Brookdale Senior Living is the largest operator of senior living communities in the U.S., operating and managing 584 communities across 41 states with capacity for roughly 51,000 residents. Brookdale provides housing, dining, and care services to seniors — primarily those aged 75 and older — and positions its communities around "aging in place," allowing residents to access higher levels of care without relocating. Brookdale organizes its owned and leased communities into three segments: Assisted Living and Memory Care (~69% of revenue), which provides 24-hour personal care and specialized memory care across 480 communities; Independent Living (~19% of revenue), which serves more active seniors across 53 larger campus-style communities; and CCRCs (~11% of revenue), which are large campuses offering the full continuum of care across 15 communities. Brookdale also manages 36 communities for third-party owners for a fee. Revenue is generated primarily through monthly resident fees covering room, board, and base services, with additional fees charged for higher-acuity care. About 94% of resident fee revenue comes from private-pay residents. Occupancy and rate are the two key revenue drivers; because the cost structure is heavily fixed — labor alone represents ~65% of facility operating expenses — occupancy has an outsized impact on profitability. Brookdale has been actively reshaping its portfolio by exiting underperforming leases, converting leased communities to owned real estate, and selling underperforming assets, while reinvesting capital in community upgrades. Brookdale also operates HealthPlus, a healthcare coordination program now in over 180 communities, aimed at improving resident retention and reducing hospitalizations.