Brookdale Senior Living (BKD) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-32641
Entity Registrant Name	BROOKDALE SENIOR LIVING INC.
Entity Incorporation, State or Country Code	DE
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,214,462
Entity Central Index Key	0001332349
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock:
Document Information [Line Items]
Title of 12(b) security	Common Stock, $0.01 Par Value Per Share
Entity Trading Symbol	BKD
Security Exchange Name	NYSE
Tangible Equity Units, 7.00%
Document Information [Line Items]
Title of 12(b) security	7.00% Tangible Equity Units
Entity Trading Symbol	BKDT
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 362,235	$ 398,850
Marketable securities	69,009	48,680
Restricted cash	29,374	27,735
Accounts receivable, net	52,618	55,761
Assets held for sale	23,555	0
Prepaid expenses and other current assets, net	129,640	106,067
Total current assets	666,431	637,093
Property, plant and equipment and leasehold intangibles, net	4,493,002	4,535,702
Operating lease right-of-use assets	565,641	597,130
Restricted cash	45,133	47,963
Investment in unconsolidated ventures	54,788	55,333
Goodwill	27,321	27,321
Deferred tax asset	1,359	1,604
Other assets, net	32,184	34,916
Total assets	5,885,859	5,937,062
Current liabilities
Current portion of long-term debt	87,711	66,043
Current portion of financing lease obligations	24,683	24,059
Current portion of operating lease obligations	177,894	176,758
Trade accounts payable	88,730	71,000
Liabilities held for sale	19,455	0
Accrued expenses	238,356	237,148
Refundable fees and deferred revenue	70,447	66,197
Total current liabilities	707,276	641,205
Long-term debt, less current portion	3,772,254	3,784,099
Financing lease obligations, less current portion	218,349	224,801
Operating lease obligations, less current portion	575,603	616,973
Other liabilities	71,523	85,831
Total liabilities	5,345,005	5,352,909
Preferred stock, $0.01 par value, 50,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized at March 31, 2023 and December 31, 2022; 198,762,220 and 197,776,991 shares issued and 188,234,695 and 187,249,466 shares outstanding (including 20,233 and 422,542 unvested restricted shares), respectively	1,988	1,978
Additional paid-in-capital	4,333,556	4,332,302
Treasury stock, at cost; 10,527,525 shares at March 31, 2023 and December 31, 2022	(102,774)	(102,774)
Accumulated deficit	(3,693,450)	(3,648,901)
Total Brookdale Senior Living Inc. stockholders' equity	539,320	582,605
Noncontrolling interest	1,534	1,548
Total equity	540,854	584,153
Total liabilities and equity	$ 5,885,859	$ 5,937,062

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	198,762,220	197,776,991
Common stock, shares outstanding (in shares)	188,234,695	187,249,466
Treasury stock, shares (in shares)	10,527,525	10,527,525
Unvested Restricted Stock
Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares outstanding (in shares)	20,233	422,542

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenue	$ 753,263	$ 677,820
Expense
General and administrative expense (including non-cash stock-based compensation expense of $3,104 and $3,885, respectively)	48,619	45,126
Facility operating lease expense	46,127	41,564
Depreciation and amortization	84,934	85,684
Asset impairment	0	9,075
Income (loss) from operations	7,822	(53,534)
Interest income	5,326	95
Interest expense:
Debt	(50,315)	(33,157)
Financing lease obligations	(6,552)	(12,058)
Amortization of deferred financing costs	(1,940)	(1,542)
Change in fair value of derivatives	(904)	3,403
Equity in earnings (loss) of unconsolidated ventures	(577)	(4,894)
Non-operating gain (loss) on sale of assets, net	0	(294)
Other non-operating income (loss)	3,149	(27)
Income (loss) before income taxes	(43,991)	(102,008)
Benefit (provision) for income taxes	(572)	1,976
Net income (loss)	(44,563)	(100,032)
Net (income) loss attributable to noncontrolling interest	14	19
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	$ (44,549)	$ (100,013)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
Net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders - basic (in dollars per share)	$ (0.20)	$ (0.54)
Net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders - diluted (in dollars per share)	$ (0.20)	$ (0.54)
Weighted average shares used in computing basic and diluted net income (loss) per share
Weighted average shares used in computing ,net income (loss) per share - basic (in shares)	224,578	185,916
Weighted average shares used in computing, net income (loss) per share - diluted (in shares)	224,578	185,916
Resident fees
Revenue
Revenue	$ 713,404	$ 636,974
Management fees
Revenue
Revenue	2,577	3,329
Reimbursed costs incurred on behalf of managed communities
Revenue
Revenue	34,954	37,141
Expense
Costs incurred	34,954	37,141
Other operating income
Revenue
Revenue	2,328	376
Facility operating expense
Expense
Costs incurred	$ 530,807	$ 512,764

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Depreciation and amortization	$ 79,317	$ 79,932
Non-cash stock-based compensation expense	$ 3,104	$ 3,885

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common stock:	Additional paid-in-capital:	Treasury stock:	Accumulated deficit:	Noncontrolling interest:
Balance at beginning of period at Dec. 31, 2021	$ 699,623	$ 1,975	$ 4,208,675	$ (102,774)	$ (3,410,474)	$ 2,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net		9	(9)
Shares withheld for employee taxes		(6)	(4,191)
Compensation expense related to restricted stock grants			3,885
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(100,013)				(100,013)
Net income (loss) attributable to noncontrolling interest	(100,032)					(19)
Balance at end of period at Mar. 31, 2022	599,279	$ 1,978	4,208,360	(102,774)	(3,510,487)	2,202
Balance at beginning of period (in shares) at Dec. 31, 2021		186,958,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net (in shares)		925,000
Shares withheld for employee taxes (in shares)		(600,000)
Balances at end of period (in shares) at Mar. 31, 2022		187,283,000
Balance at beginning of period at Dec. 31, 2022	584,153	$ 1,978	4,332,302	(102,774)	(3,648,901)	1,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net		16	(16)
Shares withheld for employee taxes		(6)	(1,834)
Compensation expense related to restricted stock grants			3,104
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(44,549)				(44,549)
Net income (loss) attributable to noncontrolling interest	(44,563)					(14)
Balance at end of period at Mar. 31, 2023	$ 540,854	$ 1,988	$ 4,333,556	$ (102,774)	$ (3,693,450)	$ 1,534
Balance at beginning of period (in shares) at Dec. 31, 2022	187,249,466	187,249,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net (in shares)		1,545,000
Shares withheld for employee taxes (in shares)		(559,000)
Balances at end of period (in shares) at Mar. 31, 2023	188,234,695	188,235,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income (loss) attributable to noncontrolling interest	$ (44,563)	$ (100,032)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization, net	86,874	87,226
Asset impairment	0	9,075
Equity in (earnings) loss of unconsolidated ventures	577	4,894
Distributions from unconsolidated ventures from cumulative share of net earnings	0	561
Amortization of entrance fees	(508)	(726)
Proceeds from deferred entrance fee revenue	324	1,036
Deferred income tax (benefit) provision	244	(2,304)
Operating lease expense adjustment	(10,805)	(8,307)
Change in fair value of derivatives	904	(3,403)
Loss (gain) on sale of assets, net	0	294
Non-cash stock-based compensation expense	3,104	3,885
Property and casualty insurance income	(3,295)	(43)
Changes in operating assets and liabilities:
Accounts receivable, net	3,143	1,185
Prepaid expenses and other assets, net	(7,602)	(4,734)
Prepaid insurance premiums financed with notes payable	(19,305)	(16,629)
Trade accounts payable and accrued expenses	(1,386)	(2,630)
Refundable fees and deferred revenue	14,092	5,907
Operating lease assets and liabilities for lessor capital expenditure reimbursements	2,244	1,490
Net cash provided by (used in) operating activities	24,042	(23,255)
Cash Flows from Investing Activities
Purchase of marketable securities	(49,674)	(125,990)
Sale and maturities of marketable securities	30,000	129,000
Capital expenditures, net of related payables	(49,700)	(39,956)
Investment in unconsolidated ventures	0	(82)
Proceeds from sale of assets, net	0	710
Property and casualty insurance proceeds	6,422	0
Other	933	155
Net cash provided by (used in) investing activities	(62,019)	(36,163)
Cash Flows from Financing Activities
Proceeds from debt	25,519	25,258
Repayment of debt and financing lease obligations	(23,322)	(21,440)
Payment of financing costs, net of related payables	(346)	(76)
Payments of employee taxes for withheld shares	(1,680)	(4,145)
Net cash provided by (used in) financing activities	171	(403)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(37,806)	(59,821)
Cash, cash equivalents, and restricted cash at beginning of period	474,548	438,314
Cash, cash equivalents, and restricted cash at end of period	$ 436,742	$ 378,493

