the new payment model.


•	The decrease in facility operating expenses was partially offset by $3.1 million of incremental direct costs to prepare for and respond to the COVID-19 pandemic incurred during the second quarter of 2020 and an increase in labor costs

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for hospice services arising from wage rate increases and expansion of the Company's hospice services throughout 2019.

LIQUIDITY

The table below presents a summary of the Company’s net cash provided by (used in) operating activities, Adjusted Free Cash Flow, and liquidity.



						Increase / (Decrease)
($ in millions)	2Q 2020		2Q 2019			Amount		Percent
Net cash provided by (used in) operating activities	$	151.8	$	64.1		$	87.7	136.8	%
Adjusted Free Cash Flow⁽⁴⁾	113.5		(16.4		)	129.9		NM



					Increase / (Decrease)
($ in millions)	June 30, 2020		March 31, 2020		Amount		Percent
Unrestricted cash and cash equivalents	$	452.4	$	392.7	$	59.7	15.2	%
Marketable securities	109.9		108.0		1.9		1.8	%
Availability on secured credit facility	37.9		35.3		2.6		7.4	%
Total Liquidity	$	600.2	$	536.0	$	64.2	12.0	%


⁽⁴⁾	Adjusted Free Cash Flow is a financial measure that is not calculated in accordance with GAAP. See "Reconciliations of Non-GAAP Financial Measures" for the Company's definition of such measure, reconciliations to the most comparable GAAP financial measure and other important information regarding the use of the Company's non-GAAP financial measures.


•	Net cash provided by (used in) operating activities.


•	The year-over-year increase in net cash provided by (used in) operating activities was primarily attributable to $85.0 million of cash received under the Medicare accelerated and advance payment program, $33.5 million of government grants accepted, and $26.5 million of social security payroll taxes deferred, each during the current year period.


•	These changes were partially offset by an increase in same community facility operating expense, a decrease in same community revenue, and a decrease in home health revenue compared to the prior year second quarter.


•	Adjusted Free Cash Flow. The increase in Adjusted Free Cash Flow compared to the prior year second quarter was attributable to the increase in net cash provided by (used in) operating activities and a $44.9 million decrease in non-development capital expenditures, net compared to the prior year period.


•	Total Liquidity. Total liquidity as of June 30, 2020, increased $64.2 million from March 31, 2020, primarily attributable to temporary liquidity relief under the CARES Act.

TRANSACTION UPDATE

Subsequent to the end of the quarter, the Company entered into definitive agreements with Ventas to restructure its 120 community (10,174 units) triple-net master lease arrangements, as further described in the press release issued on July 27, 2020. In addition, the Company conveyed to Ventas five communities in full satisfaction of $78 million principal amount of indebtedness secured by the communities, and will manage the communities following the closing. Pursuant to the multi-part transaction, the Company paid a $119.2 million one-time cash payment to Ventas on July 27, 2020 and reduced the Company's annual rent under the amended and restated master lease.

OUTLOOK

Given the unprecedented nature of COVID-19 and rapidly changing developments, the Company will continue to be agile and adjust its local community response to help protect its residents, associates, and patients. As the Company cannot predict the ultimate impact of the duration, severity, and breadth of the pandemic for the United States, key factors that may impact the Company's financial performance and liquidity for the second half of 2020 include:

Senior Housing


•	State Concentration: The Company operates senior living communities in 44 states, with 48% of the Company's senior housing units concentrated in Texas (15%), California (12%), Florida (10%), Colorado (6%), and North Carolina (5%). As the severity and breadth of the pandemic dissipates in key markets within these states, the Company expects gradual improvement in move-ins and occupancy.


•	Facility Operating Expense:


▪	Communities transitioning to welcoming visitors and move-ins are likely to increase marketing investments to drive future resident awareness and referrals. As of July 31, 2020, 85% of communities were accepting move-ins.

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▪	Communities impacted by COVID infections are likely to incur increased costs for the use of a higher volume of PPE and medical supplies and incur higher labor and other related expenses. In the second quarter 2020, the Company increased its supply of PPE, which is expected to last for multiple months.

Health Care Services


•	State Concentration: The Company's Health Care Services segment platform included networks in 26 states, with 66% of the Company's census concentrated in Florida (47%), Texas (12%), and North Carolina (7%) for the twelve months ended June 30, 2020. As the severity and breadth of the pandemic dissipates in key markets within these states, the Company expects gradual improvement in census.

Adjusted Free Cash Flow

•

The Company's Adjusted Free Cash Flow for the second quarter of 2020 benefited from temporary liquidity relief provided under the CARES Act. During April 2020, the Company received $85.0 million under the Medicare Accelerated and Advance Payment Program. Recoupment of accelerated/advanced payments are required and the Company expects approximately $45 million and $40 million will be due in the third quarter and fourth quarter of 2020, respectively, and accordingly will reduce Adjusted Free Cash Flow in the second half of 2020.


•	The Company's Adjusted Free Cash Flow in the third quarter 2020 will include a $119.2 million one-time cash payment to Ventas pursuant to the multi-part transaction with Ventas.

•

During July 2020, the Company applied for additional grants pursuant to the Emergency Fund’s Medicaid and CHIP allocation. The amount of such grants are expected to be based on 2% of a portion of the Company's 2018 gross revenues from patient care, and the Company expects to receive up to approximately $50 million of grants from this allocation. There can be no assurance that the Company will qualify for, or receive, grants in the amount we expect.

SUPPLEMENTAL INFORMATION

The Company will post on its website at www.brookdale.com/investor supplemental information relating to the Company's second quarter 2020 results, an updated investor presentation, and a copy of this earnings release. The supplemental information and a copy of this earnings release will also be furnished in a Form 8-K to be filed with the SEC.

EARNINGS CONFERENCE CALL

Brookdale's management will conduct a conference call to review the financial results for the second quarter of 2020 on August 11, 2020 at 9:00 AM ET. The conference call can be accessed by dialing (866) 900-2996 (from within the U.S.) or (706) 643-2685 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing "Brookdale".

A webcast of the conference call will be available to the public on a listen-only basis at www.brookdale.com/investor. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available through the website following the call.

For those who cannot listen to the live call, a replay will be available until 11:59 PM ET on August 25, 2020 by dialing (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.) and referencing access code "5398575".

ABOUT BROOKDALE SENIOR LIVING

Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built, and operated to provide the highest-quality service, care, and living accommodations for residents. Brookdale operates and manages independent living, assisted living, memory care, and continuing care retirement communities, with 737 communities in 44 states and the ability to serve approximately 65,000 residents as of June 30, 2020. The Company also offers a range of home health, hospice, and outpatient therapy services to over 17,000 patients as of that date. Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.

DEFINITIONS OF RevPAR AND RevPOR

RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding Health Care Services segment revenue and entrance fee amortization, and, for the 2019 periods, the additional resident fee revenue recognized as a result of the application of the lease accounting standard ASC 842), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.

RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding Health Care Services segment revenue and entrance fee amortization, and, for the 2019 periods, the additional resident fee revenue recognized as a result of the application of the lease accounting standard ASC 842), divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.

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SAFE HARBOR

Certain statements in this press release and the associated earnings conference call 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 the Company’s intent, belief or expectations, including those related to the COVID-19 pandemic. 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. These forward-looking statements are based on certain assumptions and expectations, and the Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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 the Company’s operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to: the impacts of the COVID-19 pandemic, including the response efforts of federal, state, and local government authorities, businesses, individuals and the Company, on the Company’s business, results of operations, cash flow, liquidity, and strategic initiatives, including plans for future growth, which will depend on many factors, some of which cannot be foreseen, including the duration, severity, and breadth of the pandemic and any resurgence of the disease, the impact of COVID-19 on the nation's economy and debt and equity markets and the local economies in the Company’s markets, the development and availability of COVID-19 testing, therapeutic agents, and vaccines and the prioritization of such resources among businesses and demographic groups, government financial and regulatory relief efforts that may become available to business and individuals, including our ability to qualify for and satisfy the terms and conditions of financial relief; perceptions regarding the safety of senior living communities during and after the pandemic, changes in demand for senior living communities and the Company’s ability to adapt its sales and marketing efforts to meet that demand, changes in the acuity levels of the Company’s new residents, the disproportionate impact of COVID-19 on seniors generally and those residing in the Company’s communities, the duration and costs of the Company’s response efforts, including increased equipment, supplies, labor, litigation, testing, and other expenses, the impact of COVID-19 on the Company’s ability to complete financings, refinancings, or other transactions (including dispositions) or to generate sufficient cash flow to cover required interest and lease payments and to satisfy financial and other covenants in the Company’s debt and lease documents, increased regulatory requirements, including unfunded mandatory testing, increased enforcement actions resulting from COVID-19, including those that may limit the Company’s collection efforts for delinquent accounts and the frequency and magnitude of legal actions and liability claims that may arise due to COVID-19 or the Company’s response efforts; events which adversely affect the ability of seniors to afford resident fees, including downturns in the economy, housing markets, consumer confidence or the equity markets and unemployment among family members, which may be adversely impacted by the pandemic; changes in reimbursement rates, methods or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the impact of ongoing healthcare reform efforts; the effects of senior housing construction and development, oversupply and increased competition; disruptions in the financial markets, including those related to the pandemic, that affect the Company’s ability to obtain financing or extend or refinance debt as it matures and the Company’s financing costs; the risks associated with current global economic conditions, including changes related to the pandemic, and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, costs of salaries, wages, benefits, and insurance, interest rates, and tax rates; the impact of seasonal contagious illness or an outbreak of COVID-19 or other contagious disease in the markets in which the Company operates; the Company’s ability to generate sufficient cash flow to cover required interest and long-term lease payments and to fund its planned capital projects, which may be adversely affected by the pandemic; the effect of the Company’s indebtedness and long-term leases on its liquidity; the effect of the Company’s non-compliance with any of its debt or lease agreements (including the financial covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of non-compliance with any such agreements and the risk of loss of the Company’s property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the effect of the Company’s borrowing base calculations and its consolidated fixed charge coverage ratio on availability under the Company’s revolving credit facility; the potential phasing out of LIBOR which may increase the costs of the Company’s debt obligations; increased competition for or a shortage of personnel or wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; failure to maintain the security and functionality of the Company’s information systems, to prevent a cybersecurity attack or breach, or to comply with applicable privacy and consumer protection laws, including HIPAA; the Company’s inability to achieve or maintain profitability; the Company’s ability to complete pending or expected disposition, acquisition, or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company’s ability to identify and pursue any such opportunities in the future; the Company’s ability to obtain additional capital on terms acceptable to the Company; the Company’s ability to complete its capital expenditures in accordance with its plans; the Company’s ability to identify and pursue development, investment and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; delays in obtaining regulatory approvals; terminations, early or otherwise, or non-renewal of management agreements; conditions of housing markets, regulatory changes, acts of nature, and the effects of climate change in geographic areas where the Company is concentrated; terminations of the Company’s resident agreements and vacancies in its living spaces, which may be adversely impacted by the pandemic; departures of key officers and potential disruption caused by changes in management; risks related to the implementation of the Company’s strategy, including initiatives undertaken to execute on its strategic priorities and their effect the Company’s results; actions of activist stockholders, including a proxy contest; market conditions and capital allocation decisions that may influence the Company’s determination from time to time whether to purchase any shares under its existing share repurchase

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program and the Company’s ability to fund any repurchases; the Company’s ability to maintain consistent quality control; a decrease in the overall demand for senior housing, which may be adversely impacted by the pandemic; environmental contamination at any of the Company’s communities; failure to comply with existing environmental laws; costs to defend against, or an adverse determination or resolution of, complaints filed against the Company; the cost and difficulty of complying with increasing and evolving regulation; costs to respond to, and adverse determinations resulting from, government reviews, audits and investigations; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission ("SEC"), including those set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this press release and/or associated earnings call. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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Condensed Consolidated Statements of Operations



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2020			2019			2020			2019
Revenue and other operating income
Resident fees	$	731,629		$	801,863		$	1,514,336		$	1,611,342
Management fees	6,076			15,449			114,791			31,192
Reimbursed costs incurred on behalf of managed communities	101,511			202,145			224,228			418,967
Other operating income	26,693			—			26,693			—
Total revenue and other operating income	865,909			1,019,457			1,880,048			2,061,501

