Brookdale Senior Living (BKD) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		188,224,327
Entity Central Index Key	0001332349
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 336,576	$ 398,850
Marketable securities	96,196	48,680
Restricted cash	34,823	27,735
Accounts receivable, net	48,222	55,761
Prepaid expenses and other current assets, net	101,294	106,067
Total current assets	617,111	637,093
Property, plant and equipment and leasehold intangibles, net	4,428,238	4,535,702
Operating lease right-of-use assets	708,124	597,130
Restricted cash	37,183	47,963
Investment in unconsolidated ventures	49,810	55,333
Goodwill	27,321	27,321
Deferred tax asset	1,415	1,604
Other assets, net	35,533	34,916
Total assets	5,904,735	5,937,062
Current liabilities
Current portion of long-term debt	53,729	66,043
Current portion of financing lease obligations	1,004	24,059
Current portion of operating lease obligations	188,430	176,758
Trade accounts payable	94,539	71,000
Accrued expenses	242,043	237,148
Refundable fees and deferred revenue	69,428	66,197
Total current liabilities	649,173	641,205
Long-term debt, less current portion	3,760,560	3,784,099
Financing lease obligations, less current portion	150,991	224,801
Operating lease obligations, less current portion	733,114	616,973
Other liabilities	71,621	85,831
Total liabilities	5,365,459	5,352,909
Preferred stock, $0.01 par value, 50,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized at June 30, 2023 and December 31, 2022; 198,762,649 and 197,776,991 shares issued and 188,235,124 and 187,249,466 shares outstanding (including 10,797 and 422,542 unvested restricted shares), respectively	1,988	1,978
Additional paid-in-capital	4,336,504	4,332,302
Treasury stock, at cost; 10,527,525 shares at June 30, 2023 and December 31, 2022	(102,774)	(102,774)
Accumulated deficit	(3,697,960)	(3,648,901)
Total Brookdale Senior Living Inc. stockholders' equity	537,758	582,605
Noncontrolling interest	1,518	1,548
Total equity	539,276	584,153
Total liabilities and equity	$ 5,904,735	$ 5,937,062

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	198,762,649	197,776,991
Common stock, shares outstanding (in shares)	188,235,124	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)	10,797	422,542

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Revenue	$ 750,792	$ 689,516	$ 1,504,055	$ 1,367,336
Expense
General and administrative expense (including non-cash stock-based compensation expense of $2,969, $3,619, $6,073, and $7,504, respectively)	45,326	41,752	93,945	86,878
Facility operating lease expense	50,512	41,538	96,639	83,102
Depreciation and amortization	84,448	86,623	169,382	172,307
Asset impairment	520	2,599	520	11,674
Loss (gain) on sale of communities, net	(36,296)	0	(36,296)	0
Income (loss) from operations	41,165	(34,048)	48,987	(87,582)
Interest income	6,115	778	11,441	873
Interest expense:
Debt	(52,256)	(35,693)	(102,571)	(68,850)
Financing lease obligations	(5,453)	(11,994)	(12,005)	(24,052)
Amortization of deferred financing costs	(1,899)	(1,520)	(3,839)	(3,062)
Change in fair value of derivatives	5,173	973	4,269	4,376
Equity in earnings (loss) of unconsolidated ventures	(1,153)	(2,439)	(1,730)	(7,333)
Non-operating gain (loss) on sale of assets, net	860	961	860	667
Other non-operating income (loss)	3,197	(111)	6,346	(138)
Income (loss) before income taxes	(4,251)	(83,093)	(48,242)	(185,101)
Benefit (provision) for income taxes	(275)	(1,190)	(847)	786
Net income (loss)	(4,526)	(84,283)	(49,089)	(184,315)
Net (income) loss attributable to noncontrolling interest	16	(135)	30	(116)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	$ (4,510)	$ (84,418)	$ (49,059)	$ (184,431)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
Basic net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders (in dollars per share)	$ (0.02)	$ (0.45)	$ (0.22)	$ (0.99)
Diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders (in dollars per share)	$ (0.02)	$ (0.45)	$ (0.22)	$ (0.99)
Weighted average shares used in computing basic and diluted net income (loss) per share
Weighted average shares used in computing basic net income (loss) per share (in shares)	225,404	186,761	224,994	186,341
Weighted average shares used in computing diluted net income (loss) per share (in shares)	225,404	186,761	224,994	186,341
Resident fees
Revenue
Revenue	$ 710,161	$ 640,388	$ 1,423,565	$ 1,277,362
Management fees
Revenue
Revenue	2,510	3,329	5,087	6,658
Reimbursed costs incurred on behalf of managed communities
Revenue
Revenue	33,999	37,388	68,953	74,529
Expense
Costs incurred	33,999	37,388	68,953	74,529
Other operating income
Revenue
Revenue	4,122	8,411	6,450	8,787
Facility operating expense
Expense
Costs incurred	$ 531,118	$ 513,664	$ 1,061,925	$ 1,026,428

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Depreciation and amortization	$ 77,846	$ 80,944	$ 157,163	$ 160,876
Non-cash stock-based compensation expense	$ 2,969	$ 3,619	$ 6,073	$ 7,504