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Brookdale Senior Living Inc. together with its consolidated subsidiaries ("Brookdale" or the "Company") is an operator of 673 senior living communities throughout the United States. The Company is committed to its mission of enriching the lives of the people it serves with compassion, respect, excellence, and integrity. The Company operates and manages independent living, assisted living, memory care, and continuing care retirement communities ("CCRCs"). The Company's senior living communities and its comprehensive network help to provide seniors with care and services in an environment that feels like home. As of March 31, 2023, the Company owned 346 communities, representing a majority of the Company's community portfolio, leased 295 communities, and managed 32 communities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations, and cash flows of the Company for all periods presented. Certain information and footnote disclosures included in annual financial statements have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. These interim financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 22, 2023. Principles of Consolidation The condensed consolidated financial statements include the accounts of Brookdale and its consolidated subsidiaries. The ownership interest of consolidated entities not wholly-owned by the Company are presented as noncontrolling interests in the accompanying unaudited condensed consolidated financial statements. Intercompany balances and transactions have been eliminated in consolidation, and net income (loss) is reduced by the portion of net income (loss) attributable to noncontrolling interests. The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Use of Estimates The preparation of the condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, revenue, other operating income, asset impairments, self-insurance reserves, performance-based compensation, the allowance for credit losses, depreciation and amortization, leasing transactions, income taxes, and other contingencies. Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company's condensed consolidated financial position or results of operations.

COVID-19 Pandemic

COVID-19 Pandemic	3 Months Ended
	Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Pandemic	3. COVID-19 Pandemic The COVID-19 pandemic has adversely impacted the Company's occupancy and resident fee revenue beginning in March 2020 and resulted in incremental direct costs to respond to the pandemic. The Company cannot predict with reasonable certainty the impacts that COVID-19 ultimately will have on its business, results of operations, cash flow, and liquidity, and its response efforts may delay or negatively impact its strategic initiatives, including plans for future growth. The ultimate impacts of COVID-19 will depend on many factors, some of which cannot be foreseen, including the duration, severity, and breadth of the pandemic and any resurgence or variants 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, availability, utilization, and efficacy 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 the Company's ability to qualify for and satisfy the terms and conditions of financial relief; restrictions on visitors and move-ins at its communities as a result of infections at a community or as necessary to comply with regulatory requirements or at the direction of authorities having jurisdiction; 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; the impact of COVID-19 on the Company's residents’ and their families’ ability to afford its resident fees, including due to changes in unemployment rates, consumer confidence, housing markets, and equity markets caused by COVID-19; 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, vaccination clinic, health plan, and other expenses; greater use of contract labor and other premium labor due to COVID-19 and general labor market conditions; the impact of COVID-19 on the Company's ability to complete financings and refinancings of various assets or other transactions or to generate sufficient cash flow to cover required debt, interest, and lease payments and to satisfy financial and other covenants in its debt and lease documents; increased regulatory requirements, including the costs of unfunded, mandatory testing of residents and associates and provision of test kits to the Company's health plan participants; increased enforcement actions resulting from COVID-19; government action that may limit the Company's collection or discharge 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. Employee Retention Credit. The Company was eligible to claim the employee retention credit for certain of its associates under the Coronavirus Aid, Relief, and Economic Security Act of 2020 ("CARES Act") and subsequent legislation. During the years ended December 31, 2022 and 2021, the Company recognized $9.4 million and $9.9 million, respectively, of employee retention credits on wages paid from March 12, 2020 to December 31, 2021 within other operating income, for which the Company has received $9.9 million in cash as of March 31, 2023. The Company has a receivable for the remaining $9.4 million included within prepaid expenses and other current assets, net on the condensed consolidated balance sheet as of March 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Marketable Securities As of March 31, 2023 and December 31, 2022, marketable securities of $69.0 million and $48.7 million, respectively, are stated at fair value based on valuations provided by third-party pricing services and are classified within Level 2 of the valuation hierarchy. Interest Rate Derivatives The Company's derivative assets include interest rate cap and swap instruments that effectively manage the risk above certain interest rates for a portion of the Company's long-term variable rate debt. The Company has not designated the interest rate cap and swap instruments as hedging instruments and as such, changes in the fair value of the instruments are recognized in earnings in the period of the change. The interest rate derivative positions are valued using models developed by the respective counterparty that use as their basis readily available observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives. The following table summarizes the Company's London Interbank Offer Rate ("LIBOR") and Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of March 31, 2023. ($ in thousands) Current notional balance $ 1,231,920 Weighted average fixed cap rate 4.34 % Weighted average remaining term 1.1 years Estimated asset fair value (included in other assets, net) at March 31, 2023 $ 9,125 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 10,599 The following table summarizes the Company's SOFR interest rate swap instrument as of March 31, 2023. ($ in thousands) Current notional balance $ 220,000 Fixed interest rate 3.00 % Remaining term 1.1 years Estimated asset fair value (included in other assets, net) at March 31, 2023 $ 3,692 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 4,834 Long-term debt The Company estimates the fair value of its debt primarily using a discounted cash flow analysis based upon the Company's current borrowing rate for debt with similar maturities and collateral securing the indebtedness. The Company estimates the fair value of its convertible senior notes based on valuations provided by third-party pricing services. The Company had outstanding long-term debt with a carrying amount of approximately $3.9 billion as of both March 31, 2023 and December 31, 2022. Fair value of the long-term debt is approximately $3.4 billion as of both March 31, 2023 and December 31, 2022. The Company's fair value of long-term debt disclosure is classified within Level 2 of the valuation hierarchy.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	5. RevenueFor the three months ended March 31, 2023 and 2022, the Company generated 93.6% and 93.4%, respectively, of its resident fee revenue from private pay customers and the remainder from government reimbursement programs and other payor sources. Refer to Note 15 for disaggregation of revenue by reportable segment.The payment terms and conditions within the Company's revenue-generating contracts vary by contract type and payor source, although terms generally include payment to be made within 30 days. Resident fee revenue for recurring and routine monthly services is generally billed monthly in advance under the Company's independent living, assisted living, and memory care residency agreements. Resident fee revenue for standalone or certain healthcare services is generally billed monthly in arrears. Additionally, non-refundable community fees are generally billed and collected in advance or upon move-in of a resident under the Company's independent living, assisted living, and memory care residency agreements. Amounts of revenue that are collected from residents in advance are recognized as deferred revenue until the performance obligations are satisfied. The Company had total deferred revenue (included within refundable fees and deferred revenue, liabilities held for sale, and other liabilities within the condensed consolidated balance sheets) of $80.9 million and $67.3 million, including $35.3 million and $25.2 million of monthly resident fees billed and received in advance, as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 and 2022, the Company recognized $36.9 million and $40.1 million, respectively, of revenue that was included in the deferred revenue balance as of January 1, 2023 and 2022, respectively.