Expense
Facility operating expense (excluding facility depreciation and amortization of $86,971, $86,070, $171,272, and $174,897, respectively)	606,034			590,246			1,194,516			1,176,340
General and administrative expense (including non-cash stock-based compensation expense of $6,119, $6,030, $12,076, and $12,386, respectively)	52,518			57,576			107,113			113,887
Facility operating lease expense	62,379			67,689			126,860			136,357
Depreciation and amortization	93,154			94,024			183,892			190,912
Asset impairment	10,290			3,769			88,516			4,160
Loss (gain) on facility lease termination and modification, net	—			1,797			—			2,006
Costs incurred on behalf of managed communities	101,511			202,145			224,228			418,967
Total operating expense	925,886			1,017,246			1,925,125			2,042,629
Income (loss) from operations	(59,977		)	2,211			(45,077		)	18,872

Interest income	2,243			2,813			3,698			5,897
Interest expense:
Debt	(38,974		)	(45,193		)	(80,737		)	(90,836		)
Financing lease obligations	(11,892		)	(16,649		)	(25,174		)	(33,392		)
Amortization of deferred financing costs and debt discount	(1,556		)	(986		)	(2,871		)	(1,965		)
Gain (loss) on debt modification and extinguishment, net	(157		)	(2,672		)	19,024			(2,739		)
Equity in earnings (loss) of unconsolidated ventures	438			(991		)	(570		)	(1,517		)
Gain (loss) on sale of assets, net	(1,029		)	2,846			371,810			2,144
Other non-operating income (loss)	988			3,199			3,650			6,187
Income (loss) before income taxes	(109,916		)	(55,422		)	243,753			(97,349		)
Benefit (provision) for income taxes	(8,504		)	(633		)	7,324			(1,312		)
Net income (loss)	(118,420		)	(56,055		)	251,077			(98,661		)
Net (income) loss attributable to noncontrolling interest	19			585			37			596
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	$	(118,401	)	$	(55,470	)	$	251,114		$	(98,065	)

Net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders:
Basic	$	(0.65	)	$	(0.30	)	$	1.37		$	(0.53	)
Diluted	$	(0.65	)	$	(0.30	)	$	1.37		$	(0.53	)

Weighted average common shares outstanding:
Basic	183,178			186,140			183,682			186,442
Diluted	183,178			186,140			183,862			186,442

Page 8

Condensed Consolidated Balance Sheets



(in thousands)	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	452,441	$	240,227
Marketable securities	109,873		68,567
Restricted cash	28,397		26,856
Accounts receivable, net	120,503		133,613
Assets held for sale	37,397		42,671
Prepaid expenses and other current assets, net	89,416		84,241
Total current assets	838,027		596,175
Property, plant and equipment and leasehold intangibles, net	5,256,368		5,109,834
Operating lease right-of-use assets	1,030,505		1,159,738
Other assets, net	299,643		328,686
Total assets	$	7,424,543	$	7,194,433

Current liabilities	$	930,426	$	1,046,972
Long-term debt, less current portion	3,469,793		3,215,710
Financing lease obligations, less current portion	558,307		771,434
Operating lease obligations, less current portion	1,226,242		1,277,178
Line of credit	166,381		—
Other liabilities	133,505		184,414
Total liabilities	6,484,654		6,495,708
Total Brookdale Senior Living Inc. stockholders' equity	937,557		696,356
Noncontrolling interest	2,332		2,369
Total equity	939,889		698,725
Total liabilities and equity	$	7,424,543	$	7,194,433

Page 9

Condensed Consolidated Statements of Cash Flows



	Six Months Ended June 30,
(in thousands)	2020			2019
Cash Flows from Operating Activities
Net income (loss)	$	251,077		$	(98,661	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss (gain) on debt modification and extinguishment, net	(19,024		)	2,739
Depreciation and amortization, net	186,763			192,877
Asset impairment	88,516			4,160
Equity in (earnings) loss of unconsolidated ventures	570			1,517
Distributions from unconsolidated ventures from cumulative share of net earnings	—			1,530
Amortization of entrance fees	(925		)	(772		)
Proceeds from deferred entrance fee revenue	85			1,739
Deferred income tax (benefit) provision	(15,253		)	470
Operating lease expense adjustment	(14,954		)	(8,812		)
Loss (gain) on sale of assets, net	(371,810		)	(2,144		)
Loss (gain) on facility lease termination and modification, net	—			2,006
Non-cash stock-based compensation expense	12,076			12,386
Non-cash management contract termination gain	—			(640		)
Other	(1,800		)	(4,401		)
Changes in operating assets and liabilities:
Accounts receivable, net	12,995			(3,997		)
Prepaid expenses and other assets, net	20,162			30,823
Prepaid insurance premiums financed with notes payable	(11,664		)	(12,090		)
Trade accounts payable and accrued expenses	(18,692		)	(43,385		)
Refundable fees and deferred revenue	80,688			(17,226		)
Operating lease assets and liabilities for lessor capital expenditure reimbursements	10,509			1,000
Net cash provided by (used in) operating activities	209,319			59,119
Cash Flows from Investing Activities
Change in lease security deposits and lease acquisition deposits, net	3,304			(83		)
Purchase of marketable securities	(149,236		)	(98,059		)
Sale and maturities of marketable securities	108,750			55,000
Capital expenditures, net of related payables	(112,863		)	(122,297		)
Acquisition of assets, net of related payables and cash received	(446,688		)	—
Investment in unconsolidated ventures	(356		)	(4,204		)
Distributions received from unconsolidated ventures	—			5,305
Proceeds from sale of assets, net	300,539			52,430
Proceeds from notes receivable	1,140			31,609
Net cash provided by (used in) investing activities	(295,410		)	(80,299		)
Cash Flows from Financing Activities
Proceeds from debt	473,460			158,231
Repayment of debt and financing lease obligations	(303,920		)	(238,036		)
Proceeds from line of credit	166,381			—
Purchase of treasury stock, net of related payables	(18,123		)	(18,401		)
Payment of financing costs, net of related payables	(7,469		)	(3,342		)
Payments of employee taxes for withheld shares	(3,951		)	(3,105		)
Other	146			574
Net cash provided by (used in) financing activities	306,524			(104,079		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	220,433			(125,259		)
Cash, cash equivalents, and restricted cash at beginning of period	301,697			450,218
Cash, cash equivalents, and restricted cash at end of period	$	522,130		$	324,959

Page 10

Reconciliations of Non-GAAP Financial Measures

This earnings release contains the financial measures Adjusted EBITDA and Adjusted Free Cash Flow, which are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, or net cash provided by (used in) operating activities. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations included below of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non-operating income/expense items, and depreciation and amortization; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, cost reduction, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include non-cash impairment charges, gain/loss on facility lease termination and modification, operating lease expense adjustment, amortization of deferred gain, change in future service obligation, non-cash stock-based compensation expense, and transaction and organizational restructuring costs. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity, and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third party costs. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its senior leadership changes, including severance and retention costs.

The Company believes that presentation of Adjusted EBITDA as a performance measure is useful to investors because (i) it is one of the metrics used by the Company’s management for budgeting and other planning purposes, to review the Company’s historic and prospective core operating performance, and to make day-to-day operating decisions; (ii) it provides an assessment of operational factors that management can impact in the short-term, namely revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods; and (iii) the Company believes that this measure is used by research analysts and investors to evaluate the Company’s operating results and to value companies in its industry.

Adjusted EBITDA has material limitations as a performance measure, including: (i) excluded interest and income tax are necessary to operate the Company’s business under its current financing and capital structure; (ii) excluded depreciation, amortization and impairment charges may represent the wear and tear and/or reduction in value of the Company’s communities, goodwill and other assets and may be indicative of future needs for capital expenditures; and (iii) the Company may incur income/expense similar to those for which adjustments are made, such as gain/loss on sale of assets, facility lease termination and modification, or debt modification and extinguishment, non-cash stock-based compensation expense, and transaction and other costs, and such income/expense may significantly affect the Company’s operating results.

Page 11

The table below reconciles the Company's Adjusted EBITDA from its net income (loss).



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Net income (loss)	$	(118,420	)	$	(56,055	)	$	251,077		$	(98,661	)
Provision (benefit) for income taxes	8,504			633			(7,324		)	1,312
Equity in (earnings) loss of unconsolidated ventures	(438		)	991			570			1,517
Loss (gain) on debt modification and extinguishment, net	157			2,672			(19,024		)	2,739
Loss (gain) on sale of assets, net	1,029			(2,846		)	(371,810		)	(2,144		)
Other non-operating (income) loss	(988		)	(3,199		)	(3,650		)	(6,187		)
Interest expense	52,422			62,828			108,782			126,193
Interest income	(2,243		)	(2,813		)	(3,698		)	(5,897		)
Income (loss) from operations	(59,977		)	2,211			(45,077		)	18,872
Depreciation and amortization	93,154			94,024			183,892			190,912
Asset impairment	10,290			3,769			88,516			4,160
Loss (gain) on facility lease termination and modification, net	—			1,797			—			2,006
Operating lease expense adjustment	(8,221		)	(4,429		)	(14,954		)	(8,812		)
Non-cash stock-based compensation expense	6,119			6,030			12,076			12,386
Transaction and organizational restructuring costs	3,368			634			5,349			1,095
Adjusted EBITDA⁽¹⁾	$	44,733		$	104,036		$	229,802		$	220,619

$100.0 million management termination fee	—			—			(100,000		)	—
Adjusted EBITDA, excluding $100.0 million management termination fee	$	44,733		$	104,036		$	129,802		$	220,619

(1)

Adjusted EBITDA for the three and six months ended June 30, 2019 includes a negative non-recurring net impact of $6.5 million and $13.0 million, respectively, from the application of the lease accounting standard effective January 1, 2019, for the six months ended June 30, 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak Properties, Inc. ("Healthpeak"), and for the three months ended June 30, 2020 includes $26.7 million of government grants recognized in other operating income during the period.

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid insurance premiums financed with notes payable, changes in operating lease liability for lease termination and modification, cash paid/received for gain/loss on facility lease termination and modification, and lessor capital expenditure reimbursements under operating leases; plus: property insurance proceeds and proceeds from refundable entrance fees, net of refunds; less: non-development capital expenditures and payment of financing lease obligations. Non-development capital expenditures are comprised of corporate and community-level capital expenditures, including those related to maintenance, renovations, upgrades, and other major building infrastructure projects for the Company’s communities and is presented net of lessor reimbursements. Non-development capital expenditures do not include capital expenditures for community expansions, major community redevelopment and repositioning projects, and the development of new communities.

The Company believes that presentation of Adjusted Free Cash flow as a liquidity measure is useful to investors because (i) it is one of the metrics used by the Company’s management for budgeting and other planning purposes, to review the Company’s historic and prospective sources of operating liquidity, and to review the Company’s ability to service its outstanding indebtedness, pay dividends to stockholders, engage in share repurchases, and make capital expenditures, including development capital expenditures; (ii) it is used as a metric in the Company’s performance-based compensation programs; and (iii) it provides an indicator to management to determine if adjustments to current spending decisions are needed.

Adjusted Free Cash Flow has material limitations as a liquidity measure, including: (i) it does not represent cash available for dividends, share repurchases, or discretionary expenditures since certain non-discretionary expenditures, including mandatory debt principal payments, are not reflected in this measure; (ii) the cash portion of non-recurring charges related to gain/loss on facility lease termination and modification generally represent charges/gains that may significantly affect the Company’s liquidity; and (iii) the impact of timing of cash expenditures, including the timing of non-development capital expenditures, limits the usefulness of the measure for short-term comparisons.

Page 12

The table below reconciles the Company's Adjusted Free Cash Flow from its net cash provided by (used in) operating activities.



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Net cash provided by (used in) operating activities	$	151,840		$	64,128		$	209,319		$	59,119
Net cash provided by (used in) investing activities	(47,483		)	19,774			(295,410		)	(80,299		)
Net cash provided by (used in) financing activities	(40,726		)	(87,443		)	306,524			(104,079		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	63,631		$	(3,541	)	$	220,433		$	(125,259	)

Net cash provided by (used in) operating activities	$	151,840		$	64,128		$	209,319		$	59,119
Distributions from unconsolidated ventures from cumulative share of net earnings	—			(781		)	—			(1,530		)
Changes in prepaid insurance premiums financed with notes payable	(5,770		)	(6,752		)	11,664			12,090
Changes in assets and liabilities for lessor capital expenditure reimbursements under operating leases	(6,421		)	(1,000		)	(10,509		)	(1,000		)
Non-development capital expenditures, net	(21,521		)	(66,464		)	(82,077		)	(121,066		)
Payment of financing lease obligations	(4,677		)	(5,500		)	(9,764		)	(10,953		)
Adjusted Free Cash Flow ⁽¹⁾	$	113,451		$	(16,369	)	$	118,633		$	(63,340	)

(1)

Adjusted Free Cash Flow includes transaction and organizational restructuring costs of $3.4 million and $0.6 million for the three months ended June 30, 2020 and 2019, respectively, and $5.3 million and $1.1 million for the six months ended June 30, 2020 and 2019, respectively; includes the $100.0 million management agreement termination fee payment received from Healthpeak for the six months ended June 30, 2020; and includes $85.0 million of accelerated/advanced Medicare payments, $33.5 million of Emergency Fund government grants accepted, and $26.5 million of payroll taxes deferred during the three months ended June 30, 2020.

