bkdq32019supplementalr20

Exhibit 99.2 Supplemental Information 3rd Quarter 2019

Table of Contents Lease Accounting Standard (ASC 842) Impact 4 Overview 5 Segment Overview 8 Senior Housing 9 Health Care Services 15 G&A Expense 16 Capital Expenditures 17 Cash Facility Lease Payments 18 Unconsolidated Ventures 19 The Company reports information on five segments. Three segments Capital Structure 20 (Independent Living, Assisted Living and Memory Care, and CCRCs) constitute the Company's consolidated senior housing portfolio. The Health Care Services segment includes the Company's home health, Net Asset Value Elements 21 hospice, and outpatient therapy services. The Management Services segment includes the services provided to unconsolidated communities Definitions 22 that are operated under management agreements. Prior to December 31, 2018, the Company referred to the Independent Living segment as the Appendices: Retirement Centers segment, the Assisted Living and Memory Care segment as the Assisted Living segment, and the Health Care Services Pro-Forma Financial Information 25 segment as the Brookdale Ancillary Services segment. The name changes Definitive Agreements with HCP 29 had no effect on the underlying methodology related to, or results of operations of, the segments. Non-GAAP Financial Measures 31 2

SAFE HARBOR Certain statements in this Supplemental Information may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements regarding the Company’s intent, expectations and assumptions related to the various pending and expected transactions outlined herein and any other statements that are not historical statements of fact. Forward- looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target" or other similar words or expressions. These forward-looking statements are based on certain assumptions and expectations, and the Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, the Company’s ability to complete pending or expected disposition, acquisition or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company’s ability to identify and pursue any such opportunities in the future; delays in obtaining regulatory approvals; risks associated with the lifecare benefits offered to residents of certain of the Company’s entrance fee CCRCs; terminations, early or otherwise, or non-renewal of management agreements; regulatory changes in geographic areas where the Company is concentrated; disruptions in the financial markets that affect the Company’s ability to obtain financing or extend or refinance debt as it matures and the Company’s financing costs; a decrease in the overall demand for senior housing; environmental contamination at any of the Company’s communities; failure to comply with existing environmental laws; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those contained in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward- looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this Supplemental Information. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any of these forward-looking statements to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. 3

Lease Accounting Standard (ASC 842) Impact The Company’s adoption of the new lease accounting standard, effective January 1, 2019, impacted the timing of the revenue and cost recognition associated with its residency agreements. For the full year 2019, the Company expects the adoption and application to its residency agreements to have a negative, non-recurring net impact of approximately $27 million to net income (loss) and Adjusted EBITDA, with no impact to net cash provided by (used in) operating activities or Adjusted Free Cash Flow. To aid in comparability between periods, the following presentations in this Supplement exclude the impact of adoption of the new lease accounting standard: (i) the Company’s results on a Same Community basis, (ii) RevPAR and RevPOR (other than as noted on this page), (iii) Interest Coverage, (iv) Lease Coverage, and (v) annualized leverage. All other presentations of the Company's 2019 results in this Supplement include the impact of the new lease accounting standard. Prior year amounts reflect the accounting under the former lease standard. The following table presents the impact of adoption of the new lease accounting standard to the Company’s quarterly and year to date results from its application to the Company's residency agreements and costs related thereto for the senior housing portfolio. For the first and second quarter impact of the adoption for each senior housing segment, see the supplemental information furnished as Exhibit 99.2 to the Current Reports on Form 8-K filed with the SEC on May 6, 2019 and August 5, 2019. 1Q 2019 2Q 2019 3Q 2019 YTD 2019 Assisted Assisted Consolidated Total Senior Total Senior Total Senior Independent Living and Total Senior Independent Living and ($ in 000s, except RevPAR and RevPOR) Housing Housing Housing Living Memory Care CCRCs Housing Living Memory Care CCRCs Resident fee revenue $ 2,780 $ 5,299 $ 7,958 $ 2,460 $ 4,631 $ 867 $ 16,037 $ 5,762 $ 8,265 $ 2,010 Facility operating expense 9,210 11,826 13,955 3,427 9,056 1,472 34,991 9,165 21,864 3,962 Net income (loss) and Adjusted EBITDA (6,430) (6,527) (5,997) (967) (4,425) (605) (18,954) (3,403) (13,599) (1,952) Foregoing impact is offset within working capital 6,430 6,527 5,997 967 4,425 605 18,954 3,403 13,599 1,952 Adjusted Free Cash Flow $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — RevPAR - Including impact of ASC 842 $ 4,118 $ 4,129 $ 4,157 $ 3,647 $ 4,170 $ 5,055 $ 4,134 $ 3,643 $ 4,121 $ 5,142 RevPAR - Excluding impact of ASC 842 4,102 4,097 4,109 3,581 4,127 5,012 4,103 3,592 4,096 5,108 RevPOR - Including impact of ASC 842 $ 4,929 $ 4,948 $ 4,937 $ 4,091 $ 5,014 $ 6,288 $ 4,938 $ 4,078 $ 5,010 $ 6,326 RevPOR - Excluding impact of ASC 842 4,909 4,909 4,880 4,018 4,962 6,234 4,900 4,021 4,979 6,284 4