Property, Plant and Equipment a

Property, Plant and Equipment and Leasehold Intangibles, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment and Leasehold Intangibles, Net	6. Property, Plant and Equipment and Leasehold Intangibles, Net As of March 31, 2023 and December 31, 2022, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following. (in thousands) March 31, 2023 December 31, 2022 Land $ 503,488 $ 506,968 Buildings and improvements 5,309,368 5,323,736 Furniture and equipment 1,061,777 1,055,304 Resident and leasehold operating intangibles 283,232 286,122 Construction in progress 54,315 41,778 Assets under financing leases and leasehold improvements 1,395,000 1,375,521 Property, plant and equipment and leasehold intangibles 8,607,180 8,589,429 Accumulated depreciation and amortization (4,114,178) (4,053,727) Property, plant and equipment and leasehold intangibles, net $ 4,493,002 $ 4,535,702 Assets under financing leases and leasehold improvements includes $93.2 million and $98.4 million of financing lease right-of-use assets, net of accumulated amortization, as of March 31, 2023 and December 31, 2022, respectively. Refer to Note 8 for further information on the Company's financing leases.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	7. Debt Long-term debt consists of the following. (in thousands) March 31, 2023 December 31, 2022 Fixed rate mortgage notes payable due 2024 through 2047; weighted average interest rate of 4.14% as of both March 31, 2023 and December 31, 2022 $ 2,050,914 $ 2,055,867 Variable rate mortgage notes payable due 2023 through 2030; weighted average interest rate of 7.15% and 6.68% as of March 31, 2023 and December 31, 2022, respectively 1,565,259 1,568,555 Convertible notes payable due October 2026; interest rate of 2.00% as of both March 31, 2023 and December 31, 2022 230,000 230,000 Tangible equity units senior amortizing notes due November 2025; interest rate of 10.25% as of both March 31, 2023 and December 31, 2022 23,850 25,586 Other notes payable due 2023; interest rate of 5.90% as of March 31, 2023 18,033 — Deferred financing costs, net (28,091) (29,866) Total long-term debt 3,859,965 3,850,142 Current portion 87,711 66,043 Total long-term debt, less current portion $ 3,772,254 $ 3,784,099 As of March 31, 2023, 91.6%, or $3.5 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings. As of March 31, 2023, $72.6 million of letters of credit and no cash borrowings were outstanding under the Company's $80.0 million secured credit facility maturing January 2024. The Company also had a separate secured letter of credit facility providing up to $15.0 million of letters of credit as of March 31, 2023 under which $13.9 million had been issued as of that date. Financial Covenants Certain of the Company's debt documents contain restrictions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity, net worth, and stockholders' equity levels and debt service ratios, and requiring the Company not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. In addition, the Company's debt documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. The Company's failure to comply with applicable covenants could constitute an event of default under the applicable debt documents. Many of the Company's debt documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Furthermore, the Company's debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries. As of March 31, 2023, the Company is in compliance with the financial covenants of its debt agreements.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	8. Leases As of March 31, 2023, the Company operated 295 communities under long-term leases (246 operating leases and 49 financing leases). The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees the performance and lease payment obligations of its subsidiary lessees under the master leases. An event of default related to an individual property or limited number of properties within a master lease portfolio may result in a default on the entire master lease portfolio. The leases relating to these communities are generally fixed rate leases with annual escalators that are either fixed or based upon changes in the consumer price index or the leased property revenue. The Company is responsible for all operating costs, including repairs, property taxes, and insurance. The leases generally provide for renewal or extension options from 5 to 20 years and in some instances, purchase options. The community leases contain other customary terms, which may include assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity, net worth, and stockholders' equity levels and lease coverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community and/or entity basis. In addition, the Company's lease documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. The Company's failure to comply with applicable covenants could constitute an event of default under the applicable lease documents. Many of the Company's debt and lease documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Certain leases contain cure provisions, which generally allow the Company to post an additional lease security deposit if the required covenant is not met. Furthermore, the Company's leases are secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries. As of March 31, 2023, the Company is in compliance with the financial covenants of its long-term leases. A summary of operating and financing lease expense (including the respective presentation on the condensed consolidated statements of operations) and net cash outflows from leases is as follows. Three Months Ended Operating Leases (in thousands) 2023 2022 Facility operating expense $ 1,626 $ 1,523 Facility lease expense 46,127 41,564 Operating lease expense 47,753 43,087 Operating lease expense adjustment (1) 10,805 8,307 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (2,244) (1,490) Operating net cash outflows from operating leases $ 56,314 $ 49,904 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Financing Leases (in thousands) 2023 2022 Depreciation and amortization $ 5,228 $ 7,665 Interest expense: financing lease obligations 6,552 12,058 Financing lease expense $ 11,780 $ 19,723 Operating cash outflows from financing leases $ 6,552 $ 12,058 Financing cash outflows from financing leases 5,852 5,490 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,207) Total net cash outflows from financing leases $ 12,404 $ 14,341 The aggregate amounts of future minimum lease payments, including community, office, and equipment leases recognized on the condensed consolidated balance sheet as of March 31, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (nine months) $ 174,844 $ 36,463 2024 218,481 49,309 2025 216,638 37,189 2026 101,785 37,894 2027 98,606 5,861 Thereafter 135,448 24,174 Total lease payments 945,802 190,890 Purchase option liability and non-cash gain on future sale of property — 135,751 Imputed interest and variable lease payments (192,305) (83,609) Total lease obligations $ 753,497 $ 243,032
Leases	8. Leases As of March 31, 2023, the Company operated 295 communities under long-term leases (246 operating leases and 49 financing leases). The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees the performance and lease payment obligations of its subsidiary lessees under the master leases. An event of default related to an individual property or limited number of properties within a master lease portfolio may result in a default on the entire master lease portfolio. The leases relating to these communities are generally fixed rate leases with annual escalators that are either fixed or based upon changes in the consumer price index or the leased property revenue. The Company is responsible for all operating costs, including repairs, property taxes, and insurance. The leases generally provide for renewal or extension options from 5 to 20 years and in some instances, purchase options. The community leases contain other customary terms, which may include assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity, net worth, and stockholders' equity levels and lease coverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community and/or entity basis. In addition, the Company's lease documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. The Company's failure to comply with applicable covenants could constitute an event of default under the applicable lease documents. Many of the Company's debt and lease documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Certain leases contain cure provisions, which generally allow the Company to post an additional lease security deposit if the required covenant is not met. Furthermore, the Company's leases are secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries. As of March 31, 2023, the Company is in compliance with the financial covenants of its long-term leases. A summary of operating and financing lease expense (including the respective presentation on the condensed consolidated statements of operations) and net cash outflows from leases is as follows. Three Months Ended Operating Leases (in thousands) 2023 2022 Facility operating expense $ 1,626 $ 1,523 Facility lease expense 46,127 41,564 Operating lease expense 47,753 43,087 Operating lease expense adjustment (1) 10,805 8,307 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (2,244) (1,490) Operating net cash outflows from operating leases $ 56,314 $ 49,904 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Financing Leases (in thousands) 2023 2022 Depreciation and amortization $ 5,228 $ 7,665 Interest expense: financing lease obligations 6,552 12,058 Financing lease expense $ 11,780 $ 19,723 Operating cash outflows from financing leases $ 6,552 $ 12,058 Financing cash outflows from financing leases 5,852 5,490 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,207) Total net cash outflows from financing leases $ 12,404 $ 14,341 The aggregate amounts of future minimum lease payments, including community, office, and equipment leases recognized on the condensed consolidated balance sheet as of March 31, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (nine months) $ 174,844 $ 36,463 2024 218,481 49,309 2025 216,638 37,189 2026 101,785 37,894 2027 98,606 5,861 Thereafter 135,448 24,174 Total lease payments 945,802 190,890 Purchase option liability and non-cash gain on future sale of property — 135,751 Imputed interest and variable lease payments (192,305) (83,609) Total lease obligations $ 753,497 $ 243,032