Contact:

Kathy MacDonald

SVP Investor Relations

(615) 505-1968

Kathy.MacDonald@brookdale.com

Page 13

Exhibit 99.2 Supplemental Information 2nd Quarter 2020

Table of Contents COVID-19 Financial Impact 4 Overview 5 Segment Overview 8 Senior Housing 9 Health Care Services 14 G&A Expense 15 Capital Expenditures 16 Cash Facility Lease Payments 17 Capital Structure 18 Definitions 19 Appendices: Pro-Forma Financial Information 22 2019 Lease Accounting Standard (ASC 842) Impact 26 Non-GAAP Financial Measures 27 2

SAFE HARBOR Certain statements in this Supplemental Information 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 regarding the Company’s intent, expectations and assumptions related to the various pending and expected transactions outlined herein and any other statements that are not historical statements of fact. 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. These forward-looking statements are based on certain assumptions and expectations, and the Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its assumptions or expectations will be attained, and actual results and performance could differ materially from those projected. Factors which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to: the impacts of the COVID-19 pandemic, including the response efforts of federal, state, and local government authorities, businesses, individuals and the Company, on the Company's business, results of operations, cash flow, and liquidity, and strategic initiatives; the Company’s ability to complete pending or expected disposition, acquisition or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company’s ability to identify and pursue any such opportunities in the future; delays in obtaining regulatory approvals; terminations, early or otherwise, or non-renewal of management agreements; regulatory changes in geographic areas where the Company is concentrated; disruptions in the financial markets, including those related to the pandemic, that affect the Company’s ability to obtain financing or extend or refinance debt as it matures and the Company’s financing costs; a decrease in the overall demand for senior housing, which may be adversely impacted by the pandemic; environmental contamination at any of the Company’s communities; failure to comply with existing environmental laws; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those contained in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this Supplemental Information. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any of these forward-looking statements to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. 3

COVID-19 Financial Impact The COVID-19 pandemic and the Company's response efforts adversely impacted the Company's occupancy and resident fee revenue during the first half of 2020 and resulted in incremental direct costs to prepare for and respond to the pandemic, including costs for acquisition of additional personal protective equipment ("PPE"), medical equipment, and cleaning and disposable food service supplies, enhanced cleaning and environmental sanitation costs, increased labor expense, increased workers compensation and health plan expense, increased insurance premiums and retentions, consulting and professional services costs, and costs for COVID-19 testing of residents and associates where not otherwise covered by government payor or third-party insurance sources. During the second quarter of 2020, the Company accepted $33.5 million of cash for grants pursuant to the Public Health and Social Services Emergency Fund (the "Emergency Fund"), which was expanded by the CARES Act. Grants are subject to the terms and conditions of the program, including that such funds may only be used to prevent, prepare for, and respond to COVID-19 and will reimburse only for healthcare related expenses or lost revenues that are attributable to COVID-19. The Company recognized $26.4 million of the Emergency Fund grants and $0.3 million of other government grants in other operating income during the second quarter of 2020 based upon the Company’s estimates of its satisfaction of the conditions of the grants during such period. As of June 30, 2020, $7.1 million of unrecognized grants were included in refundable fees and deferred revenue within the Company’s condensed consolidated balance sheet. The Company’s net cash provided by operating activities and Adjusted Free Cash Flow for the second quarter of 2020 also include the benefit of temporary liquidity relief provided pursuant to the CARES Act, including the following items. • During April 2020, the Company received $85.0 million under the Medicare accelerated and advance payment program. Recoupment of accelerated/advanced payments is required to begin 120 days after their issuance through offsets of new Medicare claims, and all accelerated/advanced payments are due 210 days following their issuance. • The Company elected to defer payment of the employer portion of social security payroll taxes incurred from March 27, 2020 to December 31, 2020. One-half of such deferral amount will become due on each of December 31, 2021 and December 31, 2022. The Company utilized this deferral program to delay payment of approximately $26.5 million of the employer portion of payroll taxes incurred between March 27, 2020 and June 30, 2020. The results and metrics presented in this Supplemental Information include the direct costs incurred to prepare for and respond to the COVID-19 pandemic. These costs had been excluded from certain results and metrics in the Company’s Supplemental Information for the first quarter of 2020. The following tables present the known or estimated impacts related to the COVID-19 pandemic to the Company's consolidated and Same Community quarterly and year-to-date 2020 results. Presentations of these impacts are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. Estimated Impact on Consolidated Portfolio 1Q 2020 2Q 2020 Assisted Assisted Independent Living and Health Care 1Q 2020 Independent Living and Health Care 2Q 2020 YTD 2020 ($ in 000s) Living Memory Care CCRCs Services Total Living Memory Care CCRCs Services Total Total Estimated lost resident fee revenue (1) $ 600 $ 1,600 $ 500 $ 3,100 $ 5,800 $ 7,200 $ 26,400 $ 15,200 $ 14,800 $ 63,600 $ 69,400 Other operating income (2) — — — — — — 152 9,546 16,995 26,693 26,693 Facility operating expense 1,213 7,708 676 403 10,000 9,573 38,684 9,263 3,074 60,594 70,594 Changes in working capital (3) — 118,671 118,671 Estimated Impact on Same Community Portfolio 1Q 2020 2Q 2020 Assisted Assisted Independent Living and Total Same Independent Living and Total Same YTD 2020 ($ in 000s) Living Memory Care CCRCs Community Living Memory Care CCRCs Community Total Estimated lost resident fee revenue (1) $ 500 $ 1,600 $ 300 $ 2,400 $ 6,400 $ 26,000 $ 10,700 $ 43,100 $ 45,500 Other operating income (2) — — — — — 151 6,294 6,445 6,445 Facility operating expense 1,124 7,514 408 9,046 8,825 38,010 6,099 52,934 61,980 (1) Estimated lost resident fee revenue represents the difference between the actual resident fee revenue for the period and the Company's pre-COVID 19 expectations. (2) Represents Emergency Fund grants recognized of $26.4 million and other government grants recognized of $0.3 million. Same community senior housing portfolio results for the second quarter of 2020 include $6.4 million of such grants recognized. The table excludes the impact of any rate adjustments under government reimbursement programs. (3) Consists of the following cash received or cash payments deferred and included within the Company’s condensed consolidated balance sheet as of June 30, 2020: $7.1 million of unrecognized Emergency Fund grant 4 income; $85.0 million of accelerated/advanced Medicare payments; and deferred payroll taxes of $26.5 million.

Overview 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 Better (B)/ ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q (Worse) (W) B/(W) Resident fee revenue (1) $ 809,479 $ 801,863 $ 801,237 $ 797,352 $3,209,931 $ 782,707 $ 731,629 (8.8)% (6.0)% Management fee revenue $ 15,743 $ 15,449 $ 13,564 $ 12,352 $ 57,108 $ 108,715 $ 6,076 (60.7)% NM Other operating income $ — $ — $ — $ — $ — $ — $ 26,693 NM NM Net income (loss) (1) $ (42,606) $ (56,055) $ (78,508) $ (91,323) $ (268,492) $ 369,497 $(118,420) (111.3)% NM Net cash provided by (used in) operating activities $ (5,009) $ 64,128 $ 69,211 $ 88,082 $ 216,412 $ 57,479 $ 151,840 136.8 % NM Adjusted EBITDA(1) (2) $ 116,583 $ 104,036 $ 80,447 $ 100,103 $ 401,169 $ 185,069 $ 44,733 (57.0)% 4.2 % Adjusted EBITDA, excluding $100.0 million management termination fee $ 116,583 $ 104,036 $ 80,447 $ 100,103 $ 401,169 $ 85,069 $ 44,733 (57.0)% (41.2)% Adjusted Free Cash Flow $ (46,971) $ (16,369) $ (13,575) $ 511 $ (76,404) $ 5,182 $ 113,451 NM NM Period end consolidated number of units 55,948 55,209 55,262 54,181 54,181 54,037 54,019 (2.2)% (2.2)% Consolidated: As of June 30, 2020 Consolidated: 54,019 660 2Q 2020 weighted average occupancy (consolidated communities) Community % of Period End Occupancy Band Count Communities Leased: Greater than 95% 65 10% Leased: 21,538 90% > 95% 77 12% Owned: 305 85% > 90% 94 14% 737 Owned: 64,713 355 communities 32,481 units 80% > 85% 106 16% 75% > 80% 80 12% 70% > 75% 72 11% Less than 70% 166 25% Total 660 100% Managed: 10,694 Consolidated Portfolio Average Managed: 77 Asset Age ~ 23 years (1) The 2019 periods presented include the non-recurring, non-cash revenue and expense associated with the Company's adoption of the lease accounting standard effective January 1, 2019. See page 26 for additional information. (2) Adjusted EBITDA for the first quarter and year-to-date of 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak Properties Inc. ("Healthpeak") related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020. Adjusted EBITDA for the second quarter and year-to-date of 2020 includes $26.7 million of government grants recognized in other operating income during the second quarter of 2020. Important Note Regarding Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See “Definitions” and “Non-GAAP Financial Measures” for the definitions of such measures and other important information regarding such measures, including reconciliations to the most comparable GAAP measures. 5

Adjusted EBITDA and Adjusted Free Cash Flow 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fee revenue $ 809,479 $ 801,863 $ 801,237 $ 797,352 $3,209,931 $ 782,707 $ 731,629 (8.8)% (6.0)% Management fee revenue 15,743 15,449 13,564 12,352 57,108 108,715 6,076 (60.7)% NM Other operating income — — — — — — 26,693 NM NM Facility operating expense (586,094) (590,246) (615,717) (598,438) (2,390,495) (588,482) (606,034) (2.7)% (1.5)% Combined Segment Operating Income 239,128 227,066 199,084 211,266 876,544 302,940 158,364 (30.3)% (1.0)% General and administrative expense (1) (49,494) (50,912) (46,570) (39,280) (186,256) (46,657) (43,031) 15.5 % 10.7 % Cash facility operating lease payments (see page 17) (73,051) (72,118) (72,067) (71,883) (289,119) (71,214) (70,600) 2.1 % 2.3 % Adjusted EBITDA (2) 116,583 104,036 80,447 100,103 401,169 185,069 44,733 (57.0)% 4.2 % $100.0 million management termination fee — — — — — (100,000) — NM NM Adjusted EBITDA, excluding $100.0 million management termination fee 116,583 104,036 80,447 100,103 401,169 85,069 44,733 (57.0)% (41.2)% $100.0 million management termination fee — — — — — 100,000 — NM NM Transaction and Organizational Restructuring Costs (461) (634) (3,910) (5,002) (10,007) (1,981) (3,368) NM NM Interest expense, net (see page 17) (59,302) (59,029) (58,749) (57,132) (234,212) (53,590) (48,623) 17.6 % 13.6 % Payment of financing lease obligations (5,453) (5,500) (5,549) (5,740) (22,242) (5,087) (4,677) 15.0 % 10.9 % Changes in working capital (3) (43,405) 9,620 31,439 20,410 18,064 (53,902) 149,055 NM NM Other (4) (331) 1,602 1,868 3,482 6,621 (4,771) (2,148) NM NM Non-Development Capital Expenditures, net (see page 16) (54,602) (66,464) (59,121) (55,610) (235,797) (60,556) (21,521) 67.6 % 32.2 % Adjusted Free Cash Flow (46,971) (16,369) (13,575) 511 (76,404) 5,182 113,451 NM NM (1) Excluding non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs, see page 15. (2) Adjusted EBITDA for the first quarter and year-to-date of 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020. Adjusted EBITDA for the second quarter and year-to-date of 2020 includes $26.7 million of government grants recognized in other operating income during the second quarter 2020. (3) Excludes changes in prepaid insurance premiums financed with notes payable, changes in operating lease liability for lease termination and modification, and lessor capital expenditure reimbursements under operating leases and includes $118.7 million impact related to CARES Act programs for the second quarter and year-to-date of 2020. (4) Primarily consists of proceeds from property insurance and cash paid for state income taxes. 6