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)	(4,239)
Compensation expense related to restricted stock grants			7,504
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(184,431)				(184,431)
Net income (loss) attributable to noncontrolling interest	(184,315)					116
Balance at end of period at Jun. 30, 2022	518,567	$ 1,978	4,211,931	(102,774)	(3,594,905)	2,337
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)		907,000
Shares withheld for employee taxes (in shares)		(609,000)
Balances at end of period (in shares) at Jun. 30, 2022		187,256,000
Balance at beginning of period at Mar. 31, 2022	599,279	$ 1,978	4,208,360	(102,774)	(3,510,487)	2,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for employee taxes			(48)
Compensation expense related to restricted stock grants			3,619
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(84,418)				(84,418)
Net income (loss) attributable to noncontrolling interest	(84,283)					135
Balance at end of period at Jun. 30, 2022	518,567	$ 1,978	4,211,931	(102,774)	(3,594,905)	2,337
Balance at beginning of period (in shares) at Mar. 31, 2022		187,283,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net (in shares)		(18,000)
Shares withheld for employee taxes (in shares)		(9,000)
Balances at end of period (in shares) at Jun. 30, 2022		187,256,000
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)	(1,855)
Compensation expense related to restricted stock grants			6,073
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(49,059)				(49,059)
Net income (loss) attributable to noncontrolling interest	(49,089)					(30)
Balance at end of period at Jun. 30, 2023	$ 539,276	$ 1,988	4,336,504	(102,774)	(3,697,960)	1,518
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)		1,551,000
Shares withheld for employee taxes (in shares)		(565,000)
Balances at end of period (in shares) at Jun. 30, 2023	188,235,124	188,235,000
Balance at beginning of period at Mar. 31, 2023	$ 540,854	$ 1,988	4,333,556	(102,774)	(3,693,450)	1,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for employee taxes			(21)
Compensation expense related to restricted stock grants			2,969
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	(4,510)				(4,510)
Net income (loss) attributable to noncontrolling interest	(4,526)					(16)
Balance at end of period at Jun. 30, 2023	$ 539,276	$ 1,988	$ 4,336,504	$ (102,774)	$ (3,697,960)	$ 1,518
Balance at beginning of period (in shares) at Mar. 31, 2023		188,235,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock and restricted stock units, net (in shares)		6,000
Shares withheld for employee taxes (in shares)		(6,000)
Balances at end of period (in shares) at Jun. 30, 2023	188,235,124	188,235,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (49,089)	$ (184,315)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization, net	173,221	175,369
Asset impairment	520	11,674
Equity in (earnings) loss of unconsolidated ventures	1,730	7,333
Distributions from unconsolidated ventures from cumulative share of net earnings	430	561
Amortization of entrance fees	(732)	(1,267)
Proceeds from deferred entrance fee revenue	477	1,959
Deferred income tax (benefit) provision	188	(1,438)
Operating lease expense adjustment	(22,362)	(16,615)
Change in fair value of derivatives	(4,269)	(4,376)
Loss (gain) on sale of assets, net	(37,156)	(667)
Non-cash stock-based compensation expense	6,073	7,504
Property and casualty insurance income	(3,927)	(181)
Other non-operating (income) loss	(2,542)	0
Changes in operating assets and liabilities:
Accounts receivable, net	7,550	1,592
Prepaid expenses and other assets, net	11,711	(5,550)
Prepaid insurance premiums financed with notes payable	(13,004)	(11,252)
Trade accounts payable and accrued expenses	3,782	(822)
Refundable fees and deferred revenue	13,021	3,956
Operating lease assets and liabilities for lessor capital expenditure reimbursements	2,244	4,857
Net cash provided by (used in) operating activities	87,866	(11,678)
Cash Flows from Investing Activities
Purchase of marketable securities	(110,754)	(205,373)
Sale and maturities of marketable securities	65,100	222,500
Capital expenditures, net of related payables	(109,825)	(96,851)
Acquisition of assets, net of cash acquired	(574)	(6,004)
Investment in unconsolidated ventures	0	(167)
Proceeds from sale of assets, net	43,059	5,739
Property and casualty insurance proceeds	8,789	0
Other	295	155
Net cash provided by (used in) investing activities	(103,910)	(80,001)
Cash Flows from Financing Activities
Proceeds from debt	25,532	29,302
Repayment of debt and financing lease obligations	(72,917)	(43,084)
Payment of financing costs, net of related payables	(676)	(116)
Payments of employee taxes for withheld shares	(1,861)	(4,195)
Net cash provided by (used in) financing activities	(49,922)	(18,093)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(65,966)	(109,772)
Cash, cash equivalents, and restricted cash at beginning of period	474,548	438,314
Cash, cash equivalents, and restricted cash at end of period	$ 408,582	$ 328,542

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 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 672 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 June 30, 2023, the Company owned 346 communities, representing a majority of the Company's community portfolio, leased 295 communities, and managed 31 communities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements Marketable Securities As of June 30, 2023 and December 31, 2022, marketable securities of $96.2 million and $48.7 million, respectively, are stated at fair value based on valuations provided by third-party pricing services and are classified within Level 2 of the valuation hierarchy. Interest Rate Derivatives The Company's derivative assets include interest rate cap and swap instruments that effectively manage the risk above certain interest rates for a portion of the Company's long-term variable rate debt. The Company has not designated the interest rate cap and swap instruments as hedging instruments and as such, changes in the fair value of the instruments are recognized in earnings in the period of the change. The interest rate derivative positions are valued using models developed by the respective counterparty that use as their basis readily available observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives. The following table summarizes the Company's London Interbank Offer Rate ("LIBOR") and Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of June 30, 2023. ($ in thousands) Current notional balance $ 1,231,920 Weighted average fixed cap rate 4.34 % Weighted average remaining term 1.0 year Estimated asset fair value (included in other assets, net) at June 30, 2023 $ 13,416 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 June 30, 2023. ($ in thousands) Current notional balance $ 220,000 Fixed interest rate 3.00 % Remaining term 0.8 years Estimated asset fair value (included in other assets, net) at June 30, 2023 $ 4,148 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 4,834 The Company's remaining LIBOR interest rate cap instruments were modified to reference SOFR rather than LIBOR prospectively after the discontinuance of LIBOR in July 2023. Subsequent to the transition, the Company's SOFR interest rate cap instruments had an aggregate notional amount of $1.2 billion and a weighted average fixed cap rate of 4.29%. 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 $3.8 billion and $3.9 billion as of June 30, 2023 and December 31, 2022, respectively. Fair value of the long-term debt is approximately $3.4 billion as of both June 30, 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	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	4. Revenue The Company disaggregates its revenue from contracts with customers by payor source as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. Resident fee revenue by payor source is as follows. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Private pay 93.8 % 93.6 % 93.7 % 93.5 % Government reimbursement 4.8 % 5.1 % 4.9 % 5.1 % Other third-party payor programs 1.4 % 1.3 % 1.4 % 1.4 % Refer to Note 14 for disaggregation of revenue by reportable segment.

Property, Plant and Equipment a

Property, Plant and Equipment and Leasehold Intangibles, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment and Leasehold Intangibles, Net	5. Property, Plant and Equipment and Leasehold Intangibles, Net As of June 30, 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) June 30, 2023 December 31, 2022 Land $ 504,178 $ 506,968 Buildings and improvements 5,329,627 5,323,736 Furniture and equipment 1,085,929 1,055,304 Resident and leasehold operating intangibles 284,122 286,122 Construction in progress 59,514 41,778 Assets under financing leases and leasehold improvements 1,066,547 1,375,521 Property, plant and equipment and leasehold intangibles 8,329,917 8,589,429 Accumulated depreciation and amortization (3,901,679) (4,053,727) Property, plant and equipment and leasehold intangibles, net $ 4,428,238 $ 4,535,702