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in Unconsolidated Ventures	9. Investment in Unconsolidated Ventures As of March 31, 2023, the Company owns a 20% equity interest, and affiliates of HCA Healthcare Inc. own an 80% interest, in a health care services venture (the "HCS Venture"), which operates home health and hospice agencies in the United States. The Company's interest in the HCS Venture is accounted for under the equity method of accounting. The carrying amount of the Company's investment in the unconsolidated venture and maximum exposure to loss as a result of the Company's ownership interest in the HCS Venture is $49.1 million, which is included in investment in unconsolidated ventures on the accompanying unaudited condensed consolidated balance sheet as of March 31, 2023. As of March 31, 2023, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to the HCS Venture.

Litigation

Litigation	3 Months Ended
	Mar. 31, 2023
Litigation [Abstract]
Litigation	10. Litigation The Company has been and is currently involved in litigation and claims incidental to the conduct of its business, which it believes are generally comparable to other companies in the senior living and healthcare industries, including, but not limited to, putative class action claims from time to time regarding staffing at the Company's communities and compliance with consumer protection laws and the Americans with Disabilities Act. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. As a result, the Company maintains general liability, professional liability, and other insurance policies in amounts and with coverage and deductibles the Company believes are appropriate, based on the nature and risks of its business, historical experience, availability, and industry standards. The Company's current policies provide for deductibles for each claim and contain various exclusions from coverage. The Company uses its wholly-owned captive insurance company for the purpose of insuring certain portions of its risk retention under its general and professional liability insurance programs. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts, for claims that exceed the funding level of the Company's wholly-owned captive insurance company, and for claims or portions of claims that are not covered by such policies and/or exceed the policy limits. The senior living and healthcare industries are continuously subject to scrutiny by governmental regulators, which could result in reviews, audits, investigations, enforcement actions, or litigation related to regulatory compliance matters. In addition, the Company is subject to various government reviews, audits, and investigations to verify compliance with Medicare and Medicaid programs and other applicable laws and regulations. The Centers for Medicare & Medicaid Services has engaged third-party firms to review claims data to evaluate appropriateness of billings. In addition to identifying overpayments, audit contractors can refer suspected violations to government authorities. In addition, states' Attorneys General vigorously enforce consumer protection laws as those laws relate to the senior living industry. An adverse outcome of government scrutiny may result in citations, sanctions, other criminal or civil fines and penalties, the refund of overpayments, payment suspensions, termination of participation in Medicare and Medicaid programs, and damage to the Company's business reputation. The Company's costs to respond to and defend any such audits, reviews, and investigations may be significant. In June 2020, the Company and several current and former executive officers were named as defendants in a putative class action lawsuit alleging violations of the federal securities laws filed in the federal court for the Middle District of Tennessee.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Grants of restricted stock units and stock awards under the Company's 2014 Omnibus Incentive Plan were as follows. (in thousands, except weighted average amounts) Restricted Stock Unit and Stock Award Grants Weighted Average Grant Date Fair Value Total Grant Date Fair Value Three months ended March 31, 2023 3,959 $ 2.97 $ 11,778

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share Potentially dilutive common stock equivalents for the Company include convertible senior notes, warrants, unvested restricted stock, restricted stock units, and prepaid stock purchase contracts. On October 1, 2021, the Company issued $230.0 million principal amount of 2.00% convertible senior notes due 2026 (the "Notes"). As of March 31, 2023, the maximum number of shares issuable upon settlement of the Notes is 38.3 million (after giving effect to additional shares that would be issuable upon conversion in connection with the occurrence of certain corporate or other events). On July 26, 2020, the Company issued to Ventas, Inc. ("Ventas") a warrant (the "Warrant") to purchase 16.3 million shares of the Company’s common stock, $0.01 par value per share, at a price per share of $3.00. The Warrant is exercisable at Ventas' option at any time and from time to time, in whole or in part, until December 31, 2025. The exercise price and the number of shares issuable on exercise of the Warrant are subject to certain anti-dilution adjustments, including for cash dividends, stock dividends, stock splits, reclassifications, non-cash distributions, certain repurchases of common stock, and business combination transactions. During the three months ended December 31, 2022, the Company issued 2,875,000 of its 7.00% tangible equity units (the “Units”) at a public offering price of $50.00 per Unit for an aggregate offering of $143.8 million. The Company received proceeds of $139.4 million after the deduction of the underwriters’ discount. Each Unit is comprised of a prepaid stock purchase contract and a senior amortizing note with an initial principal amount of $8.8996. Unless settled early in accordance with the terms of the instruments, under each purchase contract, the Company is obligated to deliver to the holder on November 15, 2025 a minimum of 12.9341, and a maximum of 15.1976, shares of the Company’s common stock depending on the daily volume-weighted average price ("VWAPs") of its common stock for the 20 trading days preceding the settlement date. As of March 31, 2023, the maximum number of shares issuable upon settlement of the Units' prepaid stock purchase contracts is 43.7 million. Basic earnings per share ("EPS") is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, after giving effect to the minimum number of shares issuable upon settlement of the prepaid stock purchase contract component of the Units. For the three months ended March 31, 2023, 37.2 million shares are included in weighted average basic shares outstanding for the minimum number of shares issuable upon settlement of the Units' prepaid stock purchase contracts. Three Months Ended March 31, 2023 2022 Weighted average common shares outstanding 187,392 185,916 Weighted average minimum shares issuable under purchase contracts 37,186 — Weighted average shares outstanding - basic 224,578 185,916 Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. Diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock. For the purposes of computing diluted EPS, weighted average shares outstanding do not include potentially dilutive securities that are anti-dilutive under the treasury stock method or if-converted method, and performance-based equity awards are included based on the attainment of the applicable performance metrics as of the end of the reporting period. The Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in both periods as a result of the net loss. As of March 31, (in millions) 2023 2022 Convertible senior notes 38.3 38.3 Warrants 16.3 16.3 Restricted stock and restricted stock units 6.6 5.7 Incremental shares issuable under purchase contracts 6.5 — Total 67.7 60.3