Adjusted EBITDA and Adjusted Free Cash Flow Distribution 2Q 2020 Senior Senior Housing Housing Owned Leased Health Care Management ($ in 000s) Total Portfolio Portfolio Services Services Other (1) Resident fee revenue $ 731,629 $ 376,140 $ 265,319 $ 90,170 $ — $ — Management fee revenue 6,076 — — — 6,076 — Other operating income 26,693 7,156 2,542 16,995 — — Facility operating expense (606,034) (301,459) (207,102) (97,473) — — Combined Segment Operating Income 158,364 81,837 60,759 9,692 6,076 — General and administrative expense (excluding non-cash stock-based compensation expense and transaction costs) (43,031) (18,336) (12,933) (5,355) (6,407) — Cash facility operating lease payments (70,600) — (69,216) — — (1,384) Adjusted EBITDA 44,733 63,501 (21,390) 4,337 (331) (1,384) Transaction and Organizational Restructuring Costs (3,368) — — — — (3,368) Interest expense, net (48,623) (38,974) (11,892) — — 2,243 Payment of financing lease obligations (4,677) — (4,515) — — (162) Changes in working capital (2) 149,055 — — — — 149,055 Other (2,148) (806) — — — (1,342) Non-Development Capital Expenditures, net (21,521) (12,011) (1,727) — — (7,783) Adjusted Free Cash Flow $ 113,451 $ 11,710 $ (39,524) $ 4,337 $ (331) $ 137,259 (1) Primarily consists of changes in working capital, corporate capital expenditures, Transaction and Organizational Restructuring Costs, interest income, lease payments for corporate offices and information technology systems and equipment, and cash paid for state income taxes. (2) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. 7

Segment Overview 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Total Senior Housing, Health Care Services, and Management Services Revenue (1) $825,222 $817,312 $814,801 $809,704 $3,267,039 $891,422 $737,705 (9.7)% (0.8)% Other operating income $ — $ — $ — $ — $ — $ — $ 26,693 NM NM Combined Segment Operating Income $239,128 $227,066 $199,084 $211,266 $ 876,544 $302,940 $158,364 (30.3)% (1.0)% Combined Segment Operating Margin (2) 29.0% 27.8% 24.4% 26.1% 26.8% 34.0 % 20.7% (710) bps (50) bps Senior Housing (see page 9) Revenue $697,947 $687,429 $689,452 $687,843 $2,762,671 $687,888 $641,459 (6.7)% (4.0)% Other operating income $ — $ — $ — $ — $ — $ — $ 9,698 NM NM Senior Housing Operating Income $215,212 $202,450 $180,742 $196,045 $ 794,449 $203,346 $142,596 (29.6)% (17.2)% Senior Housing Operating Margin (2) 30.8% 29.5% 26.2% 28.5% 28.8% 29.6 % 21.9% (760) bps (430) bps Number of communities (period end) 680 671 671 663 663 661 660 (1.6)% (1.6)% Period end number of units 55,948 55,209 55,262 54,181 54,181 54,037 54,019 (2.2)% (2.2)% Total Average Units 56,460 55,465 55,258 54,821 55,501 54,184 54,040 (2.6)% (3.3)% RevPAR $ 4,102 $ 4,097 $ 4,109 $ 4,116 $ 4,106 $ 4,229 $ 3,954 (3.5)% (0.2)% Weighted average unit occupancy 83.6% 83.5% 84.2% 84.5% 83.9% 83.2 % 78.7% (480) bps (250) bps RevPOR $ 4,909 $ 4,909 $ 4,880 $ 4,871 $ 4,893 $ 5,085 $ 5,022 2.3 % 3.0 % Health Care Services Segment (see page 14) Revenue $111,532 $114,434 $111,785 $109,509 $ 447,260 $ 94,819 $ 90,170 (21.2)% (18.1)% Other operating income $ — $ — $ — $ — $ — $ — $ 16,995 NM NM Segment Operating Income $ 8,173 $ 9,167 $ 4,778 $ 2,869 $ 24,987 $ (9,121) $ 9,692 5.7 % (96.7)% Segment Operating Margin (2) 7.3% 8.0% 4.3% 2.6% 5.6% (9.6)% 9.0% 100 bps (740) bps Management Services Segment Segment Operating Income (comprised solely of management fees) $ 15,743 $ 15,449 $ 13,564 $ 12,352 $ 57,108 $108,715 $ 6,076 (60.7)% NM Resident fee revenue under management (3) $321,952 $294,114 $275,796 $259,437 $1,151,299 $184,145 $131,558 (55.3)% (48.8)% Number of communities (period end) (3) 164 138 123 100 100 80 77 (44.2)% (44.2)% Period end number of units (3) 23,742 21,451 20,168 18,086 18,086 11,033 10,694 (50.1)% (50.1)% Total Average Units (3) 25,047 22,464 20,730 18,836 21,769 13,325 10,905 (51.5)% (49.0)% Weighted average unit occupancy (3) 82.9% 82.8% 83.4% 84.6% 83.3% 84.0 % 78.0% (480) bps (160) bps (1) Excludes reimbursed costs on behalf of managed communities. (2) For the second quarter of 2020, segment operating margin excluding other operating income was 17.8% for Total Senior Housing, Health Care Services, and Management Services; 20.7% for Senior Housing; and (8.1%) for Health Care Services. (3) Not included in consolidated reported amounts. 8

Senior Housing Segments 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $135,694 $135,951 $136,874 $136,039 $ 544,558 $135,862 $130,278 (4.2)% (2.0)% Other operating income $ — $ — $ — $ — $ — $ — $ — NM NM Segment Operating Income $ 52,876 $ 51,459 $ 49,414 $ 49,992 $ 203,741 $ 51,414 $ 41,038 (20.3)% (11.4)% Segment Operating Margin (1) 39.0% 37.9% 36.1% 36.7% 37.4% 37.8% 31.5% (640) bps (370) bps Number of communities (period end) 68 68 68 68 68 68 68 — % — % Period end number of units 12,430 12,460 12,511 12,514 12,514 12,537 12,534 0.6 % 0.6 % Total Average Units 12,430 12,440 12,511 12,514 12,474 12,529 12,534 0.8 % 0.8 % RevPAR $ 3,602 $ 3,592 $ 3,581 $ 3,545 $ 3,580 $ 3,615 $ 3,465 (3.5)% (1.6)% Weighted average unit occupancy 89.8% 89.1% 89.1% 88.7% 89.2% 87.1% 83.5% (560) bps (410) bps RevPOR $ 4,012 $ 4,033 $ 4,018 $ 3,994 $ 4,014 $ 4,151 $ 4,147 2.8 % 3.1 % Assisted Living and Memory Care Revenue $458,526 $450,225 $452,474 $454,713 $1,815,938 $457,479 $432,156 (4.0)% (2.1)% Other operating income $ — $ — $ — $ — $ — $ — $ 152 NM NM Segment Operating Income $140,699 $133,144 $116,856 $127,937 $ 518,636 $132,001 $ 87,708 (34.1)% (19.8)% Segment Operating Margin (1) 30.7% 29.6% 25.8% 28.1% 28.6% 28.9% 20.3% (930) bps (540) bps Number of communities (period end) 586 577 577 573 573 571 570 (1.2)% (1.2)% Period end number of units 36,944 36,175 36,177 35,956 35,956 35,789 35,744 (1.2)% (1.2)% Total Average Units 37,477 36,451 36,173 36,140 36,560 35,944 35,785 (1.8)% (3.0)% RevPAR $ 4,070 $ 4,092 $ 4,127 $ 4,135 $ 4,106 $ 4,242 $ 4,025 (1.6)% 1.3 % Weighted average unit occupancy 81.6% 82.1% 83.2% 83.6% 82.6% 81.9% 77.8% (430) bps (190) bps RevPOR $ 4,988 $ 4,987 $ 4,962 $ 4,948 $ 4,971 $ 5,178 $ 5,172 3.7 % 3.8 % CCRCs Revenue $103,727 $101,253 $100,104 $ 97,091 $ 402,175 $ 94,547 $ 79,025 (22.0)% (15.3)% Other operating income $ — $ — $ — $ — $ — $ — $ 9,546 NM NM Segment Operating Income $ 21,637 $ 17,847 $ 14,472 $ 18,116 $ 72,072 $ 19,931 $ 13,850 (22.4)% (14.4)% Segment Operating Margin (1) 20.9% 17.6% 14.5% 18.7% 17.9% 21.1% 15.6% (200) bps (90) bps Number of communities (period end) 26 26 26 22 22 22 22 (15.4)% (15.4)% Period end number of units 6,574 6,574 6,574 5,711 5,711 5,711 5,741 (12.7)% (12.7)% Total Average Units 6,553 6,574 6,574 6,167 6,467 5,711 5,721 (13.0)% (12.9)% RevPAR $ 5,232 $ 5,081 $ 5,012 $ 5,168 $ 5,123 $ 5,496 $ 4,572 (10.0)% (2.4)% Weighted average unit occupancy 82.9% 80.6% 80.4% 81.5% 81.3% 82.4% 74.0% (660) bps (350) bps RevPOR $ 6,312 $ 6,305 $ 6,234 $ 6,341 $ 6,298 $ 6,669 $ 6,181 (2.0)% 2.1 % (1) For the second quarter of 2020, segment operating margin excluding other operating income was 31.5% for Independent Living; 20.3% for Assisted Living and Memory Care; and 5.4% for CCRCs. 9

Senior Housing: Same Community(1) 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 624,119 $ 619,285 $ 621,493 $ 622,064 $2,486,961 $ 637,054 $ 597,511 (3.5) % (0.7) % Other operating income — — — — — — 6,445 NM NM Revenue and other operating income $ 624,119 $ 619,285 $ 621,493 $ 622,064 $2,486,961 $ 637,054 $ 603,956 (2.5) % (0.2) % Community Labor Expenses (272,325) (275,356) (289,047) (287,776) (1,124,504) (287,992) (294,012) (6.8) % (6.3) % Other facility operating expenses (143,511) (145,287) (150,594) (141,167) (580,559) (157,627) (173,958) (19.7) % (14.8) % Facility operating expenses (2) (415,836) (420,643) (439,641) (428,943) (1,705,063) (445,619) (467,970) (11.3) % (9.2) % Same Community Operating Income $208,283 $198,642 $181,852 $193,121 $ 781,898 $191,435 $135,986 (31.5) % (19.5) % Same Community Operating Margin (3) 33.4% 32.1% 29.3% 31.0% 31.4% 30.1% 22.5% (960) bps (630) bps Total Average Units 50,092 50,101 50,111 50,114 50,105 50,114 50,107 — — RevPAR $ 4,153 $ 4,120 $ 4,134 $ 4,138 $ 4,136 $ 4,237 $ 3,975 (3.5 )% (0.7 )% Weighted average unit occupancy 84.4% 84.0% 84.8% 85.0% 84.6% 83.5% 79.2% (480) bps (280) bps RevPOR $ 4,922 $ 4,905 $ 4,876 $ 4,866 $ 4,892 $ 5,073 $ 5,020 2.3 % 2.7 % (2) Same Community Operating Income / Weighted Average Occupancy Same Community RevPAR 84.8% 85.0% 84.4% 84.0% 83.5% 79.2% $4,237 $208,283 $198,642 $193,121 $191,435 $4,153 $181,852 $4,120 $4,134 $4,138 $135,986 $3,975 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 (1) Same Community portfolio reflects 638 communities. (2) Excludes hurricane and natural disaster expense of $2.6 million for the full year 2019 and $1.1 million of related insurance recoveries year to date 2020. (3) For the second quarter of 2020, same community operating margin excluding other operating income was 21.7% for the same community portfolio. 10

