Brookdale Senior Living Inc (BKDT) 2023 Q4 法說會逐字稿

Good morning, all, and welcome to the Brookdale Fourth Quarter 2020 Earnings Call. All lines have been placed on mute during the presentation portion of the call with an opportunity for question and answer at the end. If you'd like to ask a question, please press star followed by one on your telephone keypad. I would now like to turn this conference call over to our host from Brookdale's Investor Relations team.

大家早安，歡迎參加布魯克代爾 2020 年第四季財報電話會議。在通話的演示部分，所有線路均處於靜音狀態，最後有機會進行問答。如果您想提問，請按下電話鍵盤上的星號，然後再按一個。我現在想將這次電話會議轉交給布魯克代爾投資者關係團隊的主持人。

Kathy?

凱西？

So thank you and good morning. I'd like to welcome you to the fourth quarter 2023 earnings call for Brookdale Senior Living. Joining us today are Cindy Baier, our President and Chief Executive Officer, and Dan Caruso, our Executive Vice President and Chief Financial Officer. All statements today, which are not historical facts, may be deemed to be forward-looking statements within the meaning of the federal securities laws. These statements are made as of today's date, and we expressly disclaim any obligation to update these statements in the future.

謝謝你，早安。歡迎您參加 Brookdale Senior Living 2023 年第四季財報電話會議。今天加入我們的有我們的總裁兼執行長 Cindy Baier 和我們的執行副總裁兼財務長 Dan Caruso。今天的所有陳述並非歷史事實，可能被視為聯邦證券法含義內的前瞻性陳述。這些聲明是截至今天作出的，我們明確表示不承擔將來更新這些聲明的義務。

Actual results and performance may differ materially from forward-looking statements. Certain of the factors that could cause actual results to differ are detailed in the earnings release we issued yesterday as well as in the reports we file with the SEC from time to time, including the risk factors contained in our annual report on Form 10 K and quarterly reports on Form 10 Q. I direct you to the release for the full Safe Harbor statement. Also, please note that during this call, we will present non-GAAP financial measures for reconciliations of each non-GAAP measure from the most comparable GAAP measure. I direct you to the release and supplemental information, which may be found at brookdale Investors.com and was furnished on an eight K yesterday. Now I will turn the call over to Cindy.

實際結果和表現可能與前瞻性陳述有重大差異。我們昨天發布的收益報告以及我們不時向 SEC 提交的報告中詳細介紹了可能導致實際結果不同的某些因素，包括我們 10 K 表格年度報告中包含的風險因素和表10 Q 上的季度報告。我將引導您查看完整的安全港聲明的發布。另請注意，在本次電話會議中，我們將提供非 GAAP 財務指標，以便將每項非 GAAP 指標與最具可比性的 GAAP 指標進行調整。我將引導您查看新聞稿和補充信息，這些信息可以在 brookdale Investors.com 上找到，並於昨天在 8 K 上提供。現在我將把電話轉給辛蒂。

Thank you, Jessica, and good morning to all of our shareholders, analysts and other call participants. Welcome to our fourth quarter and 2023 year end earnings call, we started 2023 with a clear vision, an intense focus and a commitment to deliver positive results. This commitment extended beyond achieving positive operational and financial outcomes. It also encompassed fulfilling our overarching priority, which is the health and well-being of our residents and associates. We dedicated ourselves to ensuring that we had created the right plans and initiatives for the year had clearly communicated, while these were the most important priorities and have the right people in place to effectively meet our objective. But our efforts didn't stop with our plans.

謝謝你，傑西卡，我們所有的股東、分析師和其他電話會議參與者早安。歡迎參加我們的第四季和 2023 年年終財報電話會議，我們以清晰的願景、高度的關注和交付積極成果的承諾開始了 2023 年。這項承諾不僅限於實現積極的營運和財務成果。它還包括實現我們的首要任務，即居民和同事的健康和福祉。我們致力於確保我們為這一年制定了正確的計劃和舉措並進行了明確的溝通，而這些是最重要的優先事項，並且有合適的人員來有效地實現我們的目標。但我們的努力並沒有隨著我們的計劃而停止。

Our leaders focused intensely on achieving our objectives work together as a team and adjusted our tactics as new information became available for this. I'm extremely grateful to our team for their leadership and their efforts. And I'm proud to say that the result was an incredibly strong year, marked by more residents who chose to be part of a Brookdale community, which led to greater occupancy, significant improvements in our operations and robust financial growth. Although complete recovery is still ahead of us with each quarter of 2023 we continue to build a solid foundation that paves the way for sustained growth for the fourth quarter. We are pleased to report another quarter in which both RevPAR and adjusted EBITDA achieved or exceeded our previously provided guidance.

我們的領導者高度重視實現我們的目標，作為一個團隊共同努力，並隨著新資訊的出現而調整我們的策略。我非常感謝我們團隊的領導和努力。我很自豪地說，結果是令人難以置信的強勁一年，更多的居民選擇成為布魯克代爾社區的一部分，這導致了入住率的提高、我們運營的顯著改善和強勁的財務增長。儘管 2023 年每季仍將完全復甦，但我們將繼續打下堅實的基礎，為第四季的持續成長鋪平道路。我們很高興地報告另一個季度，RevPAR 和調整後的 EBITDA 都達到或超越了我們之前提供的指導。

Additionally, by remaining focused on our key strategic priorities, we delivered a number of positive outcomes throughout our community operations, our real estate portfolio and our financials. Same-community RevPAR increased approximately 10% over last year's fourth quarter on positive occupancy and RevPAR growth.

此外，透過持續專注於我們的關鍵策略重點，我們在社區營運、房地產投資組合和財務方面取得了許多積極成果。由於入住率和 RevPAR 的積極成長，同一社區的 RevPAR 比去年第四季成長了約 10%。

By pursuing RevPAR through a balance of occupancy and rate. We delivered favorable top line results in the fourth quarter, we maintained the positive margin improvements we have achieved throughout 2023, while ensuring that we continue to meet our residents' needs, provide high-quality care and personalized service and remain in compliance with applicable regulations through RevPAR growth and appropriate expense management.

透過平衡入住率和房價來追求 RevPAR。我們在第四季度取得了良好的營收業績，保持了 2023 年全年利潤率的積極增長，同時確保我們繼續滿足居民的需求，提供高品質的護理和個性化服務，並繼續遵守適用的法規透過RevPAR 成長和適當的費用管理。

Same-community adjusted operating income grew 37% over the prior year fourth quarter in addition to these financial accomplishments, we once again achieved meaningful progress towards our leadership, retention and associate turnover goals. This is critically important because our business is all about people serving people year over year. Retention rates for our key three community leadership roles increased 190 basis points and full-time hourly associate turnover improved by 910 basis points from the prior year fourth quarter. I am incredibly proud of the progress we are making in this critical area of the business.