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The difference between the Company's effective tax rate for the three months ended March 31, 2023 and 2022 was primarily due to an increase in the valuation allowance recorded during the three months ended March 31, 2023, as well as a decrease in the tax benefit on the vesting of restricted stock units and restricted stock awards due to a lower market price for the Company’s stock for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. The Company recorded an aggregate deferred federal, state, and local tax benefit of $9.4 million for the three months ended March 31, 2023, which was offset by an increase to the valuation allowance of $9.7 million. The Company recorded an aggregate deferred federal, state, and local tax expense of $24.9 million for the three months ended March 31, 2022, which was partially offset by a reduction to the valuation allowance of $22.6 million. The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of March 31, 2023 and December 31, 2022 was $434.7 million and $425.0 million, respectively. The increase in the valuation allowance for the three months ended March 31, 2023 and 2022 is the result of current operating losses during the three months ended March 31, 2023 and 2022 and by the anticipated reversal of future tax liabilities offset by future tax deductions.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	14. Supplemental Disclosure of Cash Flow Information During the period from January 1, 2022 through March 31, 2023, the Company disposed of two owned communities and the Company's triple-net lease obligations on four communities were terminated (including through the acquisition of one formerly leased community). The Company completed the sale of its one remaining entrance fee community on May 1, 2023. The Company received cash proceeds of $12.3 million, net of $29.6 million in mortgage debt repaid and transaction costs, at closing. As of March 31, 2023, the community was classified as held for sale in the CCRCs segment, resulting in $23.6 million being recorded as assets held for sale and $19.5 million, representing primarily refundable fees and deferred revenue from entrance fee residency agreements, recorded as liabilities held for sale within the condensed consolidated balance sheets. Three Months Ended (in thousands) 2023 2022 Supplemental Disclosure of Cash Flow Information: Interest paid $ 55,110 $ 43,927 Income taxes paid, net of refunds $ (1,346) $ 341 Capital expenditures, net of related payables: Capital expenditures - non-development, net $ 62,912 $ 39,326 Capital expenditures - development, net 519 861 Capital expenditures - non-development - reimbursable 2,244 4,697 Trade accounts payable (15,975) (4,928) Net cash paid $ 49,700 $ 39,956 Supplemental Schedule of Non-cash Operating, Investing, and Financing Activities: Assets designated as held for sale: Assets held for sale $ 23,555 $ — Property, plant and equipment and leasehold intangibles, net (23,555) — Liabilities held for sale (19,455) — Refundable fees and deferred revenue 9,362 — Other liabilities 10,093 — Net $ — $ — Restricted cash consists principally of deposits as security for self-insured retention risk under workers' compensation programs and property insurance programs, escrow deposits for real estate taxes, property insurance, and capital expenditures, and debt service reserve accounts required by certain lenders under mortgage debt agreements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sums to the total of the same such amounts shown in the condensed consolidated statements of cash flows. (in thousands) March 31, 2023 December 31, 2022 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 362,235 $ 398,850 Restricted cash 29,374 27,735 Long-term restricted cash 45,133 47,963 Total cash, cash equivalents, and restricted cash $ 436,742 $ 474,548

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	15. Segment Information As of March 31, 2023, the Company has three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment. Independent Living . The Company's Independent Living segment includes owned or leased communities that are primarily designed for middle to upper income seniors who desire to live in a residential setting that feels like home, without the efforts of ownership. The majority of the Company's independent living communities consist of both independent and assisted living units in a single community, which allows residents to age-in-place by providing them with a broad continuum of senior independent and assisted living services to accommodate their changing needs. Assisted Living and Memory Care. The Company's Assisted Living and Memory Care segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily living for the Company's residents. The Company's assisted living and memory care communities include both freestanding, multi-story communities, as well as smaller, freestanding, single story communities. The Company also provides memory care services at freestanding memory care communities that are specially designed for residents with Alzheimer's disease and other dementias. CCRCs. The Company's CCRCs segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs. Most of the Company's CCRCs have independent living, assisted living, memory care, and skilled nursing available on one campus. All Other. All Other includes communities operated by the Company pursuant to management agreements. Under the management agreements for these communities, the Company receives management fees as well as reimbursement of expenses it incurs on behalf of the owners. The following tables set forth selected segment financial data. Three Months Ended (in thousands) 2023 2022 Revenue and other operating income: Independent Living (1) $ 140,656 $ 124,406 Assisted Living and Memory Care (1) 488,804 432,488 CCRCs (1) 86,272 80,456 All Other 37,531 40,470 Total revenue and other operating income $ 753,263 $ 677,820 Three Months Ended (in thousands) 2022 2021 Segment operating income: (2) Independent Living $ 46,833 $ 37,684 Assisted Living and Memory Care 124,593 76,863 CCRCs 13,499 10,039 All Other 2,577 3,329 Total segment operating income 187,502 127,915 General and administrative expense (including non-cash stock-based compensation expense) 48,619 45,126 Facility operating lease expense 46,127 41,564 Depreciation and amortization 84,934 85,684 Asset impairment — 9,075 Income (loss) from operations $ 7,822 $ (53,534) As of (in thousands) March 31, 2023 December 31, 2022 Total assets: Independent Living (3) $ 1,253,570 $ 1,267,825 Assisted Living and Memory Care 3,288,702 3,329,516 CCRCs 666,102 664,502 Corporate and All Other 677,485 675,219 Total assets $ 5,885,859 $ 5,937,062 (1) All revenue and other operating income is earned from external third parties in the United States. (3) The Company's Independent Living segment had a carrying amount of goodwill of $27.3 million as of both March 31, 2023 and December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations, and cash flows of the Company for all periods presented. Certain information and footnote disclosures included in annual financial statements have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. These interim financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 22, 2023.
Principles of Consolidation	Principles of ConsolidationThe condensed consolidated financial statements include the accounts of Brookdale and its consolidated subsidiaries. The ownership interest of consolidated entities not wholly-owned by the Company are presented as noncontrolling interests in the accompanying unaudited condensed consolidated financial statements. Intercompany balances and transactions have been eliminated in consolidation, and net income (loss) is reduced by the portion of net income (loss) attributable to noncontrolling interests. The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting.
Use of Estimates	Use of EstimatesThe preparation of the condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, revenue, other operating income, asset impairments, self-insurance reserves, performance-based compensation, the allowance for credit losses, depreciation and amortization, leasing transactions, income taxes, and other contingencies. Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company's condensed consolidated financial position or results of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Caps	The following table summarizes the Company's London Interbank Offer Rate ("LIBOR") and Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of March 31, 2023. ($ in thousands) Current notional balance $ 1,231,920 Weighted average fixed cap rate 4.34 % Weighted average remaining term 1.1 years Estimated asset fair value (included in other assets, net) at March 31, 2023 $ 9,125 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 10,599 The following table summarizes the Company's SOFR interest rate swap instrument as of March 31, 2023. ($ in thousands) Current notional balance $ 220,000 Fixed interest rate 3.00 % Remaining term 1.1 years Estimated asset fair value (included in other assets, net) at March 31, 2023 $ 3,692 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 4,834