Senior Housing Segments: Same Community(1) 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Independent Living Revenue $126,822 $126,563 $126,823 $125,521 $ 505,729 $127,943 $122,716 (3.0 )% (1.1 )% Other operating income — — — — — — — NM NM Community Labor Expense (44,502) (45,749) (46,499) (46,552) (183,302) (46,297) (47,587) (4.0 )% (4.0 )% Other facility operating expense (30,823) (31,047) (31,947) (30,672) (124,489) (32,867) (35,905) (15.6 )% (11.2 )% Facility operating expense (75,325) (76,796) (78,446) (77,224) (307,791) (79,164) (83,492) (8.7 )% (6.9 )% Same Community Operating Income $ 51,497 $ 49,767 $ 48,377 $ 48,297 $ 197,938 $ 48,779 $ 39,224 (21.2 )% (13.1) Same Community Operating Margin 40.6% 39.3% 38.1% 38.5% 39.1% 38.1% 32.0% (730) bps (490) bps Total Average Units 11,680 11,690 11,703 11,706 11,695 11,706 11,703 0.1 % 0.2 % RevPAR $ 3,619 $ 3,609 $ 3,612 $ 3,574 $ 3,604 $ 3,643 $ 3,495 (3.2 )% (1.2 )% Weighted average unit occupancy 89.5% 88.8% 89.4% 88.9% 89.2% 87.3% 83.8% (500) bps (360) bps RevPOR $ 4,043 $ 4,063 $ 4,043 $ 4,020 $ 4,042 $ 4,174 $ 4,169 2.6 % 2.9 % Assisted Living and Memory Care Revenue $435,587 $433,211 $435,646 $436,652 $1,741,096 $447,608 $424,021 (2.1) % 0.3 % Other operating income — — — — — — 151 NM NM Community Labor Expense (196,371) (198,096) (210,722) (209,724) (814,913) (209,588) (214,513) (8.3) % (7.5) % Other facility operating expense (97,602) (99,325) (103,331) (95,466) (395,724) (109,011) (121,829) (22.7) % (17.2) % Facility operating expense (293,973) (297,421) (314,053) (305,190) (1,210,637) (318,599) (336,342) (13.1) % (10.7) % Same Community Operating Income $141,614 $135,790 $121,593 $131,462 $ 530,459 $129,009 $ 87,830 (35.3) % (21.8) % Same Community Operating Margin 32.5% 31.3% 27.9% 30.1% 30.5% 28.8% 20.7% NM (700) bps Total Average Units 34,800 34,799 34,796 34,796 34,798 34,796 34,792 — — RevPAR $ 4,172 $ 4,150 $ 4,173 $ 4,183 $ 4,170 $ 4,288 $ 4,062 (2.1 )% 0.3 % Weighted average unit occupancy 82.7% 82.6% 83.6% 83.9% 83.2% 82.4% 78.2% (440) bps (240) bps RevPOR $ 5,048 $ 5,024 $ 4,994 $ 4,979 $ 5,011 $ 5,203 $ 5,191 3.3 % 3.2 % CCRCs Revenue $ 61,710 $ 59,511 $ 59,024 $ 59,891 $ 240,136 $ 61,503 $ 50,774 (14.7) % (7.4) % Other operating income — — — — — — 6,294 NM NM Community Labor Expense (31,452) (31,511) (31,826) (31,500) (126,289) (32,107) (31,912) (1.3) % (1.7) % Other facility operating expense (15,086) (14,915) (15,316) (15,029) (60,346) (15,749) (16,224) (8.8) % (6.6) % Facility operating expense (46,538) (46,426) (47,142) (46,529) (186,635) (47,856) (48,136) (3.7) % (3.3) % Same Community Operating Income $ 15,172 $ 13,085 $ 11,882 $ 13,362 $ 53,501 $ 13,647 $ 8,932 (31.7) % (20.1) % Same Community Operating Margin 24.6% 22.0% 20.1% 22.3% 22.3% 22.2% 15.7% (630) bps (430) bps Total Average Units 3,612 3,612 3,612 3,612 3,612 3,612 3,612 — — RevPAR $ 5,695 $ 5,492 $ 5,447 $ 5,527 $ 5,540 $ 5,676 $ 4,686 (14.7) % (7.4) % Weighted average unit occupancy 84.4% 82.0% 81.8% 82.4% 82.7% 82.1% 72.9% (910) bps (570) bps RevPOR $ 6,749 $ 6,701 $ 6,659 $ 6,707 $ 6,704 $ 6,913 $ 6,430 (4.0 )% (0.8 )% (1) Same Community portfolio reflects 64 Independent Living communities, 560 Assisted Living and Memory Care communities, and 14 CCRC communities. 11 (2) For the second quarter of 2020, same community operating margin excluding other operating income was 32.0% for Independent Living; 20.7% for Assisted Living and Memory Care; and 5.2% for CCRCs.

Senior Housing Owned Portfolio(1) 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 380,691 $ 375,900 $ 377,451 $ 373,793 $1,507,835 $ 402,397 $ 376,140 0.1 % 2.9 % Other operating income — — — — — — 7,156 NM NM Facility operating expense (269,078) (271,222) (285,422) (273,557) (1,099,279) (290,116) (301,459) (11.1)% (9.5)% Owned Portfolio Operating Income $111,613 $104,678 $ 92,029 $100,236 $ 408,556 $112,281 $ 81,837 (21.8)% (10.3)% Additional Information Interest expense: property level and corporate debt $ (45,643) $ (45,193) $ (44,344) $ (42,538) $ (177,718) $ (41,763) $ (38,974) 13.8 % 11.1 % Community level capital expenditures, net (see page 16) $ (24,967) $ (33,828) $ (33,144) $ (32,055) $ (123,994) $ (36,735) $ (12,011) 64.5 % 17.1 % Number of communities (period end) 338 336 336 330 330 355 355 5.7 % 5.7 % Period end number of units 31,397 31,165 31,226 30,160 30,160 32,455 32,481 4.2 % 4.2 % Total Average Units 31,840 31,262 31,222 30,784 31,277 32,513 32,461 3.8 % 3.0 % RevPAR $ 3,969 $ 3,976 $ 3,982 $ 3,984 $ 3,978 $ 4,125 $ 3,862 (2.9)% 0.5 % Weighted average occupancy 82.4% 82.6% 83.2% 83.6% 83.0% 82.6% 78.0% (460) bps (220) bps RevPOR $ 4,815 $ 4,812 $ 4,783 $ 4,764 $ 4,794 $ 4,997 $ 4,944 2.7 % 3.3 % As of June 30, 2020 Interest Coverage(2) 1.8x Net Debt (see page 18) $ 3,295,220 (1) The Company acquired 26 communities that were previously leased during the first quarter of 2020. The results of operations of the previously leased communities are included within the Senior Housing Owned Portfolio beginning in the first quarter of 2020. Prior quarters have not been recast. (2) As of June 30, 2020, the interest coverage ratio excluding other operating income was 1.8x. 12

Senior Housing Leased Portfolio(1) 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue $ 317,256 $ 311,529 $ 312,001 $ 314,050 $1,254,836 $ 285,491 $ 265,319 (14.8)% (12.4)% Other operating income — — — — — — 2,542 NM NM Facility operating expense (213,657) (213,757) (223,288) (218,241) (868,943) (194,426) (207,102) 3.1 % 6.1 % Leased Portfolio Operating Income $103,599 $ 97,772 $ 88,713 $ 95,809 $385,893 $ 91,065 $ 60,759 (37.9)% (24.6)% Additional Information Total cash facility lease payments on leased portfolio (see page 17) $ (93,129) $ (92,337) $ (92,337) $ (92,810) $(370,613) $ (88,503) $ (85,623) 7.3 % 6.1 % Community level capital expenditures, net (see page 16) $ (18,419) $ (25,934) $ (22,162) $ (13,347) $ (79,862) $ (18,413) $ (1,727) 93.3 % 54.6 % Number of communities (period end) 342 335 335 333 333 306 305 (9.0)% (9.0)% Period end number of units 24,551 24,044 24,036 24,021 24,021 21,582 21,538 (10.4)% (10.4)% Total Average Units 24,620 24,203 24,036 24,037 24,224 21,671 21,579 (10.8)% (11.4)% RevPAR $ 4,274 $ 4,254 $ 4,273 $ 4,286 $ 4,271 $ 4,384 $ 4,091 (3.8)% (0.6)% Weighted average unit occupancy 85.0% 84.5% 85.4% 85.6% 85.1% 84.1% 79.7% (480) bps (290) bps RevPOR $ 5,028 $ 5,032 $ 5,004 $ 5,005 $ 5,017 $ 5,215 $ 5,136 2.1 % 2.9 % Lease Coverage as of June 30, 2020 (2) 0.78x Total operating and financing lease obligations (3) $1,938,129 (A) Total operating and financing lease obligations divided by total cash facility lease payments for the trailing twelve months ended June 30, 2020 5.8 (A/B) Trailing twelve months ended Facility Lease Maturity Information as of June 30, 2020 June 30, 2020 Initial lease maturities Community count Total units Total cash facility lease payments 2020 37 1,687 16,550 2021 2 169 1,273 2022 4 386 3,665 2023 — — — 2024 7 904 13,806 2025 122 10,323 181,145 Thereafter 133 8,069 120,208 Total 305 21,538 $ 336,647 (B) (1) The Company acquired 26 communities that were previously leased during the first quarter of 2020. The results of operations of the previously leased communities are included within the Senior Housing Owned Portfolio beginning in the first quarter of 2020. Prior quarters have not been recast. (2) As of June 30, 2020, the lease coverage ratio excluding other operating income was 0.77x. (3) Amount recognized on consolidated balance sheet reflects discounted future minimum lease payments and the residual value for financing lease obligations. Excludes operating 13 lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR and corporate office and information technology leases.

Health Care Services 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Revenue Home health $ 84,185 $ 85,233 $ 80,632 $ 77,440 $ 327,490 $ 65,948 $ 60,935 (28.5)% (25.1)% Hospice 21,722 23,184 25,258 26,062 96,226 23,182 23,849 2.9 % 4.7 % Outpatient Therapy 5,625 6,017 5,895 6,007 23,544 5,689 5,386 (10.5)% (4.9)% Segment revenue 111,532 114,434 111,785 109,509 447,260 94,819 90,170 (21.2)% (18.1)% Other operating income — — — — — — 16,995 NM NM Facility operating expense (103,359) (105,267) (107,007) (106,640) (422,273) (103,940) (97,473) 7.4 % 3.5 % Segment Operating Income (Loss) $ 8,173 $ 9,167 $ 4,778 $ 2,869 $ 24,987 $ (9,121) $ 9,692 5.7 % (96.7)% Segment Operating Margin(1) 7.3% 8.0% 4.3% 2.6% 5.6% (9.6)% 9.0% 100 bps (740) bps Additional Information Home health average daily census 15,904 15,966 15,357 14,618 15,457 14,020 12,980 (18.7)% (15.3)% Hospice average daily census 1,428 1,540 1,642 1,704 1,580 1,698 1,646 6.9 % 12.6 % (1) For the second quarter of 2020, segment operating margin excluding other operating income was (8.1)%. 14

G&A Expense 2Q20 vs. YTD 2Q20 vs. Consolidated, unless otherwise noted 2019 2020 2Q19 YTD 2Q19 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $ 15,693 $ 16,875 $ 15,759 $ 13,553 $ 61,880 $ 18,635 $ 18,336 (8.7)% (13.5)% Senior Housing Leased Portfolio allocation 13,078 13,986 13,027 11,387 51,478 13,221 12,933 7.5% 3.4% Health Care Services allocation 7,077 6,730 6,385 5,439 25,631 6,953 5,355 20.4% 10.9% Management Services allocation 13,646 13,321 11,399 8,901 47,267 7,848 6,407 51.9% 47.1% Subtotal G&A expense allocations 49,494 50,912 46,570 39,280 186,256 46,657 43,031 15.5% 10.7% Non-cash stock-based compensation expense 6,356 6,030 5,929 4,711 23,026 5,957 6,119 (1.5%) 2.5% Transaction and Organizational Restructuring Costs 461 634 3,910 5,002 10,007 1,981 3,368 NM NM General and administrative expense $ 56,311 $ 57,576 $ 56,409 $ 48,993 $ 219,289 $ 54,595 $ 52,518 8.8 % 5.9 % 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Resident fee revenue $ 809,479 $ 801,863 $ 801,237 $ 797,352 $3,209,931 $ 782,707 $ 731,629 (8.8)% (6.0)% Other operating income — — — — — — 26,693 NM NM Resident fee revenue under management (2) 321,952 294,114 275,796 259,437 1,151,299 184,145 131,558 (55.3)% (48.8)% Other operating income under management (2) — — — — — — 8,066 NM NM Total (consolidated and under management) $1,131,431 $1,095,977 $1,077,033 $1,056,789 $4,361,230 $ 966,852 $ 897,946 (18.1)% (16.3)% Allocated G&A Expense as a Percentage of Resident Fee Revenue and Other Operating Income (Consolidated and Under Management) G&A expense (excluding non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs) 4.4 % 4.6 % 4.3 % 3.7 % 4.3 % 4.8 % 4.8 % (20) bps (30) bps Non-cash stock-based compensation expense 0.6 % 0.6 % 0.6 % 0.4 % 0.5 % 0.6 % 0.7 % (10) bps 0 bps G&A expense (excluding Transaction and Organizational Restructuring Costs) (3) 5.0 % 5.2 % 4.9 % 4.1 % 4.8 % 5.5 % 5.5 % (30) bps (30) bps Transaction and Organizational Restructuring Costs — % 0.1 % 0.4 % 0.5 % 0.2 % 0.2 % 0.4 % (30) bps (30) bps G&A expense (including non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs) (3) 5.0% 5.3% 5.2% 4.6% 5.0% 5.6% 5.9% (60) bps (60) bps (1) G&A allocations are calculated using a methodology which the Company believes matches the type of general and administrative cost with the community, segment, or portfolio. Some of the allocations are based on direct utilization and some are based on formulas such as unit proportion. G&A allocations presented herein exclude non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. (2) Not included in consolidated reported amounts. (3) For the second quarter of 2020, G&A expense (excluding Transaction and Organizational Restructuring Costs) excluding other operating income and other operating income under management was 5.7% of revenue. For the second quarter of 2020, G&A expense (including non-cash stock-based compensation expense and Transaction and Organizational Restructuring 15 Costs) excluding other operating income was 6.1%.