除了這些財務成就之外，同一社區調整後的營業收入比去年第四季成長了 37%，我們在領導力、留任率和員工流動率目標方面再次取得了有意義的進展。這一點至關重要，因為我們的業務就是讓人們年復一年地為人們服務。與去年第四季相比，我們三個關鍵社區領導角色的留任率提高了 190 個基點，全職員工每小時營業額提高了 910 個基點。我對我們在這一關鍵業務領域取得的進展感到無比自豪。

Lastly, as reported in December, we completed two financing transactions and sold our remaining equity interest in our home health and hospice venture. Dan will share the specifics, but I want to recognize our Brookdale team for the successful completion of these transactions, particularly our Treasurer, George Qix and to share my gratitude toward each of the counterparties as we close out 2023.

最後，正如 12 月報告的那樣，我們完成了兩項融資交易，並出售了我們在家庭健康和臨終關懷企業中的剩餘股權。Dan 將分享具體細節，但我想對我們的 Brookdale 團隊成功完成這些交易表示認可，特別是我們的財務主管 George Qix，並在 2023 年結束時向每一位交易對手錶示感謝。

I would like to highlight some notable accomplishments that significantly contributed to our remarkable results this year was pivotal in refining our operations to favorably impact our performance as we further recover from the pandemic while continuing to support consistent and high-quality resident experiences. We began the year with a strategic rebuild of our senior leadership team. These changes while incredibly difficult for central for matching our organizational structure with our business priorities and streamlining decision making.

我想強調一些顯著的成就，這些成就為我們今年的卓越業績做出了重大貢獻，這些成就對於完善我們的運營至關重要，以便在我們從大流行中進一步恢復的同時，繼續支持一致和高品質的居民體驗，從而對我們的業績產生有利的影響。今年伊始，我們對高階領導團隊進行了策略性重建。這些變化對於中心來說很難將我們的組織結構與我們的業務優先事項相匹配並簡化決策。

We then evolved the executive director role to emphasize a stronger growth mindset, combining both mission and margin and underscoring strong business acumen for the incumbents and future community leaders, all the while maintaining our focus on driving resident satisfaction and providing high-quality care and services. This led to some turnover in 2023, but it was a necessary step to foster a culture of excellence and continued effectively delivering our mission. And by year end, these changes have started yielding noticeable positive improvements at the community level.

然後，我們發展了執行董事的角色，以強調更強大的成長心態，將使命和利潤結合起來，並強調現任者和未來社區領導人強大的商業頭腦，同時始終專注於提高居民滿意度並提供高品質的護理和服務。這導致 2023 年出現一些人員流動，但這是培養卓越文化並繼續有效履行我們使命的必要步驟。到年底，這些變化已開始在社區層面產生顯著的正面改善。

We further supported a growth mindset by introducing new training for our community and field leaders to provide alignment across our core priorities and support operational excellence that would enhance not only the business, but importantly, our overall resident and family satisfaction to attract, engage, develop and retain the best associates. We piloted and launched several new processes and programs that resulted in outcomes like the improved retention and turnover that I spoke to by hiring associates who are dedicated to our mission, extending the length of employment of our Brookdale community leaders and hourly associates and increasing the number of shifts staffed with full and part-time Brookdale associates rather than contract labor.

我們透過為社區和現場領導者引入新的培訓來進一步支持成長心態，以協調我們的核心優先事項並支持卓越運營，這不僅會增強業務，更重要的是，我們的整體居民和家庭滿意度會吸引、參與和發展並留住最好的同事。我們試點並啟動了幾個新的流程和計劃，取得了一些成果，例如透過僱用致力於我們使命的員工、延長布魯克代爾社區領導和小時工的工作期限以及增加數量，提高了保留率和流動率。輪班由全職和兼職的布魯克代爾員工而不是合約工組成。

We are building stronger teams that will have a favorable impact for years to come. I am so pleased with the community level successes we have already seen from these improvements. We remain committed to continuous improvement and are confident in our plans for further progress. Our annual resident and family survey, which we completed in the fourth quarter and which received roughly 45,000 responses once again provided invaluable insight, residents and family satisfaction has consistently been a key priority at Brookdale. This priority became even more critical in 2023, given the rate increase we implemented at the beginning of the year. I'm proud to report that our total Company engagement score improved by a significant amount with positive increases across all of our product lines.

我們正在建立更強大的團隊，這將在未來幾年產生有利的影響。我對我們從這些改進中看到的社區層面的成功感到非常高興。我們仍然致力於持續改進，並對我們進一步進展的計劃充滿信心。我們在第四季度完成的年度居民和家庭調查收到了大約 45,000 份回复，再次提供了寶貴的見解，居民和家庭滿意度一直是布魯克代爾的首要任務。鑑於我們在年初實施的費率上調，這項優先事項在 2023 年變得更加重要。我很自豪地向大家報告，我們公司的總敬業度得分顯著提高，所有產品線都取得了積極的成長。

Additionally, we are grateful, but the vast majority of our residents responded overwhelmingly that they would recommend or highly recommend their community to friends and family. These positive results reflect the great work of our dedicated associates, and we will build upon this to ultimately achieve our desired overall satisfaction goals for Brookdale residents and their families. We are always extremely appreciative of the meaningful insights received from regular resident and family engagement, and we'll continue to focus on this critical area.

此外，我們很感激，但我們絕大多數居民絕大多數回應說，他們會向朋友和家人推薦或強烈推薦他們的社區。這些積極的成果反映了我們敬業的員工的出色工作，我們將在此基礎上最終實現我們為布魯克代爾居民及其家人所期望的整體滿意度目標。我們始終非常感謝從定期居民和家庭參與中獲得的有意義的見解，我們將繼續關注這一關鍵領域。

Another accomplishment in 2023 was the expansion of the Brookdale Health Plus program, which has demonstrated remarkable success in improving resident health outcomes through its innovative care delivery model. Independent evaluations confirmed that residents in our health plus communities experienced fewer urgent care visits and hospitalizations, underscoring the effectiveness of our proactive and preventive care measures planning for our next Brookdale Health Plus expansion is well underway, and we expect to have nearly 130 communities in this industry leading clinical program by the end of 2024, continued expansion of Brookdale Health Plus not only creates an integrated benefit for our residents, but also it creates value for many stakeholders and further establishes Brookdale's position as a market leader and industry innovator.

2023 年的另一項成就是 Brookdale Health Plus 計劃的擴展，該計劃透過其創新的護理服務模式在改善居民健康結果方面取得了顯著成功。獨立評估證實，我們的Health Plus 社區居民的緊急護理就診和住院次數減少，這突顯了我們為下一次Brookdale Health Plus 擴張而製定的主動和預防性護理措施的有效性。我們預計該社區中將有近130 個社區到2024 年底，Brookdale Health Plus 的持續擴張不僅為我們的居民創造了綜合效益，而且還為許多利益相關者創造了價值，並進一步確立了Brookdale 作為市場領導者和行業創新者的地位。

Also, in 2023, we continue to proactively manage our leased and owned portfolios to further improve our long-term financial position. This included negotiating favorable terms with two long-standing landlords as well as making strategic decisions about our portfolio, such as disposing of certain leased and owned properties that were no longer right for Brookdale through these transactions. We not only obtained additional landlord funded CapEx. We also secured favorable purchase options on certain communities that were previously not available to us. This will support future cash flows and enable us to further improve our own to lease portfolio mix in the years to come.