Property, Plant and Equipment_2

Property, Plant and Equipment and Leasehold Intangibles, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment and Leasehold Intangibles, Net	As of March 31, 2023 and December 31, 2022, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following. (in thousands) March 31, 2023 December 31, 2022 Land $ 503,488 $ 506,968 Buildings and improvements 5,309,368 5,323,736 Furniture and equipment 1,061,777 1,055,304 Resident and leasehold operating intangibles 283,232 286,122 Construction in progress 54,315 41,778 Assets under financing leases and leasehold improvements 1,395,000 1,375,521 Property, plant and equipment and leasehold intangibles 8,607,180 8,589,429 Accumulated depreciation and amortization (4,114,178) (4,053,727) Property, plant and equipment and leasehold intangibles, net $ 4,493,002 $ 4,535,702

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following. (in thousands) March 31, 2023 December 31, 2022 Fixed rate mortgage notes payable due 2024 through 2047; weighted average interest rate of 4.14% as of both March 31, 2023 and December 31, 2022 $ 2,050,914 $ 2,055,867 Variable rate mortgage notes payable due 2023 through 2030; weighted average interest rate of 7.15% and 6.68% as of March 31, 2023 and December 31, 2022, respectively 1,565,259 1,568,555 Convertible notes payable due October 2026; interest rate of 2.00% as of both March 31, 2023 and December 31, 2022 230,000 230,000 Tangible equity units senior amortizing notes due November 2025; interest rate of 10.25% as of both March 31, 2023 and December 31, 2022 23,850 25,586 Other notes payable due 2023; interest rate of 5.90% as of March 31, 2023 18,033 — Deferred financing costs, net (28,091) (29,866) Total long-term debt 3,859,965 3,850,142 Current portion 87,711 66,043 Total long-term debt, less current portion $ 3,772,254 $ 3,784,099

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Lease Costs	A summary of operating and financing lease expense (including the respective presentation on the condensed consolidated statements of operations) and net cash outflows from leases is as follows. Three Months Ended Operating Leases (in thousands) 2023 2022 Facility operating expense $ 1,626 $ 1,523 Facility lease expense 46,127 41,564 Operating lease expense 47,753 43,087 Operating lease expense adjustment (1) 10,805 8,307 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements (2,244) (1,490) Operating net cash outflows from operating leases $ 56,314 $ 49,904 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Financing Leases (in thousands) 2023 2022 Depreciation and amortization $ 5,228 $ 7,665 Interest expense: financing lease obligations 6,552 12,058 Financing lease expense $ 11,780 $ 19,723 Operating cash outflows from financing leases $ 6,552 $ 12,058 Financing cash outflows from financing leases 5,852 5,490 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,207) Total net cash outflows from financing leases $ 12,404 $ 14,341
Schedule of Finance Lease, Liability, Maturity	The aggregate amounts of future minimum lease payments, including community, office, and equipment leases recognized on the condensed consolidated balance sheet as of March 31, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (nine months) $ 174,844 $ 36,463 2024 218,481 49,309 2025 216,638 37,189 2026 101,785 37,894 2027 98,606 5,861 Thereafter 135,448 24,174 Total lease payments 945,802 190,890 Purchase option liability and non-cash gain on future sale of property — 135,751 Imputed interest and variable lease payments (192,305) (83,609) Total lease obligations $ 753,497 $ 243,032
Schedule of Lessee, Operating Lease, Liability, Maturity	The aggregate amounts of future minimum lease payments, including community, office, and equipment leases recognized on the condensed consolidated balance sheet as of March 31, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (nine months) $ 174,844 $ 36,463 2024 218,481 49,309 2025 216,638 37,189 2026 101,785 37,894 2027 98,606 5,861 Thereafter 135,448 24,174 Total lease payments 945,802 190,890 Purchase option liability and non-cash gain on future sale of property — 135,751 Imputed interest and variable lease payments (192,305) (83,609) Total lease obligations $ 753,497 $ 243,032

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Grants of Restricted Stock and Restricted Stock Units	Grants of restricted stock units and stock awards under the Company's 2014 Omnibus Incentive Plan were as follows. (in thousands, except weighted average amounts) Restricted Stock Unit and Stock Award Grants Weighted Average Grant Date Fair Value Total Grant Date Fair Value Three months ended March 31, 2023 3,959 $ 2.97 $ 11,778

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	Three Months Ended March 31, 2023 2022 Weighted average common shares outstanding 187,392 185,916 Weighted average minimum shares issuable under purchase contracts 37,186 — Weighted average shares outstanding - basic 224,578 185,916
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company has the following potentially outstanding shares of common stock, which were excluded from the computation of diluted net income (loss) per share attributable to common stockholders in both periods as a result of the net loss. As of March 31, (in millions) 2023 2022 Convertible senior notes 38.3 38.3 Warrants 16.3 16.3 Restricted stock and restricted stock units 6.6 5.7 Incremental shares issuable under purchase contracts 6.5 — Total 67.7 60.3

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Three Months Ended (in thousands) 2023 2022 Supplemental Disclosure of Cash Flow Information: Interest paid $ 55,110 $ 43,927 Income taxes paid, net of refunds $ (1,346) $ 341 Capital expenditures, net of related payables: Capital expenditures - non-development, net $ 62,912 $ 39,326 Capital expenditures - development, net 519 861 Capital expenditures - non-development - reimbursable 2,244 4,697 Trade accounts payable (15,975) (4,928) Net cash paid $ 49,700 $ 39,956 Supplemental Schedule of Non-cash Operating, Investing, and Financing Activities: Assets designated as held for sale: Assets held for sale $ 23,555 $ — Property, plant and equipment and leasehold intangibles, net (23,555) — Liabilities held for sale (19,455) — Refundable fees and deferred revenue 9,362 — Other liabilities 10,093 — Net $ — $ —
Schedule of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sums to the total of the same such amounts shown in the condensed consolidated statements of cash flows. (in thousands) March 31, 2023 December 31, 2022 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 362,235 $ 398,850 Restricted cash 29,374 27,735 Long-term restricted cash 45,133 47,963 Total cash, cash equivalents, and restricted cash $ 436,742 $ 474,548

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth selected segment financial data. Three Months Ended (in thousands) 2023 2022 Revenue and other operating income: Independent Living (1) $ 140,656 $ 124,406 Assisted Living and Memory Care (1) 488,804 432,488 CCRCs (1) 86,272 80,456 All Other 37,531 40,470 Total revenue and other operating income $ 753,263 $ 677,820 Three Months Ended (in thousands) 2022 2021 Segment operating income: (2) Independent Living $ 46,833 $ 37,684 Assisted Living and Memory Care 124,593 76,863 CCRCs 13,499 10,039 All Other 2,577 3,329 Total segment operating income 187,502 127,915 General and administrative expense (including non-cash stock-based compensation expense) 48,619 45,126 Facility operating lease expense 46,127 41,564 Depreciation and amortization 84,934 85,684 Asset impairment — 9,075 Income (loss) from operations $ 7,822 $ (53,534) As of (in thousands) March 31, 2023 December 31, 2022 Total assets: Independent Living (3) $ 1,253,570 $ 1,267,825 Assisted Living and Memory Care 3,288,702 3,329,516 CCRCs 666,102 664,502 Corporate and All Other 677,485 675,219 Total assets $ 5,885,859 $ 5,937,062 (1) All revenue and other operating income is earned from external third parties in the United States. (3) The Company's Independent Living segment had a carrying amount of goodwill of $27.3 million as of both March 31, 2023 and December 31, 2022.