Capital Expenditures 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s, except for community level capital expenditures, net, per weighted average unit) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Community level capital expenditures, including allocations Senior Housing Owned Portfolio $ 24,967 $ 33,828 $ 33,144 $ 32,055 $ 123,994 $ 36,735 $ 12,011 64.5 % 17.1 % Senior Housing Leased Portfolio 18,419 25,934 22,162 13,347 79,862 18,413 1,727 93.3 % 54.6 % Community level capital expenditures, net (A) 43,386 59,762 55,306 45,402 203,856 55,148 13,738 77.0 % 33.2 % Corporate capital expenditures (includes Health Care Services) 11,216 6,702 3,815 10,208 31,941 5,408 7,783 (16.1) % 26.4 % Non-Development Capital Expenditures, net 54,602 66,464 59,121 55,610 235,797 60,556 21,521 67.6 % 32.2 % Development Capital Expenditures, net 5,269 5,354 8,054 5,918 24,595 3,900 2,923 45.4 % 35.8 % Total capital expenditures, net $ 59,871 $ 71,818 $ 67,175 $ 61,528 $260,392 $64,456 $24,444 66.0 % 32.5 % Lessor reimbursements: non-development capital expenditures — 1,000 11,043 22,766 34,809 5,827 8,096 Change in related payables 184 (10,576) 5,870 13,413 8,891 (898) 10,938 Total cash paid for capital expenditures $ 60,055 $ 62,242 $ 84,088 $ 97,707 $304,092 $69,385 $43,478 30.1 % 7.7 % Senior Housing Total Average Units (B) 56,460 55,465 55,258 54,821 55,501 54,184 54,040 (2.6) % (3.3) % Community level capital expenditures, net, per weighted average unit (A/B) $ 768 $ 1,077 $ 1,001 $ 828 $ 3,673 $ 1,018 $ 254 76.4 % 86.2 % 16

Cash Facility Lease Payments 2Q20 vs. YTD 2Q20 vs. 2019 2020 2Q19 YTD 2Q19 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q B(W) B(W) Operating Lease Obligations Facility lease expense $ 68,668 $ 67,689 $ 67,253 $ 66,056 $ 269,666 $ 64,481 $ 62,379 Operating lease expense adjustment 4,383 4,429 4,814 5,827 19,453 6,733 8,221 Cash facility operating lease payments $ 73,051 $ 72,118 $ 72,067 $ 71,883 $ 289,119 $ 71,214 70,600 2.1 % 2.3 % Financing Lease Obligations Interest expense: financing lease obligations $ 16,743 $ 16,649 $ 16,567 $ 16,394 $ 66,353 $ 13,282 $ 11,892 Payment of financing lease obligations 5,453 5,500 5,549 5,740 22,242 5,087 4,677 Cash financing lease payments $ 22,196 $ 22,149 $ 22,116 $ 22,134 $ 88,595 $ 18,369 $ 16,569 25.2 % 21.2 % Total cash facility lease payments (1) $ 95,247 $ 94,267 $ 94,183 $ 94,017 $377,714 $ 89,583 $ 87,169 7.5 % 6.7 % Interest Expense Reconciliation to Income Statement Interest expense: financing lease obligations $ 16,743 $ 16,649 $ 16,567 $ 16,394 $ 66,353 $ 13,282 $ 11,892 28.6 % 24.6 % Interest income (3,084) (2,813) (2,162) (1,800) (9,859) (1,455) (2,243) (20.3)% (37.3)% Interest expense: debt $ 45,643 $ 45,193 $ 44,344 $ 42,538 $ 177,718 $ 41,763 $ 38,974 13.8 % 11.1 % Interest expense, net $ 59,302 $ 59,029 $ 58,749 $ 57,132 $ 234,212 $ 53,590 $ 48,623 17.6 % 13.6 % Amortization of deferred financing costs and debt premium (discount) 979 986 1,167 1,138 4,270 1,315 1,556 Interest income 3,084 2,813 2,162 1,800 9,859 1,455 2,243 Interest expense per income statement $ 63,365 $ 62,828 $ 62,078 $ 60,070 $248,341 $ 56,360 $ 52,422 16.6 % 13.8 % (1) Includes cash lease payments for leases of corporate offices and information technology systems and equipment. 17

Capital Structure Total Liquidity Debt Structure (1) Debt (1)(2) ($ in millions) ($ in millions) ($ in millions) Maturity Weighted Rate Variable rate debt with 2020 $ 36 4.16% interest rate caps $600 2021 332 5.90% $600 $536 Fixed rate 2022 349 3.58% $479 $481 $455 debt $1,261 2023 230 3.53% ) s n $400 o $2,300 i l 34% l i 2024 296 4.33% $309 M $315 $562 ( $291 $501 62% $ Thereafter 2,449 3.52% $200 Total $ 3,692 3.81% $164 $164 $172 $131 $38 4% Variable rate (1) Includes the carrying value of mortgage debt and $0 $35 debt - unhedged other notes payable of which 96.9%, or $3.6 billion, 06/30/2019 09/30/2019 12/31/2019 03/31/2020 06/30/2020 represented non-recourse property-level mortgage As of June 30, 2020 financings. Excludes the Company's line of credit balance of $166.4 million as of June 30, 2020. Line of credit available to draw Weighted Rate Fixed rate debt 4.61% (2) Reflects market rates as of June 30, 2020 and (2) applicable cap rates for hedged debt. Cash and cash equivalents and marketable securities Variable rate debt 2.49% Total debt 3.81% (3) Leverage ratios include results of operations of communities disposed of through the disposition date. (3) Leverage Ratios (4) Excludes $10.1 million of the non-recurring, non-cash ($ in 000s) impact of ASC 842 for 2019 periods (see page 26), and includes the $100.0 million management agreement Annualized termination fee. Trailing Twelve Months Ended June 30, 2020 Leverage (5) Excludes operating lease obligations related to Adjusted EBITDAR (4) (A) $ 706,263 certain non-facility leases for which the related lease Cash facility operating lease payments (see page 17) (285,764) expense is included in Adjusted EBITDAR. Adjusted EBITDA (4) 420,499 Important Note Regarding Non-GAAP Financial Cash financing lease payments (see page 17) (79,188) Measures. Adjusted EBITDAR, Adjusted EBITDA, Adjusted EBITDA after cash financing lease payments, Net Debt, and (4) Adjusted EBITDA after cash financing lease payments (B) $ 341,311 Adjusted Net Debt are financial measures that are not calculated in accordance with GAAP. See “Definitions” and As of June 30, 2020 “Non-GAAP Financial Measures” for the definitions of such Debt $ 3,692,365 measures and other important information regarding such measures, including reconciliations to the most Line of credit 166,381 comparable GAAP measures. Cash and cash equivalents (452,441) Marketable securities (109,873) Restricted cash held as collateral against existing debt (1,212) Net Debt (C) 3,295,220 9.7x (C/B) Operating and financing lease obligations (5) 1,965,968 Adjusted Net Debt (D) $ 5,261,188 7.4x (D/A) 18

Definitions Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net Lease Coverage is calculated based on the trailing-twelve months Leased Portfolio income (loss) excluding: benefit/provision for income taxes, non-operating income/ Operating Income, excluding resident fee revenue, other operating income, and facility expense items, and depreciation and amortization; and further adjusted to exclude operating expense of communities disposed during such period adjusted for an implied income/expense associated with non-cash, non-operational, transactional, cost 5% management fee and capital expenditures at $350/unit, divided by the trailing-twelve reduction or organizational restructuring items that management does not consider as months cash facility lease payments for both operating leases and financing leases, part of the Company’s underlying core operating performance and that management excluding cash lease payments for leases of communities disposed during such period, believes impact the comparability of performance between periods. For the periods corporate offices, and information technology systems and equipment, vehicles and presented herein, such other items include non-cash impairment charges, gain/loss on other equipment. For any trailing-twelve month period that includes one or more periods facility lease termination and modification, operating lease expense adjustment, from 2019, an adjustment was made to exclude the 2019 impact of applying the lease amortization of deferred gain, change in future service obligation, non-cash stock-based accounting standard under ASC 842 for residency agreements. compensation expense, and Transaction and Organizational Restructuring Costs. Leased Portfolio Operating Income is defined by the Company as resident fee revenue Adjusted EBITDAR is a non-GAAP financial measure that the Company defines as and other operating income (excluding Health Care Services segment revenue), less Adjusted EBITDA before cash facility operating lease payments. facility operating expense for the Company’s Senior Housing Leased Portfolio. Leased Portfolio Operating Income does not include general and administrative expense (unless Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as otherwise noted) or depreciation and amortization. net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in prepaid Net Debt is a non-GAAP financial measure that the Company defines as the total of its insurance premiums financed with notes payable, changes in operating lease liability for debt (mortgage debt and other notes payable) and the outstanding balance on the line lease termination and modification, cash paid/received for gain/loss on facility lease of credit, less unrestricted cash, marketable securities, and cash held as collateral against termination and modification, and lessor capital expenditure reimbursements under existing debt. operating leases; plus: property insurance proceeds and proceeds from refundable entrance fees, net of refunds; less: Non-Development Capital Expenditures and payment NM means not meaningful. of financing lease obligations. Non-Development Capital Expenditures is comprised of corporate and community- Adjusted Net Debt is a non-GAAP financial measure that the Company defines as Net level capital expenditures, including those related to maintenance, renovations, Debt, plus operating and financing lease obligations. Operating and financing lease upgrades, and other major building infrastructure projects for the Company’s obligations exclude operating lease obligations related to certain non-facility leases for communities. Non-Development Capital Expenditures does not include capital which the related lease expense is included in Adjusted EBITDAR. expenditures for community expansions, major community redevelopment and repositioning projects, and the development of new communities (i.e., Development Combined Segment Operating Income is defined by the Company as resident fee and Capital Expenditures). Amounts of Non-Development Capital Expenditures are presented management fee revenue and other operating income of the Company, less facility net of lessor reimbursements. operating expense. Combined Segment Operating Income does not include general and administrative expense or depreciation and amortization. Owned Portfolio Operating Income is defined by the Company as resident fee revenue and other operating income (excluding Health Care Services segment revenue), less Community Labor Expense is a component of facility operating expense that includes facility operating expense for the Company’s Senior Housing Owned Portfolio. Owned regular and overtime salaries and wages, bonuses, paid-time-off and holiday wages, Portfolio Operating Income does not include general and administrative expense or payroll taxes, contract labor, employee benefits, and workers compensation. depreciation and amortization. Development Capital Expenditures means capital expenditures for community RevPAR, or average monthly senior housing resident fee revenue per available unit, is expansions, major community redevelopment and repositioning projects, and the defined by the Company as resident fee revenue for the corresponding portfolio for the development of new communities. Amounts of Development Capital Expenditures are period (excluding Health Care Services segment revenue and entrance fee amortization, presented net of lessor reimbursements. and, for the 2019 periods, the additional resident fee revenue recognized as a result of the application of the lease accounting standard under ASC 842), divided by the weighted Interest Coverage is calculated based on the trailing-twelve months Owned Portfolio average number of available units in the corresponding portfolio for the period, divided Operating Income adjusted for an implied 5% management fee and capital expenditures by the number of months in the period. at $350/unit, divided by the trailing-twelve months property level and corporate debt interest expense. For any trailing-twelve month period that includes one or more periods from 2019, an adjustment was made to exclude the 2019 impact of applying the lease accounting standard under ASC 842 for residency agreements. 19