此外，到 2023 年，我們將繼續積極管理我們的租賃和自有投資組合，以進一步改善我們的長期財務狀況。這包括與兩個長期房東談判優惠條款，以及就我們的投資組合做出策略決策，例如透過這些交易處置不再適合佈魯克代爾的某些租賃和自有房產。我們不僅獲得了額外的房東資助的資本支出。我們還在某些社區獲得了以前無法獲得的優惠購買選擇。這將支持未來的現金流，並使我們能夠在未來幾年進一步改善我們自己的租賃投資組合。

Lastly, as a result of our strong 2023 adjusted EBITDA growth, our annualized leverage decreased from 19.8 times at the end of 2022 to 11.1 times at the end of 2023. Throughout the pandemic and subsequent recovery period, we have successfully executed plans to manage our capital structure and maintain appropriate liquidity.

最後，由於我們 2023 年調整後 EBITDA 強勁成長，我們的年化槓桿率從 2022 年底的 19.8 倍下降到 2023 年底的 11.1 倍。在整個大流行和隨後的恢復期間，我們成功執行了管理資本結構和保持適當流動性的計劃。

Our fourth quarter transactions are the most recent examples of this, combining a passion for successfully executing our mission. While focusing on delivering an appropriate margin is critical for our success. While our overarching priority remains the health and well-being of our residents and associates, cash flow and liquidity will continue to be our top financial priorities.

我們第四季的交易就是最新的例子，結合了成功執行我們使命的熱情。專注於提供適當的利潤對於我們的成功至關重要。雖然我們的首要任務仍然是居民和員工的健康和福祉，但現金流和流動性仍將是我們財務的首要任務。

In summary, 2023 was a year of strong and steadfast execution of our strategic goals, solid operational improvements and meaningful growth towards full recovery in a moment, Don will share with you the measurable results of these efforts, which are significant.

總而言之，2023 年是我們強而有力、堅定地執行策略目標、紮實營運改善和實現全面復甦的有意義成長的一年，Don 將與您分享這些努力的可衡量成果，這些成果意義重大。

While I'll now turn to our 2024 plans. As we look to 2024. Our expectations are simple, stay the course. We have worked incredibly hard to lay a strong foundation for future growth, and we intend to build upon the successful execution of our strategy. Our commitment is to continue to provide growth opportunities and rewards to our people while reinforcing the favorable initiatives and processes that we introduced in 2023. Brookdale remains a learning organization accordingly will take our learnings from 2023, and we will address and improve areas that require ongoing refinement in our continuous pursuit be the nation's first choice in senior living. We made remarkable progress last year, but driving meaningful change to an organization and reaping the full benefit of that change takes time.

現在我將談談我們的 2024 年計畫。展望 2024 年。我們的期望很簡單，堅持到底。我們付出了難以置信的努力，為未來的成長奠定了堅實的基礎，我們打算在成功執行我們的策略的基礎上再接再厲。我們的承諾是繼續為我們的員工提供成長機會和獎勵，同時加強我們在 2023 年推出的有利舉措和流程。布魯克代爾仍然是一個學習型組織，因此我們將從 2023 年開始汲取經驗教訓，在我們不斷追求成為全國老年生活首選的過程中，我們將解決和改進需要不斷完善的領域。去年我們取得了顯著的進步，但推動組織進行有意義的變革並獲得變革的全部好處需要時間。

We take pride in our accomplishments and we also see them as stepping stones towards our full recovery and achieving our ultimate potential. As such, our teams throughout the organization are incredibly committed to executing against our key strategic priorities guided our success and growth in 2023. These key strategic priorities for 2024 will remain first, get every available room and service at the best profitable rate second attract, engage, develop and retain the best associates and third, fund resident and family trust and satisfaction by providing valued high-quality care and personalized service. Through consistent execution of these, I believe we will grow occupancy and RevPAR deliver meaningful 2024 adjusted EBITDA growth and adjusted free cash flow improvement and support further shareholder value creation, all while continuing to grow resident satisfaction. I look forward to providing you with positive quarterly updates on our progress throughout 2024.

我們對我們的成就感到自豪，我們也將它們視為我們全面康復和實現最終潛力的墊腳石。因此，我們整個組織的團隊都非常致力於執行我們的關鍵策略優先事項，指導我們在 2023 年取得成功和成長。2024 年的這些關鍵策略重點仍將是：第一，以最佳利潤率獲得每一個可用的房間和服務；第二，吸引、聘用、發展和留住最好的員工；第三，透過提供有價值的高品質照護和服務，為居民和家庭提供信任和滿意度。個人化服務。透過持續執行這些措施，我相信我們將提高入住率和 RevPAR，實現 2024 年調整後 EBITDA 的有意義增長和調整後自由現金流的改善，並支持進一步創造股東價值，同時繼續提高居民滿意度。我期待為您提供有關我們 2024 年進展的積極季度更新。

I'll now turn the call over to Don.

我現在將電話轉給唐。

Thank you, Cindy. Good morning, and thank you for being here today. We were very pleased to finish 2023 with another quarter of solid operating results and financial growth. Beginning with fourth quarter revenue residency revenue grew 8.9% over the prior year quarter. Fourth quarter consolidated RevPAR growth was 10% over the prior year, which is in line with the top of our previously provided guidance range. Our year-over-year RevPAR growth was attributable to a 130 basis point increase in weighted average occupancy and an 8.1% RevPAR increase.

謝謝你，辛蒂。早安，感謝您今天來到這裡。我們很高興在 2023 年結束時又一個季度實現了穩健的營運業績和財務成長。從第四季開始，居住收入比去年同期成長了 8.9%。第四季合併 RevPAR 較上年同期成長 10%，符合我們先前提供的指導範圍的上限。我們的 RevPAR 年成長歸因於加權平均入住率成長 130 個基點以及 RevPAR 成長 8.1%。

This marked our ninth consecutive quarter of year-over-year occupancy growth. Sequentially, these results represented an 80 basis point increase in occupancy and a half percent decrease in RevPAR compared to the third quarter we are pleased to report that this sequential occupancy growth was meaningfully above normal pre-pandemic seasonality for this period. Fourth quarter RevPAR was slightly below our expectations due to resident mix disposition timing and our competitive response on pricing.

這標誌著我們的入住率連續第九個季度同比增長。與第三季相比，這些結果顯示入住率增加了80 個基點，每間可用客房收入下降了0.5%。我們很高興地報告說，入住率連續成長明顯高於這段時期大流行前的正常季節性。由於居民混合處置時機和我們對定價的競爭性反應，第四季度的 RevPAR 略低於我們的預期。

Our same-community portfolio performed largely in line with the consolidated portfolio in the fourth quarter, including RevPAR growth of approximately 10%, a 130 basis point increase in weighted average occupancy and approximately 8% rev par growth over the prior year. We are pleased with these top-line results.