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	6. Debt Long-term debt consists of the following. (in thousands) June 30, 2023 December 31, 2022 Fixed rate mortgage notes payable due 2024 through 2047; weighted average interest rate of 4.14% as of both June 30, 2023 and December 31, 2022 $ 2,045,952 $ 2,055,867 Variable rate mortgage notes payable due 2025 through 2030; weighted average interest rate of 7.50% and 6.68% as of June 30, 2023 and December 31, 2022, respectively 1,532,286 1,568,555 Convertible notes payable due October 2026; interest rate of 2.00% as of both June 30, 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 June 30, 2023 and December 31, 2022 21,946 25,586 Other notes payable due 2023; interest rate of 5.90% as of June 30, 2023 10,416 — Deferred financing costs, net (26,311) (29,866) Total long-term debt 3,814,289 3,850,142 Current portion 53,729 66,043 Total long-term debt, less current portion $ 3,760,560 $ 3,784,099 As of June 30, 2023, 91.8%, or $3.5 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings. As of June 30, 2023, $1.2 billion of the Company's variable rate mortgage notes payable were indexed to LIBOR plus a weighted average margin of approximately 228 basis points and $0.3 billion of the Company's variable rate mortgage notes payable were indexed to SOFR plus a weighted average margin of approximately 237 basis points. The Company's remaining variable rate mortgage notes payable arrangements indexed to LIBOR were modified to reference SOFR plus an 11 basis point spread adjustment to reflect historical spreads between LIBOR and SOFR rather than LIBOR prospectively after the discontinuance of LIBOR in July 2023. The Company applied the optional expedient provided by Accounting Standards Codification 848, Reference Rate Reform , for debt contract modifications related to the discontinuation of reference rates to ease the potential burden in accounting for reference rate reform. As of June 30, 2023, $72.6 million of letters of credit and no cash borrowings were outstanding under the Company's $80.0 million secured credit facility. The credit facility matures on January 15, 2024 and the Company has the option to extend the facility for two additional terms of one year each subject to the satisfaction of certain conditions. The Company also had a separate secured letter of credit facility providing up to $15.0 million of letters of credit as of June 30, 2023 under which $14.5 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 long-term mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	7. Leases As of June 30, 2023, the Company operated 295 communities under long-term leases (281 operating leases and 14 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. In certain cases, the Company 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. As of June 30, 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 Six Months Ended Operating Leases (in thousands) 2023 2022 2023 2022 Facility operating expense $ 1,732 $ 1,561 $ 3,358 $ 3,084 Facility lease expense 50,512 41,538 96,639 83,102 Operating lease expense 52,244 43,099 99,997 86,186 Operating lease expense adjustment (1) 11,557 8,308 22,362 16,615 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements — (3,367) (2,244) (4,857) Operating net cash outflows from operating leases $ 63,801 $ 48,040 $ 120,115 $ 97,944 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Six Months Ended Financing Leases (in thousands) 2023 2022 2023 2022 Depreciation and amortization $ 2,515 $ 7,607 $ 7,743 $ 15,273 Interest expense: financing lease obligations 5,453 11,994 12,005 24,052 Financing lease expense $ 7,968 $ 19,601 $ 19,748 $ 39,325 Operating cash outflows from financing leases $ 5,453 $ 11,994 $ 12,005 $ 24,052 Financing cash outflows from financing leases 2,126 5,610 7,978 11,100 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,770) — (6,977) Total net cash outflows from financing leases $ 7,579 $ 13,834 $ 19,983 $ 28,175 The aggregate amounts of future minimum lease payments, including community, office, and equipment leases, recognized on the condensed consolidated balance sheet as of June 30, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (six months) $ 132,021 $ 9,862 2024 249,943 19,724 2025 249,079 6,636 2026 134,886 6,619 2027 136,471 5,867 Thereafter 311,146 25,604 Total 1,213,546 74,312 Purchase option liability and non-cash gain on future sale of property — 145,136 Imputed interest and variable lease payments (292,002) (67,453) Total lease obligations $ 921,544 $ 151,995 Welltower Lease Amendments During the three months ended June 30, 2023, the Company entered into amendments to its existing lease arrangements with Welltower Inc. ("Welltower") pursuant to which the Company continues to lease 74 communities. In connection with the amendments, the Company extended the maturity of one lease involving 39 communities from December 31, 2026 until June 30, 2032. As a result, the Company's amended lease arrangements provide that the current term for 69 of the communities will expire on June 30, 2032 and the current term for five of the communities will expire on December 31, 2024. The amendments did not change the amount of required lease payments over the previous term of the leases or the annual lease escalators. In addition, Welltower agreed to make available a pool in the aggregate amount of up to $17.0 million to fund costs associated with certain capital expenditure projects for 69 of the communities. Upon reimbursement of such expenditures, the annual minimum rent under the lease will prospectively increase by the amount of the reimbursement multiplied by the sum of the then current SOFR (subject to a floor of 3.0%) and a margin of 4.0%, and such amount will escalate annually consistent with the minimum rent escalation provisions of the 39 community lease. The amended leases for 35 of such communities were prospectively classified as operating leases subsequent to the amendment. The prospective change in classification of such lease costs to operating lease expense will result in a $19.3 million increase in cash lease payments for operating leases for 2023 and an offsetting decrease in cash lease payments for financing leases. For the three and six months ended June 30, 2023, the classification of such lease costs as operating lease expense resulted in a $4.8 million increase in cash lease payments for operating leases and an offsetting decrease in cash lease payments for financing leases. The amendment to the lease arrangements increased the right-of-use assets and lease obligations recognized on the Company's condensed consolidated balance sheet each by $122.3 million. The amendments replaced the net worth covenant provisions requiring the Company to maintain at least $400.0 million of stockholders' equity with a consolidated tangible net worth covenant requiring the Company to maintain at least $2.0 billion of
Leases	7. Leases As of June 30, 2023, the Company operated 295 communities under long-term leases (281 operating leases and 14 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. In certain cases, the Company 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. As of June 30, 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 Six Months Ended Operating Leases (in thousands) 2023 2022 2023 2022 Facility operating expense $ 1,732 $ 1,561 $ 3,358 $ 3,084 Facility lease expense 50,512 41,538 96,639 83,102 Operating lease expense 52,244 43,099 99,997 86,186 Operating lease expense adjustment (1) 11,557 8,308 22,362 16,615 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements — (3,367) (2,244) (4,857) Operating net cash outflows from operating leases $ 63,801 $ 48,040 $ 120,115 $ 97,944 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Six Months Ended Financing Leases (in thousands) 2023 2022 2023 2022 Depreciation and amortization $ 2,515 $ 7,607 $ 7,743 $ 15,273 Interest expense: financing lease obligations 5,453 11,994 12,005 24,052 Financing lease expense $ 7,968 $ 19,601 $ 19,748 $ 39,325 Operating cash outflows from financing leases $ 5,453 $ 11,994 $ 12,005 $ 24,052 Financing cash outflows from financing leases 2,126 5,610 7,978 11,100 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,770) — (6,977) Total net cash outflows from financing leases $ 7,579 $ 13,834 $ 19,983 $ 28,175 The aggregate amounts of future minimum lease payments, including community, office, and equipment leases, recognized on the condensed consolidated balance sheet as of June 30, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (six months) $ 132,021 $ 9,862 2024 249,943 19,724 2025 249,079 6,636 2026 134,886 6,619 2027 136,471 5,867 Thereafter 311,146 25,604 Total 1,213,546 74,312 Purchase option liability and non-cash gain on future sale of property — 145,136 Imputed interest and variable lease payments (292,002) (67,453) Total lease obligations $ 921,544 $ 151,995 Welltower Lease Amendments During the three months ended June 30, 2023, the Company entered into amendments to its existing lease arrangements with Welltower Inc. ("Welltower") pursuant to which the Company continues to lease 74 communities. In connection with the amendments, the Company extended the maturity of one lease involving 39 communities from December 31, 2026 until June 30, 2032. As a result, the Company's amended lease arrangements provide that the current term for 69 of the communities will expire on June 30, 2032 and the current term for five of the communities will expire on December 31, 2024. The amendments did not change the amount of required lease payments over the previous term of the leases or the annual lease escalators. In addition, Welltower agreed to make available a pool in the aggregate amount of up to $17.0 million to fund costs associated with certain capital expenditure projects for 69 of the communities. Upon reimbursement of such expenditures, the annual minimum rent under the lease will prospectively increase by the amount of the reimbursement multiplied by the sum of the then current SOFR (subject to a floor of 3.0%) and a margin of 4.0%, and such amount will escalate annually consistent with the minimum rent escalation provisions of the 39 community lease. The amended leases for 35 of such communities were prospectively classified as operating leases subsequent to the amendment. The prospective change in classification of such lease costs to operating lease expense will result in a $19.3 million increase in cash lease payments for operating leases for 2023 and an offsetting decrease in cash lease payments for financing leases. For the three and six months ended June 30, 2023, the classification of such lease costs as operating lease expense resulted in a $4.8 million increase in cash lease payments for operating leases and an offsetting decrease in cash lease payments for financing leases. The amendment to the lease arrangements increased the right-of-use assets and lease obligations recognized on the Company's condensed consolidated balance sheet each by $122.3 million. The amendments replaced the net worth covenant provisions requiring the Company to maintain at least $400.0 million of stockholders' equity with a consolidated tangible net worth covenant requiring the Company to maintain at least $2.0 billion of