Description of Business (Detail

Description of Business (Details)	Mar. 31, 2023 community
Segment Reporting Information [Line Items]
Operating and financing leases, number of communities	295
Current Property Ownership Status
Segment Reporting Information [Line Items]
Number of senior living communities	673
Number of communities owned	346
Operating and financing leases, number of communities	295
Number of communities managed by third party	32

COVID-19 Pandemic (Details)

COVID-19 Pandemic (Details) - CARES Act - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Employee retention credit, amount recognized		$ 9.4	$ 9.9
Employee retention credit, amount received	$ 9.9
Prepaid Expenses and Other Current Assets
Unusual or Infrequent Item, or Both [Line Items]
Employee related liabilities	$ 9.4

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 69,009	$ 48,680
Total long-term debt	3,859,965	3,850,142
Long-term debt, fair value	3,400,000	3,400,000
Long-term debt and lines of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total long-term debt	3,900,000	3,900,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 69,000	$ 48,700

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Caps (Details) - Level 2 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Interest Rate Cap
Derivative [Line Items]
Derivative asset, notional amount	$ 1,231,920
Weighted average fixed cap rate	4.34%
Weighted average remaining term	1 year 1 month 6 days
Estimated asset fair value (included in other assets, net)	$ 9,125	$ 10,599
Interest Rate Swap
Derivative [Line Items]
Derivative asset, notional amount	220,000
Estimated asset fair value (included in other assets, net)	$ 3,692	$ 4,834
Fixed interest rate	3%
Remaining term	1 year 1 month 6 days

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Monthly resident fees	$ 35.3		$ 25.2
Revenue recognized	36.9	$ 40.1
Deferred Revenue and Credits
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 80.9		$ 67.3
Private pay | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	93.60%	93.40%

Property, Plant and Equipment_3

Property, Plant and Equipment and Leasehold Intangibles, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	$ 8,607,180		$ 8,589,429
Accumulated depreciation and amortization	(4,114,178)		(4,053,727)
Property, plant and equipment and leasehold intangibles, net	4,493,002		4,535,702
Finance lease, right-of-use asset	93,200		98,400
Depreciation and amortization expense	84,900	$ 85,700
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	503,488		506,968
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	5,309,368		5,323,736
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	1,061,777		1,055,304
Resident and leasehold operating intangibles
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	283,232		286,122
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	54,315		41,778
Assets under financing leases and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	$ 1,395,000		$ 1,375,521

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 3,859,965	$ 3,850,142
Deferred financing costs, net	(28,091)	(29,866)
Current portion	87,711	66,043
Long-term debt, less current portion	3,772,254	3,784,099
Mortgage notes payable
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 2,050,914	$ 2,055,867
Weighted average interest rate	4.14%	4.14%
Variable Mortgages
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 1,565,259	$ 1,568,555
Weighted average interest rate	7.15%	6.68%
Convertible Debt | Convertible senior notes
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 230,000	$ 230,000
Weighted average interest rate	2%	2%
Other notes payable
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 18,033	$ 0
Weighted average interest rate	5.90%
Other notes payable | Tangible Equity Units Senior Amortizing Notes
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 23,850	$ 25,586
Weighted average interest rate	10.25%	10.25%

Debt-Narrative (Details)

Debt-Narrative (Details)	Mar. 31, 2023 USD ($)
Credit Facilities [Line Items]
Percentage of total debt (as a percent)	91.60%
Mortgages
Credit Facilities [Line Items]
Mortgage debt	$ 3,500,000,000
Line of Credit | Fifth Amended and Restated Credit Agreement | Letter of Credit Sublimit
Credit Facilities [Line Items]
Letters of credit issued	72,600,000
Line of Credit | Fifth Amended and Restated Credit Agreement | Letter of Credit
Credit Facilities [Line Items]
Letters of credit issued	13,900,000
Credit facility, maximum borrowing capacity	15,000,000
Line of Credit | Credit Agreement With Capital One, National Association | Revolving Credit Facility
Credit Facilities [Line Items]
Credit facility, maximum borrowing capacity	$ 80,000,000

Leases- Narrative (Details)

Leases- Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 09, 2023 USD ($) community	Mar. 31, 2023 USD ($) lease community	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating and financing leases, number of communities | community		295
Operating lease, number of communities | lease		246
Financing leases, number of communities | lease		49
Operating lease right-of-use assets | $		$ 565,641		$ 597,130
Subsequent Event | Mortgages
Lessee, Lease, Description [Line Items]
Operating lease, covenant provisions, required minimum tangible net worth | $	$ 2,000,000
Subsequent Event | Welltower Inc.
Lessee, Lease, Description [Line Items]
Number of communities Company continues to lease | community	74
Number of communities leased | community	69
Operating leases, maximum fund costs | $	$ 17,000
Operating lease right-of-use assets | $	125,000
Operating lease, covenant provisions, required minimum stockholders equity | $	400,000
Subsequent Event | Welltower Inc. | Mortgages
Lessee, Lease, Description [Line Items]
Operating lease, covenant provisions, required minimum tangible net worth | $	$ 1,500,000
Subsequent Event | Welltower Inc. | Lease Expire From December 31, 2026 Until June 30, 2032
Lessee, Lease, Description [Line Items]
Number of leases extended | community	1
Number of communities leased | community	39
Subsequent Event | Welltower Inc. | Lease Expire On June 30, 2032
Lessee, Lease, Description [Line Items]
Number of communities leased | community	69
Subsequent Event | Welltower Inc. | Lease Expire On December 31, 2024
Lessee, Lease, Description [Line Items]
Number of communities leased | community	5
Subsequent Event | Welltower Inc. | Minimum Rent Leasing Arrangement | SOFR
Lessee, Lease, Description [Line Items]
Annual escalator rate	4%
CARES Act
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets | $			$ 8,600
Minimum
Lessee, Lease, Description [Line Items]
Finance and operating lease, renewal term		5 years
Minimum | Subsequent Event | Welltower Inc. | Minimum Rent Leasing Arrangement | SOFR
Lessee, Lease, Description [Line Items]
Annual escalator rate	3%
Maximum
Lessee, Lease, Description [Line Items]
Finance and operating lease, renewal term		20 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Facility operating expense	$ 1,626	$ 1,523
Facility lease expense	46,127	41,564
Operating lease expense	47,753	43,087
Operating lease expense adjustment	10,805	8,307
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements	(2,244)	(1,490)
Operating net cash outflows from operating leases	56,314	49,904
Depreciation and amortization	5,228	7,665
Interest expense: financing lease obligations	6,552	12,058
Financing lease expense	11,780	19,723
Operating cash outflows from financing leases	6,552	12,058
Financing cash outflows from financing leases	5,852	5,490
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement	0	(3,207)
Total net cash outflows from financing leases	$ 12,404	$ 14,341