我們的同社區投資組合的表現與第四季度的綜合投資組合基本一致，包括與前一年相比，每間客房收入增長約10%，加權平均入住率增長130 個基點，每間客房收入增長約8%。我們對這些頂級結果感到滿意。

Moving to fourth quarter expenses, consolidated facility operating expense was $530 million, while same-community facility operating expense, as shown on page 8 of our financial supplement, was $513 million. Fourth quarter. Same-community adjusted operating income grew by 37% over the prior year fourth quarter, significantly outpacing our peers. This was our ninth consecutive quarter to deliver year-over-year adjusted operating income growth. We are very proud of this progress as we diligently work to return to pre-pandemic segment operating margins while continuing to ensure that we meet our residents' needs, provide high-quality care and service and remain in compliance with applicable regulations.

轉向第四季度的支出，綜合設施營運支出為 5.3 億美元，而同一社區設施營運支出（如我們的財務補充第 8 頁所示）為 5.13 億美元。第四季。同社區調整後的營業收入比去年第四季成長了 37%，大大超過了我們的同業。這是我們連續第九個季度實現調整後營業收入年增。我們對這一進展感到非常自豪，因為我們努力恢復大流行前的部門營業利潤，同時繼續確保滿足居民的需求，提供高品質的護理和服務，並保持遵守適用的法規。

Same-community fourth quarter adjusted operating margin was 26.3%, which represented the highest reported margin rate since the initial impact of the pandemic. This solid progress as a result of favorable outcomes from the 2023 accomplishments Cindy spoke to including continued RevPAR growth and appropriate expense management.

同社區第四季調整後營業利潤率為 26.3%，這是自疫情最初影響以來報告的最高利潤率。這一堅實的進展得益於 Cindy 談到的 2023 年成就的良好成果，包括持續的 RevPAR 成長和適當的費用管理。

Fourth quarter general and administrative expense was approximately $1 million lower than the third quarter. Cash operating lease payments were $65 million, which is in line with our previously provided expectations. Fourth quarter adjusted EBITDA was $85 million and exceeded the top end of our guidance range by approximately $3 million. This positive result was due to a combination of strong flow through of fourth quarter revenue and modest favorability in G&A.

第四季一般及管理費用比第三季減少約 100 萬美元。現金經營租賃付款額為 6,500 萬美元，符合我們先前提供的預期。第四季調整後 EBITDA 為 8,500 萬美元，超出我們指導範圍的上限約 300 萬美元。這一積極成果歸功於第四季度收入的強勁流動和一般管理費用的適度支持。

Compared to the prior year fourth quarter, adjusted EBITDA grew 83%. This remarkable growth was despite the $13 million quarterly impact of the changes in lease classification and the $5 million in government grants and credits recognized in the fourth quarter of 2022 versus no grant income in the fourth quarter of 2023, adjusted free cash flow was negative $21 million for the quarter.

與去年第四季相比，調整後的 EBITDA 成長了 83%。儘管租賃分類變化產生了1300 萬美元的季度影響，並且2022 年第四季度確認了500 萬美元的政府補助和信貸，而2023 年第四季度沒有補助收入，但調整後的自由現金流為負21美元，但仍實現了顯著的成長本季為 100 萬元。

Normal seasonal working capital, specifically annual real estate tax payments was the primary driver of the variance to the third quarter. Fourth quarter nondevelopment capital expenditures net of insurance proceeds were $36 million. For the full 2023 year, we incurred approximately $26 million in reimbursable remediation costs and received approximately $24 million of insurance reimbursement related to the 2022 natural disasters.

正常的季節性營運資本，特別是年度房地產稅繳納是第三季差異的主要驅動因素。第四季扣除保險收益的非開發資本支出為 3,600 萬美元。2023 年全年，我們發生了約 2,600 萬美元的可報銷補救費用，並收到了約 2,400 萬美元的與 2022 年自然災害相關的保險報銷。

As of December 31, total liquidity was $341 million. The primary driver of the $65 million sequential decrease in quarter-end liquidity was related to the refinancing transaction we reported in a press release on December 27th. In the December press release, we announced four completed or pending capital markets transactions. I'll speak to each of them briefly.

截至12月31日，流動資金總額為3.41億美元。季末流動性環比減少 6,500 萬美元的主要原因與我們在 12 月 27 日的新聞稿中報告的再融資交易有關。在 12 月的新聞稿中，我們宣布了四項已完成或懸而未決的資本市場交易。我將簡要地與他們每個人交談。

First, we obtained a $180 million agency loan under an existing master credit facility agreement with Fannie Mae. The loan is secured by non-recourse first mortgages on 47 communities. It also secured another larger tranche of debt with a later maturity. The loan has a fixed interest rate of 5.97% and a borrower provision, which allows for potential additional proceeds in 2024.

首先，我們根據與房利美 (Fannie Mae) 簽訂的現有主信貸協議獲得了 1.8 億美元的代理貸款。該貸款由 47 個社區的無追索權第一抵押貸款作為擔保。它還獲得了另一批到期日較晚的較大債務。該貸款的固定利率為 5.97%，並設有借款人準備金，可在 2024 年獲得潛在的額外收益。

As communities in the loan continue to recover. We use proceeds from the $180 million loan, coupled with cash on hand to repay a $260 million loan, which was set to mature under the credit facility in September 2024.

隨著貸款中的社區不斷恢復。我們使用 1.8 億美元貸款的收益加上手頭現金來償還 2.6 億美元的貸款，該貸款定於 2024 年 9 月根據信貸安排到期。

With this transaction, we cleared our maturity runway for the next 18 months and right-sized the latter tranche of the existing loan. We were very grateful for Fannie Mae's partnership in this transaction. In the second transaction, we amended our existing revolving credit agreement. We've increased the commitment by up to $20 million and extended the agreement to January 2027 with additional extension options thereafter.

透過這筆交易，我們清理了未來 18 個月的到期期限，並調整了現有貸款後一部分的規模。我們非常感謝房利美在此次交易中的合作。在第二筆交易中，我們修改了現有的循環信貸協議。我們已將承諾增加至多 2,000 萬美元，並將協議延長至 2027 年 1 月，此後還有其他延期選項。

Third, we sold the remaining 20% equity interest in our home health and hospice unconsolidated venture for aggregate proceeds of $27 million. And fourth, as part of the press release, we noted plans for a new financing transaction. Earlier this month, we completed a new financing transaction to obtain $50 million of bank debt, which matures in February 2027 with two one-year extension options. This property level mortgage financing is on 11 previously unencumbered communities and carries a variable interest rate of 350 basis points over sulphur. We are very pleased with the outcome of each of these transactions and believe they are examples of our continued proactive management of liquidity and our capital structure. Our next debt maturity without extension options is September 2025.

第三，我們出售了家庭健康和臨終關懷未合併企業剩餘的 20% 股權，總收益為 2,700 萬美元。第四，作為新聞稿的一部分，我們注意到了一項新融資交易的計劃。本月早些時候，我們完成了一項新的融資交易，以獲得 5000 萬美元的銀行債務，該債務將於 2027 年 2 月到期，並有兩次為期一年的延期選擇。這種財產級抵押貸款融資面向 11 個以前無負擔的社區，浮動利率比硫磺高 350 個基點。我們對每筆交易的結果都非常滿意，並相信它們是我們持續主動管理流動性和資本結構的例子。我們的下一個沒有延期選擇的債務到期日是 2025 年 9 月。

Cindy walked you through some of our 2023 accomplishments, thanks to the hard work of our approximately 36,000 associates, we have delivered measurable positive results in 2023. I'll share a few of the highlights. As of 2023 year end, weighted average occupancy has grown a total of nearly 900 basis points from the start of the pandemic recovery.