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in Unconsolidated Ventures	8. Investment in Unconsolidated Ventures As of June 30, 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 $48.0 million, which is included in investment in unconsolidated ventures on the accompanying unaudited condensed consolidated balance sheet as of June 30, 2023. As of June 30, 2023, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to the HCS Venture.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2023
Litigation [Abstract]
Litigation	9. 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. The lawsuit asserted that the defendants made material misstatements and omissions concerning the Company's business, operational and compliance policies, compliance with applicable regulations and statutes, and staffing practices that caused the Company's stock price to be artificially inflated between August 2016 and April 2020. The district court dismissed the lawsuit and entered judgment in favor of the defendants in September 2021, and the plaintiffs did not file an appeal. Between October 2020 and June 2021, alleged stockholders of the Company filed several stockholder derivative lawsuits in the federal courts for the Middle District of Tennessee and the District of Delaware, which were subsequently transferred to the Middle District of Tennessee. The derivative lawsuits are currently pending and assert claims on behalf of the Company against certain current and former officers and directors for alleged breaches of duties owed to the Company. The complaints incorporate substantively similar allegations to the securities lawsuit previously described.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. 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 Three months ended June 30, 2023 10 $ 2.95 $ 29

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	11. 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 June 30, 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. 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 of its common stock for the 20 trading days preceding the settlement date. As of June 30, 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 both the three and six months ended June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Weighted average common shares outstanding 188,218 186,761 187,808 186,341 Weighted average minimum shares issuable under purchase contracts 37,186 — 37,186 — Weighted average shares outstanding - basic 225,404 186,761 224,994 186,341 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 June 30, (in millions) 2023 2022 Convertible senior notes 38.3 38.3 Warrants 16.3 16.3 Restricted stock and restricted stock units 6.5 5.5 Incremental shares issuable under purchase contracts 6.5 — Total 67.6 60.1

