Brookdale has seen year-over-year job growth for the first time since the pandemic began

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Brookdale Senior Living (NYSE: BKD) reported a weighted common occupancy of 73.5% for November 2021 on Wednesday, marking 9 consecutive months of progress.

November was additionally the primary month of constructive year-over-year progress for Brookdale's weighted common occupancy because the Covid-19 pandemic started. Brookdale, headquartered in Brentwood, Tennessee, is the nation's largest senior dwelling supplier with a portfolio of greater than 680 communities in 41 states as of September 30, 2021.

The firm's occupancy fee on the finish of the month fell from 74.5% in October 2021 to 74.3% in November 2021. And the typical occupancy progress elevated in autumn with 50 foundation factors month-to-month progress in September, 30 foundation factors in October and 20. slowed down foundation factors in November.

This slowdown is probably going the results of typical seasonality, the Stifel analysts wrote in an announcement on Wednesday.

The Brookdale Consolidated Occupancy

Analysts anticipate the fourth quarter common occupancy to be 90 foundation factors increased than the third quarter common if December stays at present ranges.

"This over-historical growth shows that the recovery of senior housing is still intact and is showing a respectable performance given all the noise about Covid and the challenges of work," they wrote.

Labor challenges have been nice throughout the trade, with labor shortages suppressing occupancy progress in some circumstances. In an effort to offset the monetary influence of those challenges, some suppliers are aggressively pushing the speed; and several other homeowners and operators have said that customers are prepared to pay for these increased costs.

Brookdale is more likely to implement mid to excessive single digit fee progress early subsequent yr that can enhance income per occupied room, the Stifel analysts wrote. It is anticipated that 2022 will probably be a constructive turning level for the corporate's earnings.

Brookdale CEO Cindy Baier additionally has an optimistic outlook for 2022.

“I think the industry will see you seeing occupancy growth, but I also think the rate will go up,” she mentioned on the corporate's third quarter 2021 convention name final month. “I anticipate a robust RevPAR [revenue per available room] Growth in 2022 - and I believe will probably be among the finest years within the historical past of the trade. "

As for the "noises around Covid", the analysts attribute the current worth declines of Brookdale to fears concerning the Omicron variant.

"While there is still a lot to know about the new variant, we believe that market structure and sentiment will drive price action and believe the sell-off is excessive compared to fundamentals," they wrote.

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