Cindy 向您介紹了我們在 2023 年取得的一些成就，得益於我們約 36,000 名員工的辛勤工作，我們在 2023 年取得了可衡量的積極成果。我將分享一些亮點。截至 2023 年底，自疫情復甦之初以來，加權平均入住率總計成長了近 900 個基點。

Full year same-community RevPAR grew 11.4%, which significantly outpaced our peers. Same community adjusted operating income, which excludes government grants, grew 43% over the prior year, supporting a 580 basis point improvement in adjusted operating margin. On a per available unit basis, our same-community adjusted operating income has reached 92% of the 2019 same-community adjusted operating income we reported given the significant runway still available to grow occupancy. We believe this reflects a very strong recovery.

全年同社區 RevPAR 成長 11.4%，顯著超過我們的同行。同一社區的調整後營業收入（不包括政府補助）比上年增長 43%，支持調整後營業利潤率提高 580 個基點。以每個可用單位為基礎，考慮到仍有大量跑道可用於增加入住率，我們的同社區調整後營業收入已達到我們報告的 2019 年同社區調整後營業收入的 92%。我們相信這反映了非常強勁的復甦。

Lastly, adjusted EBITDA grew 39% over the prior year, while adjusted free cash flow improved 76%. This was despite $71 million of higher grant income in the prior year and the $41 million impact of the two changes in lease classification. I am proud of these results and deeply appreciative of our team's efforts that went into achieving them.

最後，調整後的 EBITDA 較上年增加 39%，調整後的自由現金流則增加 76%。儘管去年的補助收入增加了 7,100 萬美元，並且租賃分類的兩次變化產生了 4,100 萬美元的影響，但這一情況還是發生了。我對這些成果感到自豪，並對我們團隊為實現這些成果所付出的努力深表感謝。

Turning to our first quarter expectations. In yesterday's press release, we guided to first quarter RevPAR growth 6.25% to 6.75% over the prior year and adjusted EBITDA in the range of $90 million to $95 million. There are a few considerations I'd like to provide specific to these guidance ranges.

轉向我們第一季的預期。在昨天的新聞稿中，我們預計第一季的 RevPAR 將比上年同期成長 6.25% 至 6.75%，調整後的 EBITDA 在 9,000 萬美元至 9,500 萬美元之間。我想針對這些指導範圍提供一些注意事項。

Regarding resin tire, we anticipate first quarter weighted average occupancy will reflect a normal seasonal trend for this period. As a reminder, pre-pandemic, the first quarter generally declined sequentially compared to the fourth quarter. We saw this normal seasonality returned in the prior year first quarter, and we have built this expectation into our guidance.

關於樹脂輪胎，我們預計第一季加權平均入住率將反映這段時期的正常季節性趨勢。提醒一下，在大流行之前，第一季與第四季相比普遍出現環比下降。我們看到去年第一季恢復了這種正常的季節性，我們已將這一預期納入我們的指導中。

January weighted average occupancy was 78%, a 140 basis point increase over the prior year January. Additionally, we implemented a lower January first, in-place resident rate increase than in the prior year, but higher than historic norms. We remain focused on ensuring appropriate pricing to match the services we deliver in our communities and believe our annual pricing increase appropriately addresses our expected labor costs, which is the most significant portion of community operating expense as well as normal inflationary increases on food supplies and utilities in addition to interest rates, which remain elevated regarding our adjusted EBITDA guidance, while it has been more normal course for me to note sequential variations in expectations for this particular quarter, I believe noting a few considerations compared to the prior year first quarter would be more helpful.

1月加權平均入住率為78%，比去年1月增加140個基點。此外，我們一月份的就地居民利率增幅低於去年同期，但高於歷史正常水準。我們仍然致力於確保適當的定價以匹配我們在社區提供的服務，並相信我們的年度定價上漲適當地解決了我們預期的勞動力成本，這是社區運營費用以及食品供應和公用事業的正常通貨膨脹增長最重要的部分除了利率之外，根據我們調整後的EBITDA 指引，利率仍然較高，雖然對我來說，注意到這個特定季度預期的連續變化是更正常的做法，但我認為，與去年第一季度相比，注意到一些考慮因素將更有幫助。

First, there will be an incremental day this year, specifically Leap Day, which results in higher expense with only a minor impact on revenue. Second, given the timing of a 2023 change in lease classification through the second quarter of 2024 there will continue to be a year-over-year impact to adjusted EBITDA specific to the first quarter, this is a $7.4 million year over year impact. As a reminder, this lease accounting change, decrease adjusted EBITDA, but has no impact on adjusted EBITDA, a standard and widely used non-GAAP valuation metric and no impact to adjusted free cash flow.

首先，今年將有一個增量日，特別是閏日，這會導致費用增加，但對收入的影響很小。其次，考慮到 2023 年租賃分類變更的時間一直到 2024 年第二季度，第一季的調整後 EBITDA 仍將受到年比影響，年比影響為 740 萬美元。提醒一下，這項租賃會計變更會減少調整後的 EBITDA，但對調整後的 EBITDA（標準且廣泛使用的非 GAAP 估值指標）沒有影響，並且對調整後的自由現金流量沒有影響。

Third, in the prior year first quarter, we recognized $2 million in grant income and our guidance does not assume any grant income in the first quarter of 2024.

第三，在上一年第一季度，我們確認了 200 萬美元的補助收入，而我們的指導意見並未假設 2024 年第一季有任何補助金收入。

Lastly, while we are still fully assessing the total cost of needed maintenance and repairs, we currently estimate the expense impact from the two January winter storms to be approximately $2 million. This estimate is reflected in our adjusted EBITDA guidance range. I am very proud of the progress our team has made in 2023, and I'm looking forward to our continued success in 2024.

最後，雖然我們仍在全面評估所需維護和修理的總成本，但我們目前估計 1 月兩次冬季風暴的費用影響約為 200 萬美元。這一估計反映在我們調整後的 EBITDA 指導範圍。我對我們團隊在 2023 年的進步感到非常自豪，並期待我們在 2024 年繼續取得成功。

I'll now turn the call back over to Cindy.

我現在將把電話轉回給辛蒂。

Today, standing on the other side of this remarkable year, I am not just proud of what we've accomplished. Also more determined than ever to continue on our path of sustainable growth for the benefit of our residents, associates and shareholders. The future holds even greater opportunities, and we are fully committed to seizing them and building a stronger Brookdale so that we may serve the need of more seniors for years to come.