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The difference between the Company's effective tax rate for the three months ended June 30, 2023 and 2022 was primarily due to an increase in the valuation allowance recorded on operating losses during the three months ended June 30, 2023 as compared to the three months ended June 30, 2022. The difference between the Company's effective tax rate for the six months ended June 30, 2023 and 2022 was primarily due to 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 $1.4 million for the three months ended June 30, 2023, which was partially offset by an increase to the valuation allowance of $1.3 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $10.8 million for the six months ended June 30, 2023, which was offset by an increase to the valuation allowance of $11.0 million. The Company recorded an aggregate deferred federal, state, and local tax expense of $20.6 million for the three months ended June 30, 2022, which was offset by a reduction to the valuation allowance of $21.4 million. The Company recorded an aggregate deferred federal, state, and local tax expense of $45.5 million for the six months ended June 30, 2022, which was partially offset by a reduction to the valuation allowance of $44.0 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 June 30, 2023 and December 31, 2022 was $436.0 million and $425.0 million, respectively. The increase in the valuation allowance for both the six months ended June 30, 2023 and 2022 is the result of current operating losses during the periods and by the anticipated reversal of future tax liabilities offset by future tax deductions. The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three and six months ended June 30, 2023 and 2022 which are included in income tax expense or benefit for the period. As of June 30, 2023, tax returns for years 2018 through 2021 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	13. Supplemental Disclosure of Cash Flow Information During the period from January 1, 2022 through June 30, 2023, the Company disposed of three owned communities, the Company's triple-net lease obligations on four communities were terminated (including through the acquisition of one formerly leased community), and the Company acquired the remaining 50% equity interest in one community. On May 1, 2023, the Company completed the sale of its one remaining entrance fee community, which was included within the Company's CCRCs segment. The Company received cash proceeds of $12.5 million, net of $29.6 million in mortgage debt repaid and transaction costs, and recognized a net gain on sale of communities of $36.3 million. 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 $18.5 million in cash through June 30, 2023. During the six months ended June 30, 2023 and 2022, the Company received cash of $13.9 million and $1.2 million, respectively, for such employee retention credits. The Company has a receivable for the remaining $0.8 million included within prepaid expenses and other current assets, net on the condensed consolidated balance sheet as of June 30, 2023. Six Months Ended (in thousands) 2023 2022 Supplemental Disclosure of Cash Flow Information: Interest paid $ 114,194 $ 92,673 Income taxes paid, net of refunds $ (946) $ 598 Capital expenditures, net of related payables: Capital expenditures - non-development, net $ 127,727 $ 85,012 Capital expenditures - development, net 904 2,690 Capital expenditures - non-development - reimbursable from lessor 2,244 11,833 Trade accounts payable (21,050) (2,684) Net cash paid $ 109,825 $ 96,851 Acquisition of assets, net of cash acquired: Prepaid expenses and other assets, net $ 23 $ — Property, plant and equipment and leasehold intangibles, net 6,872 4 Investment in unconsolidated ventures (3,395) — Financing lease obligations — 6,000 Other liabilities (384) — Other non-operating loss (income) (2,542) — Net cash paid $ 574 $ 6,004 Proceeds from sale of assets, net: Prepaid expenses and other assets, net $ (1,538) $ (1,264) Assets held for sale — (3,668) Property, plant and equipment and leasehold intangibles, net (23,733) — Refundable fees and deferred revenue 9,347 — Other liabilities 10,021 (140) Non-operating (gain) loss on sale of assets, net (860) (667) Loss (gain) on sale of communities, net (36,296) — Net cash received $ (43,059) $ (5,739) Six Months Ended (in thousands) 2023 2022 Supplemental Schedule of Non-cash Operating, Investing, and Financing Activities: Non-cash lease transactions, net: Property, plant and equipment and leasehold intangibles, net $ (51,584) $ 11,056 Operating lease right-of-use assets 178,409 10,780 Financing lease obligations 88,886 (6,296) Operating lease obligations (215,711) (15,540) 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) June 30, 2023 December 31, 2022 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 336,576 $ 398,850 Restricted cash 34,823 27,735 Long-term restricted cash 37,183 47,963 Total cash, cash equivalents, and restricted cash $ 408,582 $ 474,548

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	14. Segment Information As of June 30, 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 Six Months Ended (in thousands) 2023 2022 2023 2022 Revenue and other operating income: Independent Living (1) $ 140,888 $ 126,737 $ 281,544 $ 251,143 Assisted Living and Memory Care (1) 490,286 440,866 979,090 873,354 CCRCs (1) 83,109 81,196 169,381 161,652 All Other 36,509 40,717 74,040 81,187 Total revenue and other operating income $ 750,792 $ 689,516 $ 1,504,055 $ 1,367,336 Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Segment operating income: (2) Independent Living $ 46,361 $ 38,709 $ 93,194 $ 76,393 Assisted Living and Memory Care 124,616 87,588 249,209 164,451 CCRCs 12,188 8,838 25,687 18,877 All Other 2,510 3,329 5,087 6,658 Total segment operating income 185,675 138,464 373,177 266,379 General and administrative expense (including non-cash stock-based compensation expense) 45,326 41,752 93,945 86,878 Facility operating lease expense 50,512 41,538 96,639 83,102 Depreciation and amortization 84,448 86,623 169,382 172,307 Asset impairment 520 2,599 520 11,674 Loss (gain) on sale of communities, net (36,296) — (36,296) — Income (loss) from operations $ 41,165 $ (34,048) $ 48,987 $ (87,582) As of (in thousands) June 30, 2023 December 31, 2022 Total assets: Independent Living (3) $ 1,241,836 $ 1,267,825 Assisted Living and Memory Care 3,376,440 3,329,516 CCRCs 636,509 664,502 Corporate and All Other 649,950 675,219 Total assets $ 5,904,735 $ 5,937,062 (3) The Company's Independent Living segment had a carrying amount of goodwill of $27.3 million as of both June 30, 2023 and December 31, 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders	$ (4,510)	$ (84,418)	$ (49,059)	$ (184,431)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2023. ($ in thousands) Current notional balance $ 1,231,920 Weighted average fixed cap rate 4.34 % Weighted average remaining term 1.0 year Estimated asset fair value (included in other assets, net) at June 30, 2023 $ 13,416 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 June 30, 2023. ($ in thousands) Current notional balance $ 220,000 Fixed interest rate 3.00 % Remaining term 0.8 years Estimated asset fair value (included in other assets, net) at June 30, 2023 $ 4,148 Estimated asset fair value (included in other assets, net) at December 31, 2022 $ 4,834

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Resident fee revenue by payor source is as follows. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Private pay 93.8 % 93.6 % 93.7 % 93.5 % Government reimbursement 4.8 % 5.1 % 4.9 % 5.1 % Other third-party payor programs 1.4 % 1.3 % 1.4 % 1.4 %

Property, Plant and Equipment_2

Property, Plant and Equipment and Leasehold Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment and Leasehold Intangibles, Net	As of June 30, 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) June 30, 2023 December 31, 2022 Land $ 504,178 $ 506,968 Buildings and improvements 5,329,627 5,323,736 Furniture and equipment 1,085,929 1,055,304 Resident and leasehold operating intangibles 284,122 286,122 Construction in progress 59,514 41,778 Assets under financing leases and leasehold improvements 1,066,547 1,375,521 Property, plant and equipment and leasehold intangibles 8,329,917 8,589,429 Accumulated depreciation and amortization (3,901,679) (4,053,727) Property, plant and equipment and leasehold intangibles, net $ 4,428,238 $ 4,535,702

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following. (in thousands) June 30, 2023 December 31, 2022 Fixed rate mortgage notes payable due 2024 through 2047; weighted average interest rate of 4.14% as of both June 30, 2023 and December 31, 2022 $ 2,045,952 $ 2,055,867 Variable rate mortgage notes payable due 2025 through 2030; weighted average interest rate of 7.50% and 6.68% as of June 30, 2023 and December 31, 2022, respectively 1,532,286 1,568,555 Convertible notes payable due October 2026; interest rate of 2.00% as of both June 30, 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 June 30, 2023 and December 31, 2022 21,946 25,586 Other notes payable due 2023; interest rate of 5.90% as of June 30, 2023 10,416 — Deferred financing costs, net (26,311) (29,866) Total long-term debt 3,814,289 3,850,142 Current portion 53,729 66,043 Total long-term debt, less current portion $ 3,760,560 $ 3,784,099