Definitions RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is Segment Operating Income (Loss) is defined by the Company as segment revenue and defined by the Company as resident fee revenue for the corresponding portfolio for the other operating income less segment facility operating expense. Segment Operating period (excluding Health Care Services segment revenue and entrance fee amortization, Income (Loss) does not include general and administrative expense or depreciation and and, for the 2019 periods, the additional resident fee revenue recognized as a result of amortization. Management Services Segment Operating Income excludes revenue for the application of the lease accounting standard under ASC 842), divided by the weighted reimbursements for which the Company is the primary obligor of costs incurred on behalf average number of occupied units in the corresponding portfolio for the period, divided of managed communities, and there is no facility operating expense associated with the by the number of months in the period. Management Services segment. See the Segment Information note to the Company’s consolidated financial statements for more information regarding the Company’s Same Community information reflects operating results and data of a consistent segments. population of communities by excluding the impact of changes in the composition of our portfolio of communities. The operating results exclude hurricane and natural disaster Senior Housing Leased Portfolio represents Brookdale leased communities and does expense and related insurance recoveries, and for the 2019 periods, exclude the not include owned or managed communities. additional resident fee revenue and facility operating expense recognized as a result of the application of the lease accounting standard ASC 842. We define our same community Senior Housing Operating Income is defined by the Company as segment revenue and portfolio as communities consolidated and operational for the full period in both other operating income less segment facility operating expense for the Company’s comparison years. Consolidated communities excluded from the same community Independent Living, Assisted Living and Memory Care, and CCRCs segments on an portfolio include communities acquired or disposed of since the beginning of the prior aggregate basis. Senior Housing Operating Income does not include general and year, communities classified as assets held for sale, certain communities planned for administrative expense or depreciation and amortization. disposition, certain communities that have undergone or are undergoing expansion, Senior Housing Owned Portfolio represents Brookdale owned communities and does redevelopment, and repositioning projects, certain communities that have expansion, not include leased or managed communities. redevelopment, and repositioning projects that are anticipated to be under construction in the current year, and certain communities that have experienced a casualty event that Total Average Units represents the average number of units operated during the period. significantly impacts their operations. Transaction and Organizational Restructuring Costs are general and administrative Same Community Operating Income is defined by the Company as resident fee revenue expenses. Transaction costs include those directly related to acquisition, disposition, and other operating income (excluding Health Care Services segment revenue and, for financing, and leasing activity, the Company’s assessment of options and alternatives to the 2019 periods, the additional resident fee revenue recognized as a result of application enhance stockholder value, and stockholder relations advisory matters, and are primarily of the lease accounting standard under ASC 842), less facility operating expense comprised of legal, finance, consulting, professional fees, and other third party costs. (excluding hurricane and natural disaster expense and related insurance recoveries, and Organizational restructuring costs include those related to the Company’s efforts to for the 2019 periods, the additional facility operating expense recognized as a result of reduce general and administrative expense and its senior leadership changes, including application of the lease accounting standard under ASC 842) for the Company's Same severance and retention costs. Community portfolio. Same Community Operating Income does not include general and administrative expense or depreciation and amortization. 20

Appendices Pro-Forma Financial Information 22 Lease Accounting Standard (ASC 842) Impact 26 Non-GAAP Financial Measures 27 21

Pro-Forma Financial Information During the period of July 1, 2019 to June 30, 2020, the Company acquired 26 formerly leased communities and financed the acquisitions with $251.9 million of non-recourse mortgage debt, modified the terms of the amended and restated master lease with Healthpeak, sold its equity interest in the unconsolidated entrance fee CCRC Venture, disposed of an aggregate of seven owned communities, terminated triple-net lease obligations on an aggregate of four communities, and transitioned management agreements on 61 net communities. On July 26, 2020, the Company entered into definitive agreements with Ventas, Inc. (Ventas) to restructure its 120 community (10,174 units) triple-net master lease arrangements, as further described in the Company’s Current Report on Form 8-K filed with the SEC on July 27, 2020. In addition, the Company conveyed to Ventas five communities and will manage the communities following the closing. During the next approximately 12 months, the Company additionally expects: • to close on the dispositions of two owned communities classified as held for sale as of June 30, 2020 • termination of its triple-net lease obligations on two communities • termination of certain of its management arrangements, including management arrangements on certain former unconsolidated ventures in which the Company sold its interest, management arrangements on communities owned by unconsolidated ventures, and interim management arrangements on formerly leased communities. The pro-forma results on the following pages summarize the Company’s actual consolidated results excluding the impact of the lease standard adopted in 2019 and the impact of transactions as follows: • The pro-forma table for the second quarter of 2020 table on page 23 reflects the Company’s actual consolidated results excluding the impact on those results assuming that the foregoing completed and expected transactions had closed on March 31, 2020. • The pro-forma table for the 2020 year to date table on page 24 reflects the Company's actual consolidated results excluding the impact on those results assuming that the foregoing completed and expected transactions had closed on December 31, 2019. • The pro-forma table for the twelve months ended June 30, 2020 on page 25 reflects the Company’s actual consolidated results excluding the non-recurring, non-cash impact of the lease standard adopted in 2019 for the six months ended December 31, 2019 and the impact on those results assuming that the foregoing completed and expected transactions had closed on June 30, 2019. The closings of the various pending and expected transactions described above are, or will be, subject to the satisfaction of various conditions, including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur. 22

Pro-Forma Second Quarter 2020 Amounts Attributable to Actual Results Amounts Actual Results Transactions Net of Amounts Attributable to Net of Amounts Completed or Attributable to Transactions Attributable to Expected to be Completed and 2Q20 Actual Completed Completed Completed after Pending Consolidated Results during 2Q20 Transactions June 30, 2020(1) Transactions ($ in 000s) (A) (B) (A+B) (C) (A+B+C) Senior Housing weighted average units operated 54,040 (41) 53,999 (1,036) 52,963 Senior Housing resident fee revenue $ 641,459 $ (103) $ 641,356 $ (11,194) $ 630,162 Health Care Services resident fee revenue 90,170 — 90,170 — 90,170 Management fee revenue 6,076 (185) 5,891 (1,351) 4,540 Other operating income 26,693 — 26,693 — 26,693 Resident and management fee revenue and other operating income 764,398 (288) 764,110 (12,545) 751,565 Facility operating expense (606,034) 647 (605,387) 10,770 (594,617) General and administrative expense (2) (43,031) — (43,031) — (43,031) Cash facility operating lease payments (70,600) 366 (70,234) 20,378 (49,856) Adjusted EBITDA(3) 44,733 725 45,458 18,603 64,061 Transaction and Organizational Restructuring Costs (3,368) — (3,368) — (3,368) Interest expense, net (48,623) — (48,623) 862 (47,761) Payment of financing lease obligations (4,677) — (4,677) 235 (4,442) Changes in working capital (4) 149,055 — 149,055 — 149,055 Other (2,148) — (2,148) — (2,148) Non-Development Capital Expenditures, net (21,521) 147 (21,374) 177 (21,197) Adjusted Free Cash Flow $ 113,451 $ 872 $ 114,323 $ 19,877 $ 134,200 (1) Does not include a $119.2 million one-time cash lease payment to Ventas on July 27, 2020 to restructure the 120 community triple-net master lease arrangements. (2) Excludes non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur. (3) Adjusted EBITDA includes $26.7 million of government grants recognized into other operating income during the second quarter of 2020. (4) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. 23

Pro-Forma Second Quarter 2020 YTD Amounts Amounts Attributable to Actual Results Attributable to Actual Results Transactions Net of Amounts Transactions Net of Amounts Completed or Attributable to Completed on Attributable to Expected to be Completed and YTD 2Q20 during YTD Completed Completed after Pending Consolidated Actual Results 2Q20 Transactions June 30, 2020(1) Transactions ($ in 000s) (A) (B) (A+B) (C) (A+B+C) Senior Housing weighted average units operated 54,112 (119) 53,993 (1,036) 52,957 Senior Housing resident fee revenue $ 1,329,347 $ (1,455) $ 1,327,892 $ (24,181) $ 1,303,711 Health Care Services resident fee revenue 184,989 — 184,989 — 184,989 Management fee revenue 114,791 (102,164) 12,627 (2,827) 9,800 Other operating income 26,693 — 26,693 — 26,693 Resident and management fee revenue and other operating income 1,655,820 (103,619) 1,552,201 (27,008) 1,525,193 Facility operating expense (1,194,516) 2,476 (1,192,040) 22,456 (1,169,584) General and administrative expense (2) (89,688) — (89,688) — (89,688) Cash facility operating lease payments (141,814) 1,671 (140,143) 40,876 (99,267) Adjusted EBITDA (3) 229,802 (99,472) 130,330 36,324 166,654 Transaction and Organizational Restructuring Costs (5,349) — (5,349) — (5,349) Interest expense, net (102,213) 726 (101,487) 1,956 (99,531) Payment of financing lease obligations (9,764) 458 (9,306) 467 (8,839) Changes in working capital (4) 95,153 — 95,153 — 95,153 Other (6,919) — (6,919) — (6,919) Non-Development Capital Expenditures, net (82,077) 1,120 (80,957) 495 (80,462) Adjusted Free Cash Flow $ 118,633 $ (97,168) $ 21,465 $ 39,242 $ 60,707 (1) Does not include a $119.2 million one-time cash lease payment to Ventas on July 27, 2020 to restructure the 120 community triple-net master lease arrangements. (2) Excludes non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur. (3) Adjusted EBITDA for year-to-date 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020, and $26.7 million of government grants recognized into other operating income during the second quarter of 2020. (4) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. 24

Pro-Forma Trailing Twelve Months Amounts Amounts Attributable to Less: Impact of Actual Results Attributable to Actual Results Transactions Lease Standard Net of Amounts Trailing Twelve Transactions Net of Amounts Completed or Adopted on Attributable to the Months Ended Completed on Attributable to Expected to be January 1, 2019 Lease Standard and June 30, 2020 or before Completed Completed after on Actual Results Completed and Consolidated Actual Results June 30, 2020 Transactions June 30, 2020(1) (2) Pending Transactions ($ in 000s) (A) (B) (A+B) (C) (D) (A+B+C+D=E) Senior Housing weighted average units operated 54,576 (583) 53,993 (1,036) — 52,957 Senior Housing resident fee revenue $ 2,706,642 $ (22,094) $ 2,684,548 $ (50,152) $ (18,341) $ 2,616,055 Health Care Services resident fee revenue 406,283 — 406,283 — — 406,283 Management fee revenue 140,707 (114,897) 25,810 (5,776) — 20,034 Other operating income 26,693 — 26,693 — — 26,693 Resident and management fee revenue and other operating income 3,280,325 (136,991) 3,143,334 (55,928) (18,341) 3,069,065 Facility operating expense (2,408,671) 25,351 (2,383,320) 46,164 28,488 (2,308,668) General and administrative expense (3) (175,538) 2,500 (173,038) — — (173,038) Cash facility operating lease payments (285,764) 8,074 (277,690) 78,805 — (198,885) Adjusted EBITDA (4) 410,352 (101,066) 309,286 69,041 10,147 388,474 Transaction and Organizational Restructuring Costs (14,261) — (14,261) — — (14,261) Interest expense, net (218,094) 6,941 (211,153) 4,106 — (207,047) Payment of financing lease obligations (21,053) 2,877 (18,176) 897 — (17,279) Changes in working capital (5) 147,002 — 147,002 — (16,674) 130,328 Other (1,569) (261) (1,830) — — (1,830) Non-Development Capital Expenditures, net (196,808) 6,975 (189,833) 2,018 — (187,815) Adjusted Free Cash Flow $ 105,569 $ (84,534) $ 21,035 $ 76,062 $ (6,527) $ 90,570 Cash facility operating and financing lease payments $ 364,952 $ (22,550) $ 342,402 $ (80,254) $ — $ 262,148 (1) Does not include a $119.2 million one-time cash lease payment to Ventas on July 27, 2020 to restructure the 120 community triple-net master lease arrangements. (2) See page 26 for more information on the non-recurring, non-cash impact of the lease standard adopted on January 1, 2019. Actual results include the impact of the lease accounting standard effective January 1, 2019. (3) Excludes non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur, with the exception of an estimate of the scaling as a result of the transactions with Healthpeak which is included in column B. (4) Adjusted EBITDA for 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020, and $26.7 million of government grants recognized into other operating income during the second quarter of 2020. (5) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. Actual Results Less Amounts Pro-forma (from column E above) Attributable to Completed and Owned and Leased Specifically Identifiable Information, and Senior Housing Owned Senior Housing Leased Health Care Services Pending Transactions Other Portfolio Portfolio and Other (from column E above) Weighted average units operated 31,562 21,395 — 52,957 Senior Housing and Health Care Services revenue $ 1,515,351 $ 1,100,704 $ 406,283 $ 3,022,338 Facility operating expense $ (1,117,479) $ (776,129) $ (415,060) $ (2,308,668) Total cash facility lease payments and interest expense, net $ (168,724) $ (256,469) $ 1,982 $ (423,211) Non-Development Capital Expenditures, net $ (116,653) $ (43,948) $ (27,214) $ (187,815) 25