今天，站在這非​​凡的一年的另一邊，我不僅為我們所取得的成就感到自豪。我們也比以往任何時候都更有決心繼續走可持續成長的道路，造福我們的居民、員工和股東。未來擁有更大的機遇，我們完全致力於抓住這些機遇，建立一個更強大的布魯克代爾，以便我們能夠在未來幾年滿足更多老年人的需求。

I'll close by saying thank you.

最後我要說聲謝謝。

Thank you to our residents who call Brookdale home to our associates who are dedicated to the health and well-being of our residents and to our shareholders for their continued partnership, trust and support. Operator, please open the line for questions.

感謝我們的居民將布魯克代爾稱為家園，感謝我們致力於居民健康和福祉的員工，感謝我們的股東持續的合作、信任和支持。接線員，請開通提問線。

(Operator Instructions) Ben Hendrix, RBC Capital Markets.

（操作員指令）Ben Hendrix，RBC 資本市場。

Good morning. Wanted to drill into your first quarter guidance comments a little bit more. The RevPAR range certainly appears consistent with historical seasonal occupancy and occupancy trends that we saw pre-pandemic were thinking a step down in the 80 basis points range, give or take. That said, the December into January, occupancy held up a little bit better than last year, certainly. So on a month end basis, I just wanted to see if there could be some conservatism in there given the occupancy momentum that Dan called out through the second half of 2023 and what you've seen into January? And then more broadly, just any updated views on the path back to that pre-pandemic 4Q 19 level occupancy and they were targeting? Thank you.

早安.想進一步深入了解您的第一季指導意見。RevPAR 範圍顯然與歷史季節性入住率和入住率趨勢一致，我們在大流行之前看到了這一趨勢，我們考慮在 80 個基點範圍內下降，無論有多少。也就是說，從 12 月到 1 月，入住率確實比去年好。因此，在月末的基礎上，我只是想看看，考慮到 Dan 所說的 2023 年下半年的入住勢頭以及您在 1 月份看到的情況，那裡是否可能存在一些保守主義？更廣泛地說，對於回到大流行前 19 年第四季的入住率和他們的目標有什麼最新觀點嗎？謝謝。

Yes, good morning, Ben. This is Dawn. Thanks for the question on how we're thinking about it is yes, we did see our January occupancy went down 30 basis points as opposed to 40 basis points last year. But what we would say is we're continuing to our expectation is continuing to follow that historical pre-pandemic trend for the full first quarter. And as far as on full year occupancy, what I would say is we are continuing this year, as Cindy mentioned in her prepared remarks. To focus on getting every room in service at the most profitable rate. So expectations would be that we would continue to grow occupancy through 2024.

是的，早上好，本。這是黎明。感謝您詢問我們如何看待這個問題，是的，我們確實看到 1 月份的入住率下降了 30 個基點，而去年則下降了 40 個基點。但我們想說的是，我們將繼續我們的預期，整個第一季將繼續遵循大流行前的歷史趨勢。就全年入住率而言，我想說的是，正如辛蒂在她準備好的演講中提到的那樣，我們今年將繼續。專注於以最有利的價格讓每個房間投入使用。因此，預計我們的入住率將在 2024 年之前繼續成長。

And if I go to the longer term, Ben, this is Cindy. I would just say that we were really, really pleased to finish 2023 with another quarter of incredibly solid operating results and financial growth. And we believe that we have built a very solid foundation that has paves the way for sustained growth. And so we're looking forward to welcoming new residents into our communities extending the length of service for our associates and focusing on providing quality services, which well help us achieve our long-term objectives as quickly as possible.

如果我從長遠來看，本，這就是辛迪。我只想說，我們非常非常高興在 2023 年結束時又一個季度實現了令人難以置信的穩健營運業績和財務成長。我們相信，我們已經建立了非常堅實的基礎，為持續成長鋪平了道路。因此，我們期待歡迎新居民加入我們的社區，延長員工的服務期限，並專注於提供優質服務，這將有助於我們盡快實現長期目標。

If I could just add on a quick one on our periodic labor trackers suggest a pickup in job postings late in the year, which is consistent with the strong occupancy. I wanted to get your thoughts on just the just the full-time labor cost expectations that you're thinking about in guidance and through the through the rest of the year and there could be some some added on-boarding costs in the first quarter?

如果我可以在我們的定期勞動力追蹤器上添加一個快速的訊息，建議今年稍後職位發布有所增加，這與強勁的入住率是一致的。我想了解您對您在指導中以及今年剩餘時間考慮的全職勞動力成本預期的想法，第一季可能會增加一些入職成本？

Yes, I'll start. And I think, Ben, how we're thinking about our labor cost is we have gotten so much of our contract labor out in 2023 that the premium labor savings in 24 would be something less than in 23. However, what we would expect is we will on the productivity of our labor will naturally get better as we increase our occupancy. And Cindy mentioned in her prepared remarks about the focus on training and our focus on retention and turnover. And as we see that improve, we would expect to have increased productivity there as well.

是的，我要開始了。Ben，我想，我們對勞動成本的考慮是，我們在 2023 年已經消耗瞭如此多的合約勞動力，因此 24 年節省的優質勞動力將比 23 年少一些。然而，我們期望的是，隨著我們入住率的增加，我們的勞動生產力自然會變得更好。辛迪在她準備好的發言中提到了對培訓的關注以及我們對保留和流動的關注。當我們看到這種情況的改善時，我們預期那裡的生產力也會提高。

And the one thing that I would just add is we definitely see that the labor market continues to be competitive. And there are some challenges, particularly in nurses and certain hourly positions like caregivers and CNAs. But there is definitely a stabilization in the labor market, which has resulted in less labor market churn. And so when you think about that, there will be more muted inflation in labor costs on a per employee per hour basis than we saw in prior years. Thank you.

我要補充的一件事是，我們確實看到勞動市場仍然具有競爭力。還有一些挑戰，特別是在護理師和某些小時工職位（如護理人員和 CNA）方面。但勞動市場肯定會趨於穩定，這導致勞動市場的波動減少。因此，當你考慮到這一點時，每位員工每小時的勞動成本通膨將比我們前幾年看到的更加溫和。謝謝。

Joanna Gajuk, Bank of America.

喬安娜·加尤克，美國銀行。

Hi, good morning. Thank you so much. So I guess first to follow up on the on the pricing. So I guess we just talk about occupancy. So pricing, you made a comment around the pricing be meal less than last year, but above the historicals. But you also mentioned in Q4 some activity around a competitor competition or competitive activity when it comes to pricing. So on can you elaborate a little bit more what's going on is there are just some markets where I guess you have to be more competitive and kind of what do you assume going forward when it comes to this dynamic. And maybe just to confirm, I guess the pricing outlook seems of is the guidance implies maybe mid-single digits increases or so?

早安.太感謝了。所以我想首先要跟進定價。所以我想我們只是談論入住率。因此，定價方面，您對定價發表了評論，價格低於去年，但高於歷史水平。但您在第四季度也提到了圍繞競爭對手競爭或定價方面的競爭活動的一些活動。那麼，您能否詳細說明一下正在發生的事情，我認為在某些市場上您必須更具競爭力，並且在這種動態方面您認為未來會發生什麼。也許只是為了確認，我猜定價前景似乎是指導暗示可能是中個位數的成長左右？

Yes, Joanna, this is Dan. What I would say is certainly when you're looking at our risk core for the fourth quarter, it was impacted by the competitive market and the reaction to those competitive markets as well as disposition and a little bit of our product mix speculation coming into the first quarter is that, you know, as we put out for January first, price increase in effect that our expectation is that we would continue to grow our RevPAR.