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended Operating Leases (in thousands) 2023 2022 2023 2022 Facility operating expense $ 1,732 $ 1,561 $ 3,358 $ 3,084 Facility lease expense 50,512 41,538 96,639 83,102 Operating lease expense 52,244 43,099 99,997 86,186 Operating lease expense adjustment (1) 11,557 8,308 22,362 16,615 Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements — (3,367) (2,244) (4,857) Operating net cash outflows from operating leases $ 63,801 $ 48,040 $ 120,115 $ 97,944 (1) Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense. Three Months Ended Six Months Ended Financing Leases (in thousands) 2023 2022 2023 2022 Depreciation and amortization $ 2,515 $ 7,607 $ 7,743 $ 15,273 Interest expense: financing lease obligations 5,453 11,994 12,005 24,052 Financing lease expense $ 7,968 $ 19,601 $ 19,748 $ 39,325 Operating cash outflows from financing leases $ 5,453 $ 11,994 $ 12,005 $ 24,052 Financing cash outflows from financing leases 2,126 5,610 7,978 11,100 Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement — (3,770) — (6,977) Total net cash outflows from financing leases $ 7,579 $ 13,834 $ 19,983 $ 28,175
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 June 30, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (six months) $ 132,021 $ 9,862 2024 249,943 19,724 2025 249,079 6,636 2026 134,886 6,619 2027 136,471 5,867 Thereafter 311,146 25,604 Total 1,213,546 74,312 Purchase option liability and non-cash gain on future sale of property — 145,136 Imputed interest and variable lease payments (292,002) (67,453) Total lease obligations $ 921,544 $ 151,995
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 June 30, 2023 are as follows (in thousands). Year Ending December 31, Operating Leases Financing Leases 2023 (six months) $ 132,021 $ 9,862 2024 249,943 19,724 2025 249,079 6,636 2026 134,886 6,619 2027 136,471 5,867 Thereafter 311,146 25,604 Total 1,213,546 74,312 Purchase option liability and non-cash gain on future sale of property — 145,136 Imputed interest and variable lease payments (292,002) (67,453) Total lease obligations $ 921,544 $ 151,995

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 Three months ended June 30, 2023 10 $ 2.95 $ 29

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Weighted average common shares outstanding 188,218 186,761 187,808 186,341 Weighted average minimum shares issuable under purchase contracts 37,186 — 37,186 — Weighted average shares outstanding - basic 225,404 186,761 224,994 186,341
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 June 30, (in millions) 2023 2022 Convertible senior notes 38.3 38.3 Warrants 16.3 16.3 Restricted stock and restricted stock units 6.5 5.5 Incremental shares issuable under purchase contracts 6.5 — Total 67.6 60.1

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Six Months Ended (in thousands) 2023 2022 Supplemental Disclosure of Cash Flow Information: Interest paid $ 114,194 $ 92,673 Income taxes paid, net of refunds $ (946) $ 598 Capital expenditures, net of related payables: Capital expenditures - non-development, net $ 127,727 $ 85,012 Capital expenditures - development, net 904 2,690 Capital expenditures - non-development - reimbursable from lessor 2,244 11,833 Trade accounts payable (21,050) (2,684) Net cash paid $ 109,825 $ 96,851 Acquisition of assets, net of cash acquired: Prepaid expenses and other assets, net $ 23 $ — Property, plant and equipment and leasehold intangibles, net 6,872 4 Investment in unconsolidated ventures (3,395) — Financing lease obligations — 6,000 Other liabilities (384) — Other non-operating loss (income) (2,542) — Net cash paid $ 574 $ 6,004 Proceeds from sale of assets, net: Prepaid expenses and other assets, net $ (1,538) $ (1,264) Assets held for sale — (3,668) Property, plant and equipment and leasehold intangibles, net (23,733) — Refundable fees and deferred revenue 9,347 — Other liabilities 10,021 (140) Non-operating (gain) loss on sale of assets, net (860) (667) Loss (gain) on sale of communities, net (36,296) — Net cash received $ (43,059) $ (5,739) Six Months Ended (in thousands) 2023 2022 Supplemental Schedule of Non-cash Operating, Investing, and Financing Activities: Non-cash lease transactions, net: Property, plant and equipment and leasehold intangibles, net $ (51,584) $ 11,056 Operating lease right-of-use assets 178,409 10,780 Financing lease obligations 88,886 (6,296) Operating lease obligations (215,711) (15,540) 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) June 30, 2023 December 31, 2022 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 336,576 $ 398,850 Restricted cash 34,823 27,735 Long-term restricted cash 37,183 47,963 Total cash, cash equivalents, and restricted cash $ 408,582 $ 474,548

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth selected segment financial data. Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Revenue and other operating income: Independent Living (1) $ 140,888 $ 126,737 $ 281,544 $ 251,143 Assisted Living and Memory Care (1) 490,286 440,866 979,090 873,354 CCRCs (1) 83,109 81,196 169,381 161,652 All Other 36,509 40,717 74,040 81,187 Total revenue and other operating income $ 750,792 $ 689,516 $ 1,504,055 $ 1,367,336 Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Segment operating income: (2) Independent Living $ 46,361 $ 38,709 $ 93,194 $ 76,393 Assisted Living and Memory Care 124,616 87,588 249,209 164,451 CCRCs 12,188 8,838 25,687 18,877 All Other 2,510 3,329 5,087 6,658 Total segment operating income 185,675 138,464 373,177 266,379 General and administrative expense (including non-cash stock-based compensation expense) 45,326 41,752 93,945 86,878 Facility operating lease expense 50,512 41,538 96,639 83,102 Depreciation and amortization 84,448 86,623 169,382 172,307 Asset impairment 520 2,599 520 11,674 Loss (gain) on sale of communities, net (36,296) — (36,296) — Income (loss) from operations $ 41,165 $ (34,048) $ 48,987 $ (87,582) As of (in thousands) June 30, 2023 December 31, 2022 Total assets: Independent Living (3) $ 1,241,836 $ 1,267,825 Assisted Living and Memory Care 3,376,440 3,329,516 CCRCs 636,509 664,502 Corporate and All Other 649,950 675,219 Total assets $ 5,904,735 $ 5,937,062 (3) The Company's Independent Living segment had a carrying amount of goodwill of $27.3 million as of both June 30, 2023 and December 31, 2022.