Leases - Maturity ASC 842 (Deta

Leases - Maturity ASC 842 (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Leases
2023 (nine months)	$ 174,844
2024	218,481
2025	216,638
2026	101,785
2027	98,606
Thereafter	135,448
Total lease payments	945,802
Purchase option liability and non-cash gain on future sale of property	0
Imputed interest and variable lease payments	(192,305)
Total lease obligations	753,497
Financing Leases
2023 (nine months)	36,463
2024	49,309
2025	37,189
2026	37,894
2027	5,861
Thereafter	24,174
Total lease payments	190,890
Purchase option liability and non-cash gain on future sale of property	135,751
Imputed interest and variable lease payments	(83,609)
Total lease obligations	$ 243,032

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Details) - Healthcare Services Venture - Variable Interest Entity, Not Primary Beneficiary $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Investments in and Advances to Affiliates [Line Items]
Ownership percentage (as a percent)	20%
Maximum exposure to loss	$ 49.1
HCA Healthcare, Inc.
Investments in and Advances to Affiliates [Line Items]
Ownership percentage (as a percent)	80%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Unvested Restricted Stock - Omnibus Incentive Plan 2014 $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Unit and Stock Award Grants (in shares) | shares	3,959
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.97
Total Grant Date Fair Value | $	$ 11,778

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares	Dec. 31, 2022 USD ($) day $ / shares shares	Mar. 31, 2022 shares	Oct. 01, 2021 USD ($)	Jul. 26, 2020 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Debt instrument, settlement, prepaid stock, minimum settlement rate (in shares)		12.9341
Debt instrument, settlement, prepaid stock, maximum settlement rate (in shares)		15.1976
Debt instrument, settlement, threshold consecutive trading days | day		20
Weighted average shares outstanding - basic (in shares)	224,578,000		185,916,000
Ventas, Inc | The Warrant
Class of Stock [Line Items]
Number of shares authorized to be purchased (in shares)					16,300,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01
Share price (in dollars per share) | $ / shares					$ 3
Convertible senior notes
Class of Stock [Line Items]
Number of shares issuable upon conversion (in shares)	38,300,000
Incremental shares issuable under purchase contracts
Class of Stock [Line Items]
Number of shares issuable upon conversion (in shares)	43,700,000
Weighted average shares outstanding - basic (in shares)	37,200,000
Convertible senior notes | Convertible Debt
Class of Stock [Line Items]
Debt face amount | $				$ 230,000,000
Interest rate, stated percentage				2%
Tangible Equity Units Senior Amortizing Notes | Other notes payable
Class of Stock [Line Items]
Interest rate, stated percentage		7%
Number of shares issued (in shares)		2,875,000
Stated amount, per unit (in dollars per share) | $ / shares		$ 50
Aggregate offering | $		$ 143,800,000
Proceeds from debt, net of issuance costs | $		$ 139,400,000
Prepaid stock purchase contracts (in dollars per share) | $ / shares		$ 8.8996

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	187,392	185,916
Minimum shares issuable under purchase contracts (in shares)	37,186	0
Weighted average shares outstanding - basic (in shares)	224,578	185,916

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	67.7	60.3
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	38.3	38.3
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	16.3	16.3
Restricted stock and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6.6	5.7
Incremental shares issuable under purchase contracts
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6.5	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Valuation Allowance [Line Items]
Gross deferred federal, state and local tax expense (benefit)	$ (9.4)	$ 24.9
Increase (decrease) in valuation allowance	9.7	$ (22.6)
Valuation allowance	$ 434.7		$ 425

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information - Narrative (Details) $ in Thousands		3 Months Ended		15 Months Ended
	May 01, 2023 USD ($) community	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities acquired | community				1
Proceeds from sale of assets, net		$ 0	$ 710
Current portion of long-term debt		87,711		$ 87,711	$ 66,043
Assets held for sale		23,555		$ 23,555	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities disposed of | community				2
Communities Disposed of Through Lease Terminations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities disposed of | community				4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | CCRCs Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		23,600		$ 23,600
Liabilities held-for-sale, not part of disposal group, current		19,500		19,500
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | CCRCs Segment | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of entry fee communities sold | community	1
Proceeds from sale of assets, net	$ 12,300
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | CCRCs Segment | Secured Debt | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of long-term debt		$ 29,600		$ 29,600

Supplemental Disclosure of Ca_4

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Disclosure of Cash Flow Information:
Interest paid	$ 55,110	$ 43,927
Income taxes paid, net of refunds	(1,346)	341
Net cash paid	49,700	39,956
Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid	49,700	39,956
Trade accounts payable	(15,975)	(4,928)
Assets designated as held for sale
Supplemental Disclosure of Cash Flow Information:
Assets held for sale	23,555	0
Property, plant and equipment and leasehold intangibles, net	(23,555)	0
Liabilities held for sale	(19,455)	0
Refundable fees and deferred revenue	9,362	0
Other liabilities	10,093	0
Net	0	0
Non-development | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid	62,912	39,326
Development | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid	519	861
Non-development - reimbursable | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid	$ 2,244	$ 4,697

Supplemental Disclosure of Ca_5

Supplemental Disclosure of Cash Flow Information - Schedule of cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 362,235	$ 398,850
Restricted cash	29,374	27,735
Long-term restricted cash	45,133	47,963
Total cash, cash equivalents, and restricted cash	$ 436,742	$ 474,548	$ 378,493	$ 438,314

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Revenue	$ 753,263	$ 677,820
Segment operating income	187,502	127,915
General and administrative expense (including non-cash stock-based compensation expense)	48,619	45,126
Facility lease expense	46,127	41,564
Depreciation and amortization	84,934	85,684
Asset impairment	0	9,075
Income (loss) from operations	7,822	(53,534)
Total assets	5,885,859		$ 5,937,062
Goodwill	27,321		27,321
Other operating income
Segment Reporting Information [Line Items]
Revenue	2,328	376
Independent Living
Segment Reporting Information [Line Items]
Goodwill	27,300		27,300
Operating Segments | Independent Living
Segment Reporting Information [Line Items]
Revenue	140,656	124,406
Segment operating income	46,833	37,684
Total assets	1,253,570		1,267,825
Operating Segments | Assisted Living and Memory Care
Segment Reporting Information [Line Items]
Revenue	488,804	432,488
Segment operating income	124,593	76,863
Total assets	3,288,702		3,329,516
Operating Segments | CCRCs
Segment Reporting Information [Line Items]
Revenue	86,272	80,456
Segment operating income	13,499	10,039
Total assets	666,102		664,502
Operating Segments | Corporate and All Other
Segment Reporting Information [Line Items]
Revenue	37,531	40,470
Segment operating income	2,577	$ 3,329
Total assets	$ 677,485		$ 675,219