是的，喬安娜，這是丹。我想說的是，當你查看我們第四季度的風險核心時，它受到競爭性市場、對這些競爭性市場的反應以及處置和我們的一些產品組合猜測的影響。第一季的情況是，正如我們一月份發布的那樣，價格上漲實際上是我們的預期，我們將繼續增加我們的RevPAR。

And let me just add to what Dawn said by saying, I'm really pleased with the way that our pricing strategy has worked out for 2023. And if I look back for the whole year and you see the full year, RevPAR was 11.4%. That significantly outpaced our peers. So what that tells me is that we have the right balance for Brookdale of price and occupancy to get that outsized performance.

讓我補充一下 Dawn 所說的，我對我們 2023 年定價策略的製定方式感到非常滿意。如果我回顧全年，你會發現全年的 RevPAR 為 11.4%。這大大超過了我們的同行。所以這告訴我，我們在布魯克代爾的價格和入住率之間取得了適當的平衡，以獲得超強的性能。

Thank you. And if I may just another follow up when it comes to, I guess, your outlook from and EBITDA and how should we think about the impact of the lease exits when it comes to say, you know, our run rate of rent expense and any anything else about EBITDA or occupancy impact from those lease exits that occurred in Q4.

謝謝。如果我可以再跟進一下，我想，您對 EBITDA 的展望，以及當談到我們的租金費用運行率和任何費用時，我們應該如何考慮租賃退出的影響有關EBITDA 或第四季度發生的租賃退出對入住率影響的任何其他資訊。

So and I think you asked the question that's on many people's minds. What I would say is sitting in our shoes today, I'm very excited about the optionality that lease expirations give us at Brookdale the way that I see is no matter what happens with the lease. It's going to be good for our shareholders. If the assets are performing well, then we can extend the lease and continue that if they're not, we can choose not to extend the lease and and go forward or we may end up with a situation like we have with LTC where we ultimately chose not to extend the lease. That was a 35 asset lease with LTC. But ultimately, we ended up re-leasing 17 of those assets under a favorable lease, which gave us on CapEx support as well as favorable purchase options. So as we win tails, we win.

所以我認為你問了很多人都在想的問題。我想說的是，今天站在我們的立場上，我對租約到期給布魯克代爾提供的選擇權感到非常興奮，我認為無論租約發生什麼情況。這對我們的股東來說是有好處的。如果資產表現良好，那麼我們可以延長租約並繼續，如果資產表現不佳，我們可以選擇不延長租約並繼續，否則我們最終可能會遇到像 LTC 那樣的情況，我們最終選擇不延長租約。這是與 LTC 的 35 項資產租賃。但最終，我們最終以有利的租約重新租賃了其中 17 項資產，這為我們提供了資本支出支持以及有利的購買選擇。因此，當我們贏得反面時，我們就贏了。

And then on the -- so that was actually my question in terms of this LDC. and in particular the impact to the rent expense, I guess, going forward?

然後關於——這實際上是我對這個最不發達國家的問題。我想，特別是對未來租金支出的影響？

Yes, Joanna, this is Dawn. What I would say is on the impact of the 18 LTC dispositions, we would expect that to be modestly favorable as it relates to 2024.

是的，喬安娜，這是黎明。我想說的是，就 18 個 LTC 處置的影響而言，我們預計這對 2024 年而言將是適度有利的。

So you're talking about the kind of annual rent increases, but I was also thinking weather there is material impact when it comes to just not having these 18 leases going forward?

所以你談論的是每年租金上漲的情況，但我也在想，如果不再繼續執行這 18 份租約，是否會產生重大影響？

Yes, I think I think that that's what we would say from an adjusted EBITDA perspective, it would be modestly favorable for those leases going away.

是的，我想這就是我們從調整後的 EBITDA 角度所說的，這對於取消這些租賃來說是相當有利的。

Okay, thank you. And if I may another question, different topic, I guess. So in January, there were some hearings in Congress focus on the assisted-living facilities and they talk about quality of care, lack of transparency and standards. And I guess there's the Special Committee on Aging that called for a Government Accountability Office GAO study on this topic. So kind of your thoughts around that in terms of, you know, what are the risks? It could be some efforts to maybe come up with some staffing requirements or many or other requirements for the operators?

好的謝謝。我想，如果我可以提出另一個問題，不同的主題。因此，一月份，國會舉行了一些聽證會，重點關注輔助生活設施，他們討論了護理品質、缺乏透明度和標準。我想老齡問題特別委員會呼籲政府問責辦公室就這個主題進行研究。您對此有何想法，您知道，風險是什麼？可能需要付出一些努力才能為操作員提出一些人員配備要求或許多或其他要求？

Let me start by just saying at Brookdale, the health and well-being of our residents has always been our top priority, and we are dedicated to providing high-quality care and services to residents and their families. As a company, we're honored to have enrich the lives of hundreds of thousands of seniors over the last decade and our communities have been recognized as some of the best in the nation. As an example, in the U.S. News & World Report best Senior Living's ratings for 2023. Crypto has more senior living communities in assisted living and memory care communities recognized than any other provider for the 2nd year in a row.

首先我要說的是，在布魯克代爾，居民的健康和福祉始終是我們的首要任務，我們致力於為居民及其家人提供高品質的照護和服務。作為一家公司，我們很榮幸在過去十年中豐富了數十萬老年人的生活，我們的社區被公認為全國最好的社區之一。例如，《美國新聞與世界報道》對 2023 年最佳老年生活的評級。Crypto 連續第二年在輔助生活和記憶護理社區中擁有比任何其他提供者更多的老年生活社區。

Additionally, Brookdale Titan is number one in customer satisfaction rankings in both 2020 and 2022 as recognized by J.D. Power for assisted living and memory care. It is true that Brookdale is one of several organizations that were contacted by the Special Committee on Aging, Senator Bob Casey, and we have provided a response or an advocate for seniors, and we're willing to partner with others to serve the best interest of residents and promote assisted living in the industry. We take great pride in serving our hundreds of thousands of residents and communities across the country over the last decade. At this point, it's too soon to tell what the outcome of the inquiry could be. But I'm very comfortable that our focus is and has always been providing quality care.

此外，Brookdale Titan 在 2020 年和 2022 年的客戶滿意度排名中均排名第一，經 J.D. Power 認可，其輔助生活和記憶護理領域均名列第一。確實，布魯克代爾是老齡問題特別委員會參議員鮑勃·凱西聯繫的幾個組織之一，我們已經為老年人提供了回應或倡導，我們願意與其他人合作，以服務於最佳利益居民並促進業界的輔助生活。在過去的十年裡，我們為全國數十萬居民和社區提供服務，我們對此感到非常自豪。目前判斷調查結果還為時過早。但令我感到非常放心的是，我們的重點始終是提供優質照護。

Joshua Raskin, Nephron Research.