Description of Business (Detail

Description of Business (Details)	Jun. 30, 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	672
Number of communities owned	346
Operating and financing leases, number of communities	295
Number of communities managed by third party	31

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 96,196	$ 48,680
Total long-term debt		3,814,289	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		3,800,000	3,900,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 96,200	$ 48,700
Level 2 | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average fixed cap rate		4.34%
Level 2 | Interest Rate Cap | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount	$ 1,200,000
Weighted average fixed cap rate	4.29%

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Caps (Details) - Level 2 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 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
Estimated asset fair value (included in other assets, net)	$ 13,416	$ 10,599
Interest Rate Swap
Derivative [Line Items]
Derivative asset, notional amount	220,000
Estimated asset fair value (included in other assets, net)	$ 4,148	$ 4,834
Fixed interest rate	3%
Remaining term	9 months 18 days

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Monthly resident fees	$ 34.5		$ 34.5		$ 25.2
Revenue recognized			44.9	$ 48.6
Deferred Revenue and Credits
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 62.7		$ 62.7		$ 67.3
Private pay | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	93.80%	93.60%	93.70%	93.50%
Government reimbursement | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	4.80%	5.10%	4.90%	5.10%
Other third-party payor programs | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.40%	1.30%	1.40%	1.40%

Property, Plant and Equipment_3

Property, Plant and Equipment and Leasehold Intangibles, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	$ 8,329,917		$ 8,329,917		$ 8,589,429
Accumulated depreciation and amortization	(3,901,679)		(3,901,679)		(4,053,727)
Property, plant and equipment and leasehold intangibles, net	4,428,238		4,428,238		4,535,702
Finance lease, right-of-use asset	31,000		31,000		98,400
Depreciation and amortization expense	84,400	$ 86,600	169,400	$ 172,300
Impairment charges	520	2,599	520	11,674
Nonrecurring
Property, Plant and Equipment [Line Items]
Non-cash impairment charges	500	$ 1,600	500	$ 2,100
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	504,178		504,178		506,968
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	5,329,627		5,329,627		5,323,736
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	1,085,929		1,085,929		1,055,304
Resident and leasehold operating intangibles
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	284,122		284,122		286,122
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	59,514		59,514		41,778
Assets under financing leases and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment and leasehold intangibles	$ 1,066,547		$ 1,066,547		$ 1,375,521

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 3,814,289	$ 3,850,142
Deferred financing costs, net	(26,311)	(29,866)
Current portion	53,729	66,043
Long-term debt, less current portion	3,760,560	3,784,099
Mortgage notes payable
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]
Total long-term debt	$ 2,045,952	$ 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	$ 1,532,286	$ 1,568,555
Weighted average interest rate	7.50%	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	$ 10,416	$ 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	$ 21,946	$ 25,586
Weighted average interest rate	10.25%	10.25%

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) term	Dec. 31, 2022 USD ($)
Credit Facilities [Line Items]
Total long-term debt	$ 3,814,289,000	$ 3,850,142,000
Mortgages
Credit Facilities [Line Items]
Percentage of total debt (as a percent)	91.80%
Mortgage debt	$ 3,500,000,000
Total long-term debt	$ 2,045,952,000	$ 2,055,867,000
Weighted average interest rate	4.14%	4.14%
Variable Mortgages
Credit Facilities [Line Items]
Total long-term debt	$ 1,532,286,000	$ 1,568,555,000
Weighted average interest rate	7.50%	6.68%
Variable Mortgages | LIBOR
Credit Facilities [Line Items]
Total long-term debt	$ 1,200,000,000
Weighted average interest rate	2.28%
Variable Mortgages | SOFR
Credit Facilities [Line Items]
Total long-term debt	$ 300,000,000
Weighted average interest rate	2.37%
Basis spread on variable rate basis	0.11%
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	14,500,000
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]
Line of credit facility, option to extend | term	2
Line of credit facility, additional terms	1 year
Credit facility, maximum borrowing capacity	$ 80,000,000

Leases- Narrative (Details)

Leases- Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 09, 2023 USD ($) community lease	Jun. 30, 2023 USD ($) lease community	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) lease community	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating and financing leases, number of communities | community		295		295
Operating lease, number of communities | lease		281		281
Financing leases, number of communities | lease		14		14
Operating lease expense		$ 4,800		$ 4,800
Operating lease right-of-use assets		708,124		708,124		$ 597,130
Mortgages
Lessee, Lease, Description [Line Items]
Operating lease, covenant provisions, required minimum tangible net worth	$ 2,000,000
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		$ 122,300		$ 122,300
Operating lease, covenant provisions, required minimum stockholders equity	400,000
Welltower Inc. | Revision of Prior Period, Reclassification, Adjustment
Lessee, Lease, Description [Line Items]
Number of communities leased | community				35
Lease, cost				$ 19,300
Welltower Inc. | Mortgages
Lessee, Lease, Description [Line Items]
Operating lease, covenant provisions, required minimum tangible net worth	$ 1,500,000
Welltower Inc. | Lease Expire From December 31, 2026 Until June 30, 2032
Lessee, Lease, Description [Line Items]
Number of leases extended | lease	1
Number of communities leased | community	39
Welltower Inc. | Lease Expire On June 30, 2032
Lessee, Lease, Description [Line Items]
Number of communities leased | community	69
Welltower Inc. | Lease Expire On December 31, 2024
Lessee, Lease, Description [Line Items]
Number of communities leased | community	5
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			$ 1,000		$ 9,600
Minimum
Lessee, Lease, Description [Line Items]
Finance and operating lease, renewal term				5 years
Minimum | 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Facility operating expense	$ 1,732	$ 1,561	$ 3,358	$ 3,084
Facility lease expense	50,512	41,538	96,639	83,102
Operating lease expense	52,244	43,099	99,997	86,186
Operating lease expense adjustment	11,557	8,308	22,362	16,615
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements	0	(3,367)	(2,244)	(4,857)
Operating net cash outflows from operating leases	63,801	48,040	120,115	97,944
Depreciation and amortization	2,515	7,607	7,743	15,273
Interest expense: financing lease obligations	5,453	11,994	12,005	24,052
Financing lease expense	7,968	19,601	19,748	39,325
Operating cash outflows from financing leases	5,453	11,994	12,005	24,052
Financing cash outflows from financing leases	2,126	5,610	7,978	11,100
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement	0	(3,770)	0	(6,977)
Total net cash outflows from financing leases	$ 7,579	$ 13,834	$ 19,983	$ 28,175

Leases - Maturity ASC 842 (Deta

Leases - Maturity ASC 842 (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023 (six months)	$ 132,021
2024	249,943
2025	249,079
2026	134,886
2027	136,471
Thereafter	311,146
Total	1,213,546
Purchase option liability and non-cash gain on future sale of property	0
Imputed interest and variable lease payments	(292,002)
Total lease obligations	921,544
Financing Leases
2023 (six months)	9,862
2024	19,724
2025	6,636
2026	6,619
2027	5,867
Thereafter	25,604
Total	74,312
Purchase option liability and non-cash gain on future sale of property	145,136
Imputed interest and variable lease payments	(67,453)
Total lease obligations	$ 151,995