2019 Lease Accounting Standard (ASC 842) Impact The Company’s adoption of the lease accounting standard, effective January 1, 2019, impacted the timing of the revenue and cost recognition associated with its residency agreements. For the full year 2019, the impact of the adoption and application to its residency agreements had a negative, non-recurring net impact of $23.1 million to net income (loss) and Adjusted EBITDA, with no impact to net cash provided by (used in) operating activities or Adjusted Free Cash Flow. To aid in comparability between periods, the following presentations in this Supplement exclude the negative, non-recurring net impact of adoption of the lease accounting standard: (i) the Company’s results on a Same Community basis, (ii) RevPAR and RevPOR (other than as noted on this page), (iii) Interest Coverage, (iv) lease coverage, and (v) annualized leverage. All other presentations of the Company's 2019 results in this Supplement include the impact of the lease accounting standard effective January 1, 2019. The following table presents the impact of adoption of the lease accounting standard to the Company’s quarterly and full year 2019 results from its application to the Company's residency agreements and costs related thereto for the senior housing portfolio. For the quarterly impact of the adoption for each senior housing segment, see the supplemental information furnished as Exhibit 99.2 to the Current Reports on Form 8-K filed with the SEC on May 6, 2019, August 5, 2019, November 5, 2019, and February 18, 2020. 1Q 2019 2Q 2019 Q3 2019 4Q 2019 Full Year 2019 Assisted Total Senior Total Senior Total Senior Total Senior Total Senior Independent Living and ($ in 000s, except RevPAR and RevPOR) Housing Housing Housing Housing Housing Living Memory Care CCRCs Resident fee revenue $ 2,780 $ 5,299 $ 7,958 $ 10,383 $ 26,420 $ 8,725 $ 14,686 $ 3,009 Facility operating expense 9,210 11,826 13,955 14,533 49,524 12,661 31,560 5,303 Net income (loss) and Adjusted EBITDA (6,430) (6,527) (5,997) (4,150) (23,104) (3,936) (16,874) (2,294) Foregoing impact is offset within working capital 6,430 6,527 5,997 4,150 23,104 3,936 16,874 2,294 Adjusted Free Cash Flow $ — $ — $ — $ — $ — $ — $ — $ — RevPAR - Including impact of ASC 842 $ 4,118 $ 4,129 $ 4,157 $ 4,180 $ 4,146 $ 3,638 $ 4,139 $ 5,161 RevPAR - Excluding impact of ASC 842 4,102 4,097 4,109 4,116 4,106 3,580 4,106 5,123 RevPOR - Including impact of ASC 842 $ 4,929 $ 4,948 $ 4,937 $ 4,946 $ 4,940 $ 4,080 $ 5,012 $ 6,346 RevPOR - Excluding impact of ASC 842 4,909 4,909 4,880 4,871 4,893 4,014 4,971 6,298 26

Non-GAAP Financial Measures This Supplemental Information contains the financial measures Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBITDA after cash financing lease payments, Adjusted Free Cash Flow, Net Debt, and Adjusted Net Debt (each as defined in the “Definitions” section), which are not calculated in accordance with U.S. GAAP ("GAAP"). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, short-term debt, long-term debt less current portion, or current portion of long-term debt. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations set forth in this Appendix of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP and to review the information under “Reconciliations of Non-GAAP Financial Measures” in the Company’s earnings release dated August 10, 2020 for additional information regarding the Company’s use and the limitations of such non-GAAP financial measures. 27

Non-GAAP Financial Measures (continued) Adjusted EBITDA Reconciliation 2019 2020 Trailing Twelve Months Ended ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD June 30, 2020 Net income (loss) $ (42,606) $ (56,055) $ (78,508) $ (91,323) $(268,492) $369,497 $(118,420) $ 251,077 $ 81,246 Provision (benefit) for income taxes 679 633 (1,800) (1,781) (2,269) (15,828) 8,504 (7,324) (10,905) Equity in (earnings) loss of unconsolidated ventures 526 991 2,057 970 4,544 1,008 (438) 570 3,597 Loss (gain) on debt modification and extinguishment, net 67 2,672 2,455 53 5,247 (19,181) 157 (19,024) (16,516) Loss (gain) on sale of assets, net 702 (2,846) (579) (4,522) (7,245) (372,839) 1,029 (371,810) (376,911) Other non-operating (income) loss (2,988) (3,199) (3,763) (4,815) (14,765) (2,662) (988) (3,650) (12,228) Interest expense 63,365 62,828 62,078 60,070 248,341 56,360 52,422 108,782 230,930 Interest income (3,084) (2,813) (2,162) (1,800) (9,859) (1,455) (2,243) (3,698) (7,660) Income (loss) from operations 16,661 2,211 (20,222) (43,148) (44,498) 14,900 (59,977) (45,077) (108,447) Depreciation and amortization 96,888 94,024 93,550 94,971 379,433 90,738 93,154 183,892 372,413 Asset impairment 391 3,769 2,094 43,012 49,266 78,226 10,290 88,516 133,622 Loss (gain) on facility lease termination and modification, net 209 1,797 — 1,382 3,388 — — — 1,382 Operating lease expense adjustment (4,383) (4,429) (4,814) (5,827) (19,453) (6,733) (8,221) (14,954) (25,595) Non-cash stock-based compensation expense 6,356 6,030 5,929 4,711 23,026 5,957 6,119 12,076 22,716 Transaction and Organizational Restructuring Costs 461 634 3,910 5,002 10,007 1,981 3,368 5,349 14,261 Adjusted EBITDA (1) (2) $116,583 $104,036 $ 80,447 $100,103 $ 401,169 $ 185,069 $ 44,733 $ 229,802 $ 410,352 $100.0 million management termination fee — — — — — (100,000) — (100,000) (100,000) Adjusted EBITDA, excluding $100.0 million management termination fee $116,583 $104,036 $ 80,447 $100,103 $ 401,169 $ 85,069 $ 44,733 $ 129,802 $ 310,352 (1) The 2019 periods presented include the non-recurring, non-cash impact associated with the Company's adoption of the lease accounting standard effective January 1, 2019. See page 26 for additional information. (2) Adjusted EBITDA for the first quarter and year-to-date of 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020. Adjusted EBITDA for the second quarter and year-to-date of 2020 includes $26.7 million of government grants recognized in other operating income during the second quarter of 2020. 28

Non-GAAP Financial Measures (continued) Adjusted EBITDAR; Adjusted EBITDA; and Adjusted EBITDA after Cash Financing Lease Payments Reconciliations (1) Trailing Twelve Months Ended ($ in 000s) June 30, 2020 Net income (loss) $ 81,246 Provision (benefit) for income taxes (10,905) Equity in (earnings) loss of unconsolidated ventures 3,597 Loss (gain) on debt modification and extinguishment, net (16,516) Loss (gain) on sale of assets, net (376,911) Other non-operating (income) loss (12,228) Interest expense 230,930 Interest income (7,660) Income (loss) from operations (108,447) Depreciation and amortization 372,413 Asset impairment 133,622 Loss (gain) on facility lease termination and modification, net 1,382 Facility lease expense 260,169 Non-cash stock-based compensation expense 22,716 Transaction and Organizational Restructuring Costs 14,261 Impact from lease standard 10,147 Adjusted EBITDAR (excluding the lease standard impact) $ 706,263 Facility lease expense (260,169) Straight-line lease expense (income) (25,595) Adjusted EBITDA (excluding the lease standard impact) $ 420,499 Interest expense: financing lease obligations (58,135) Payment of financing lease obligations (21,053) Adjusted EBITDA after cash financing lease payments (excluding the lease standard impact) $ 341,311 (1) Excludes $10.1 million of the non-cash, non-recurring impact of the adoption of the lease accounting standard effective January 1, 2019 for the period from July 1, 2019 through December 31, 2019. See page 26 for additional information. 29

Non-GAAP Financial Measures (continued) Net Debt and Adjusted Net Debt Reconciliations ($ in 000s) As of June 30, 2020 Long-term debt (including current portion) $ 3,692,365 Line of credit 166,381 Cash and cash equivalents (452,441) Marketable securities (109,873) Cash held as collateral against existing debt (1,212) Net Debt 3,295,220 Operating and financing lease obligations 2,012,516 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR (46,548) Adjusted Net Debt $ 5,261,188 Adjusted Net Debt to Adjusted EBITDAR 7.4x Net Debt to Adjusted EBITDA after cash financing lease payments 9.7x Operating and financing lease obligations $ 2,012,516 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR (46,548) Operating lease obligations related to corporate office and information technology leases $ (27,839) Operating and financing lease obligations for Senior Housing Leased Portfolio $ 1,938,129 30

Non-GAAP Financial Measures (continued) Adjusted Free Cash Flow Reconciliation 2019 2020 Trailing Twelve Months Ended ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q YTD June 30, 2020 Net cash provided by (used in) operating activities $ (5,009) $ 64,128 $ 69,211 $ 88,082 $216,412 $ 57,479 $ 151,840 $ 209,319 $ 366,612 Net cash provided by (used in) investing activities (100,073) 19,774 (70,056) (75,184) (225,539) (247,927) (47,483) (295,410) (440,650) Net cash provided by (used in) financing activities (16,636) (87,443) (8,755) (26,560) (139,394) 347,250 (40,726) 306,524 271,209 Net increase (decrease) in cash, cash equivalents and restricted cash $ (121,718) $ (3,541) $ (9,600) $ (13,662) $(148,521) $ 156,802 $ 63,631 $ 220,433 $ 197,171 Net cash provided by (used in) operating activities $ (5,009) $ 64,128 $ 69,211 $ 88,082 $216,412 $ 57,479 $ 151,840 $ 209,319 $ 366,612 Distributions from unconsolidated ventures from cumulative share of net earnings (749) (781) (858) (1,084) (3,472) — — — (1,942) Changes in prepaid insurance premiums financed with notes payable 18,842 (6,752) (6,215) (5,875) — 17,434 (5,770) 11,664 (426) Changes in liabilities for lessor capital expenditure reimbursements under operating leases — (1,000) (11,043) (19,262) (31,305) (4,088) (6,421) (10,509) (40,814) Non-development capital expenditures, net (54,602) (66,464) (59,121) (55,610) (235,797) (60,556) (21,521) (82,077) (196,808) Payment of financing lease obligations (5,453) (5,500) (5,549) (5,740) (22,242) (5,087) (4,677) (9,764) (21,053) Adjusted Free Cash Flow (1) $ (46,971) $ (16,369) $ (13,575) $ 511 $ (76,404) $ 5,182 $ 113,451 $ 118,633 $ 105,569 (1) The first quarter and year-to-date of 2020 includes the $100.0 million management agreement termination fee payment received from Healthpeak related to the sale of Brookdale’s interest in the entry fee CCRC venture, which closed on January 31, 2020. The second quarter and year-to-date of 2020 includes $85.0 million of accelerated/ advanced Medicare payments, $33.5 million of Emergency Fund government grants accepted, and $26.5 million of payroll taxes deferred in the second quarter of 2020. Brookdale Senior Living Inc. 111 Westwood Place, Suite 400 Brentwood, TN 37027 (615) 221-2250 www.brookdale.com 31



Delaware	001-32641	20-3068069
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)



111 Westwood Place,	Suite 400,	Brentwood,	Tennessee	37027
(Address of principal executive offices)				(Zip Code)



Registrant's telephone number, including area code		(615)	221-2250


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value Per Share	BKD	New York Stock Exchange



		BROOKDALE SENIOR LIVING INC.


Date:	August 10, 2020	By:	/s/ Chad C. White
		Name:	Chad C. White
		Title:	Executive Vice President, General Counsel and Secretary



UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

	FORM	8-K

CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)		August 10, 2020



(d)		Exhibits

99.1		Press Release dated August 10, 2020

99.2		Supplemental Information

104		Cover Page interactive Data File (embedded within the Inline XBRL document)

Document and Entity Information Document	Aug. 10, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 10, 2020
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32641
Entity Tax Identification Number	20-3068069
Entity Address, Address Line One	111 Westwood Place,
Entity Address, Address Line Two	Suite 400,
Entity Address, City or Town	Brentwood,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37027
City Area Code	(615)
Local Phone Number	221-2250
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	BKD
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Registrant Name	Brookdale Senior Living Inc.
Entity Central Index Key	0001332349
Amendment Flag	false