約書亞·拉斯金，腎臟單位研究。

Thanks. Good morning. I wanted to go back to the comment Dan made about the 92% of pre-pandemic same-store operating income of 92%, just better understand what that was. Is that is that on a per unit basis on a per occupied room or per available room? And then how do you sort of juxtapose that with the cost of capital, where do you think returns are versus where they were pre-pandemic?

謝謝。早安.我想回到 Dan 對疫情前同店營業收入 92% 的評論，只是更能理解那是什麼。是按每個已佔用房間還是每個可用房間的單位計算？然後，您如何將其與資本成本進行比較，您認為回報與疫情前相比如何？

Well, let me start by saying that and this is Cindy. Let me start by saying that we still have the recovery ahead of us. And so senior living communities operate most effectively at that 80 plus percent occupancy rate. So that is still ahead of us, but Dawn can address the 92% that you referenced in our prepared remarks.

好吧，首先我要說的是，這是辛蒂。首先我要說的是，我們仍然面臨著復甦的道路。因此，老年居住社區的營運效率在 80% 以上的入住率下最為有效。因此，這仍然是我們的任務，但 Dawn 可以解決您在我們準備好的評論中提到的 92% 的問題。

Yes, just this is done on the 92% was on available room basis, and that's shown in the in our supplement on the same community side. So you can reference there Okay.

是的，這是在 92% 的可用房間基礎上完成的，這在我們同一社區一側的補充中有所顯示。所以你可以參考那裡好。

I'll take a look at that. And then you guys have referenced, as you know, pre pandemic, 84.5% total occupancy, I think about 600 basis points off of that. I think it's a little bit less if you look at just the AL side. So what's a reasonable timeframe as you think about that as a target is that? Is that a three year timeframe? Is that take longer? Just trying to figure out the cadence of occupancy improvements?

我會看一下。然後你們提到，正如你們所知，大流行前的總入住率為 84.5%，我認為比這個低了大約 600 個基點。我認為如果你只看 AL 方面的話，這個數字會少一些。那麼，您認為合理的時間框架是多少？是三年的期限嗎？那需要更長的時間嗎？只是想弄清楚入住率改善的節奏嗎？

What I would say, Josh, is our goal is to recover as quickly as possible. I think there are a number of factors that will impact the timing of our recovery. First, we're seeing incredibly strong supply and demand demographics with more seniors entering our target market this year than ever before. We're seeing a very muted supply environment given the constraints of the pandemic on our industry as well as capital tightening. And then I would say that the Brookdale differentiation is continuing to grow.

喬什，我想說的是，我們的目標是盡快恢復。我認為有很多因素會影響我們的復甦時間。首先，我們看到人口供需極為強勁，今年進入我們目標市場的老年人比以往任何時候都多。鑑於疫情對我們產業的限制以及資本緊縮，我們看到供應環境非常疲軟。然後我想說布魯克代爾的差異化正在繼續增長。

We're very excited about Brookdale plus. We're excited about the quality care that we're providing. And so our goal is to serve as many seniors as we can as quickly as like as we can. But it's it's too soon to comment on exactly how long that full recovery is going to take Okay.

我們對 Brookdale plus 感到非常興奮。我們對我們提供的優質護理感到興奮。因此，我們的目標是盡可能快地為盡可能多的老年人提供服務。但現在評論完全恢復需要多長時間還為時過早。

And if I could sneak a last one in you actually just mentioned at Brookdale Health Plus, I'm curious on the economics of residents that are enrolled in, I guess, sort of the program. I don't know if that's community-based or if that's I assume that's room by room. Was there a difference in the economics of the margin of that individual resident is there a difference in length of stay? Maybe any just sort of economic data that would be helpful for us?

如果我能偷偷告訴你最後一個，實際上我剛剛在布魯克代爾健康加計劃中提到過，我對參加該計劃的居民的經濟情況很好奇。我不知道這是基於社區的還是我認為是逐個房間的。個別居民的經濟利潤是否有差異？停留時間是否有差異？也許任何對我們有幫助的經濟數據？

So there is no incremental cost to a Brookdale on resident power for telehealth plus. We've priced it as part of the care charges in that particular community. And one of the things that's exciting about Brookdale Health Plus is it is an innovative care model designed to close care gaps. And so when we put into a community, we completely changed the operating protocols of that particular community, which has resulted in sort of 78% fewer urgent care visits compared to similar residents living outside of Brookdale and 36% fewer hospitalizations compared to similar individuals living outside of Brookdale.

因此，布魯克代爾的居民用電遠距醫療附加服務不會產生增加成本。我們已將其定價為該特定社區護理費用的一部分。Brookdale Health Plus 令人興奮的事情之一是它是一種創新的護理模式，旨在縮小護理差距。因此，當我們進入一個社區時，我們完全改變了該特定社區的營運協議，與居住在布魯克代爾以外的類似居民相比，這導致緊急護理就診次數減少了78%，與居住在布魯克代爾以外的類似居民相比，住院次數減少了36%布魯克代爾郊區。

But what excites me most for the shareholders of Brookdale is that we have seen that health plus communities profitability grows much faster than non-health plus communities. And so for our shareholders, we think there's going to be a strong return by by supporting the health and well-being of our residents even more than we previously do.

但對布魯克代爾的股東來說，最令我興奮的是，我們看到健康+社區的獲利能力成長速度比非健康+社群快得多。因此，對於我們的股東來說，我們認為透過比以前更支持居民的健康和福祉，將會獲得豐厚的回報。

Right. So when you say it's not there's no incremental cost to the resident, but that community, I assume that their care charges are higher than a non Brookdale Health Plus community. Is that the way to think about it?

正確的。因此，當您說這不是居民沒有增量成本，而是那個社區時，我認為他們的護理費用高於非 Brookdale Health Plus 社區。是這樣思考的嗎？

Not necessarily. Our business case was built on the fact it it would be such an attractive value proposition for residents. And that would, as you mentioned, help us an increased length of stay.

不必要。我們的商業案例建立在這樣一個事實之上：這對居民來說是一個極具吸引力的價值主張。正如您所提到的，這將有助於延長我們的停留時間。

Now, one of the things that is true is because we're rolling Health Plus out on over the last few years, we haven't gotten to a stabilized length of stay for those communities yet. And so that's one statistic that we're still watching, but we're encouraged by the residents that are choosing Brookdale as a result of Brookdale health plans.

現在，確實的事情之一是，因為我們在過去幾年中推出了 Health Plus，但我們尚未為這些社區實現穩定的停留時間。這是我們仍在關注的統計數據，但由於布魯克代爾健康計劃而選擇布魯克代爾的居民讓我們感到鼓舞。

As this concludes our Q&A session for today. Ladies and gentlemen, I would like to thank you for joining today's call. Have a great rest of your day. You may now disconnect your line.

我們今天的問答環節到此結束。女士們、先生們，我感謝你們參加今天的電話會議。祝您有個愉快的一天。現在您可以斷開線路。