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Details) - Healthcare Services Venture - Variable Interest Entity, Not Primary Beneficiary $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Investments in and Advances to Affiliates [Line Items]
Ownership percentage (as a percent)	20%
Maximum exposure to loss	$ 48
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 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Unit and Stock Award Grants (in shares)	10	3,959
Weighted Average Grant Date Fair Value (in dollars per share)	$ 2.95	$ 2.97
Total Grant Date Fair Value	$ 29	$ 11,778

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 USD ($) day $ / shares shares	Jun. 30, 2022 shares	Jun. 30, 2023 $ / shares shares	Jun. 30, 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		$ 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)	225,404,000		186,761,000	224,994,000	186,341,000
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			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
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	188,218	186,761	187,808	186,341
Weighted average minimum shares issuable under purchase contracts (in shares)	37,186	0	37,186	0
Weighted average shares outstanding - basic (in shares)	225,404	186,761	224,994	186,341

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	67.6	60.1
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)	6.5	5.5
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Gross deferred federal, state and local tax expense (benefit)	$ (1.4)	$ 20.6	$ (10.8)	$ 45.5
Increase (decrease) in valuation allowance	1.3	$ (21.4)	11	$ (44)
Valuation allowance	$ 436		$ 436		$ 425

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information - Narrative (Details) $ in Thousands		6 Months Ended		12 Months Ended		18 Months Ended
	May 01, 2023 USD ($) community	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities acquired | community						1
Number of equity interest communities acquired | community						1
Proceeds from sale of assets, net		$ 43,059	$ 5,739
Net gain on sale of communities		37,156	667
Employee retention credit, amount received		$ 13,900	$ 1,200
One Acquired Community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		50%				50%
CARES Act
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee retention credit, amount recognized				$ 9,400	$ 9,900
Employee retention credit, amount received		$ 18,500
CARES Act | Prepaid Expenses and Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee related liabilities		$ 800
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						3
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]
Number of entry fee communities sold | community	1
Proceeds from sale of assets, net	$ 12,500
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]
Repayments of secured debt	29,600
Net gain on sale of communities	$ 36,300

Supplemental Disclosure of Ca_4

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplemental Disclosure of Cash Flow Information:
Interest paid			$ 114,194	$ 92,673
Income taxes paid, net of refunds			(946)	598
Net cash paid			109,825	96,851
Prepaid expenses and other assets, net			11,711	(5,550)
Investment in unconsolidated ventures			0	(167)
Other non-operating loss (income)	$ (3,197)	$ 111	(6,346)	138
Refundable fees and deferred revenue			13,021	3,956
Non-operating (gain) loss on sale of assets, net			(860)	(667)
Loss (gain) on sale of communities, net	$ (36,296)	$ 0	(36,296)	0
Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid			109,825	96,851
Trade accounts payable			(21,050)	(2,684)
Acquisition of assets, net of cash acquired
Supplemental Disclosure of Cash Flow Information:
Prepaid expenses and other assets, net			23	0
Property, plant and equipment and leasehold intangibles, net			6,872	4
Investment in unconsolidated ventures			(3,395)	0
Financing lease obligations			0	6,000
Other liabilities			(384)	0
Other non-operating loss (income)			(2,542)	0
Net cash paid			574	6,004
Proceeds from sale of assets, net
Supplemental Disclosure of Cash Flow Information:
Prepaid expenses and other assets, net			(1,538)	(1,264)
Property, plant and equipment and leasehold intangibles, net			(23,733)	0
Other liabilities			10,021	(140)
Assets held for sale			0	(3,668)
Refundable fees and deferred revenue			9,347	0
Loss (gain) on sale of communities, net			(36,296)	0
Net cash received			(43,059)	(5,739)
Non-cash lease transactions, net
Supplemental Disclosure of Cash Flow Information:
Property, plant and equipment and leasehold intangibles, net			(51,584)	11,056
Financing lease obligations			88,886	(6,296)
Operating lease right-of-use assets			178,409	10,780
Operating lease obligations			(215,711)	(15,540)
Net			0	0
Non-development | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid			127,727	85,012
Development | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid			904	2,690
Non-development - reimbursable from lessor | Capital expenditures, net of related payables
Supplemental Disclosure of Cash Flow Information:
Net cash paid			$ 2,244	$ 11,833

Supplemental Disclosure of Ca_5

Supplemental Disclosure of Cash Flow Information - Schedule of cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 336,576	$ 398,850
Restricted cash	34,823	27,735
Long-term restricted cash	37,183	47,963
Total cash, cash equivalents, and restricted cash	$ 408,582	$ 474,548	$ 328,542	$ 438,314

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenue	$ 750,792	$ 689,516	$ 1,504,055	$ 1,367,336
Segment operating income	185,675	138,464	373,177	266,379
General and administrative expense (including non-cash stock-based compensation expense)	45,326	41,752	93,945	86,878
Facility lease expense	50,512	41,538	96,639	83,102
Depreciation and amortization	84,448	86,623	169,382	172,307
Asset impairment	520	2,599	520	11,674
Loss (gain) on sale of communities, net	(36,296)	0	(36,296)	0
Income (loss) from operations	41,165	(34,048)	48,987	(87,582)
Total assets	5,904,735		5,904,735		$ 5,937,062
Goodwill	27,321		27,321		27,321
Independent Living
Segment Reporting Information [Line Items]
Goodwill	27,300		27,300		27,300
Operating Segments | Independent Living
Segment Reporting Information [Line Items]
Revenue	140,888	126,737	281,544	251,143
Segment operating income	46,361	38,709	93,194	76,393
Total assets	1,241,836		1,241,836		1,267,825
Operating Segments | Assisted Living and Memory Care
Segment Reporting Information [Line Items]
Revenue	490,286	440,866	979,090	873,354
Segment operating income	124,616	87,588	249,209	164,451
Total assets	3,376,440		3,376,440		3,329,516
Operating Segments | CCRCs
Segment Reporting Information [Line Items]
Revenue	83,109	81,196	169,381	161,652
Segment operating income	12,188	8,838	25,687	18,877
Total assets	636,509		636,509		664,502
Operating Segments | Corporate and All Other
Segment Reporting Information [Line Items]
Revenue	36,509	40,717	74,040	81,187
Segment operating income	2,510	$ 3,329	5,087	$ 6,658
Total assets	$ 649,950		$ 649,950		$ 675,219