Overview 3Q19 vs. YTD 3Q19 vs. 2018 2019 3Q18 YTD 3Q18 Consolidated, unless otherwise noted Better (B)/ ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q (Worse) (W) B/(W) Resident fee and management fee revenue (1) $ 924,947 $ 913,040 $ 858,707 $ 824,503 $ 3,521,197 $ 825,222 $ 817,312 $ 814,801 (5.1)% (8.9)% Net income (loss) (1) $ (457,234) $ (165,509) $ (37,140) $ 131,531 $ (528,352) $ (42,606) $ (56,055) $ (78,508) NM 73.2 % Net cash provided by (used in) operating activities $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 $ (5,009) $ 64,128 $ 69,211 (3.8)% (24.7)% Adjusted EBITDA(1) $ 147,156 $ 147,217 $ 128,122 $ 115,186 $ 537,681 $ 116,583 $ 104,036 $ 80,447 (37.2)% (28.7)% Adjusted Free Cash Flow $ (6,282) $ 33,674 $ 9,718 $ (32,992) $ 4,118 $ (46,971) $ (16,369) $ (13,575) NM NM Period end consolidated number of units 66,355 61,709 60,009 56,492 56,492 55,948 55,209 55,262 (7.9)% (7.9)% Brookdale's Proportionate Share of Unconsolidated Ventures: Adjusted EBITDA (2) $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 $ 11,319 $ 10,878 $ 9,800 (13.1)% (24.1)% Adjusted Free Cash Flow (2) $ 6,367 $ 9,019 $ 4,618 $ (183) $ 19,821 $ 5,384 $ 6,958 $ 5,938 28.6 % (8.6)% As of September 30, 2019 Managed - 3rd Managed - 3Q 2019 weighted average occupancy Party: 106 3rd Party: (consolidated communities) 12,860 Managed - Community % of Period End Venture: 17 Occupancy Band Count Communities Greater than 95% 153 23% Leased: Managed - 24,036 90% > 95% 101 15% Leased: Venture: 85% > 90% 119 18% 335 794 75,430 7,308 80% > 85% 82 12% communities units Less than 80% 216 32% Consolidated: 55,262 Total 671 100% Owned: 336 Owned: Consolidated Portfolio Average ~ 22 years Consolidated: 31,226 Asset Age 671 (1) Includes the impact of the Company's adoption of the new lease accounting standard effective January 1, 2019. See page 4 for more information regarding the impact of the new lease standard. (2) Not included in consolidated reported amounts. Important Note Regarding Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See “Definitions” and “Non-GAAP Financial Measures” for the definitions of such measures and other important information regarding such measures, including reconciliations to the most comparable GAAP measures. • During the first quarter of 2019, the Company modified its definition of Adjusted EBITDA to exclude Transaction and Organizational Restructuring Costs (these costs remain part of the Adjusted Free Cash Flow definition) and its definition of Adjusted Free Cash Flow to no longer adjust net cash provided by (used in) operating activities for changes in working capital items other than prepaid insurance premiums financed with notes payable and lease liability for lease termination and modification. Amounts for all periods herein reflect application 5 of the modified definitions.

Adjusted EBITDA and Adjusted Free Cash Flow 3Q19 vs. YTD 3Q19 vs. Consolidated, unless otherwise noted 2018 2019 3Q18 YTD 3Q18 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee and management fee revenue $ 924,947 $ 913,040 $ 858,707 $ 824,503 $ 3,521,197 $ 825,222 $ 817,312 $ 814,801 (5.1)% (8.9)% Facility operating expense (632,325) (627,076) (607,076) (586,851) (2,453,328) (586,094) (590,246) (615,717) (1.4)% 4.0 % Combined Segment Operating Income 292,622 285,964 251,631 237,652 1,067,869 239,128 227,066 199,084 (20.9)% (19.9)% General and administrative expense (excluding non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs) (see page 16) (55,873) (51,632) (49,540) (48,273) (205,318) (49,494) (50,912) (46,570) 6.0 % 6.4 % Cash facility operating lease payments (see page 18) (89,593) (87,115) (73,969) (74,193) (324,870) (73,051) (72,118) (72,067) 2.6 % 13.3 % Adjusted EBITDA 147,156 147,217 128,122 115,186 537,681 116,583 104,036 80,447 (37.2)% (28.7)% Transaction and Organizational Restructuring Costs (17,156) (5,006) (3,221) (2,707) (28,090) (461) (634) (3,910) (21.4)% 80.3 % Interest expense, net (see page 18) (62,292) (65,352) (63,428) (60,297) (251,369) (59,302) (59,029) (58,749) 7.4 % 7.3 % Payment of financing lease obligations (21,114) (18,787) (13,370) (6,537) (59,808) (5,453) (5,500) (5,549) 58.5 % 69.0 % Changes in working capital (1) (11,767) 21,312 3,546 (28,728) (15,637) (43,405) 9,620 31,439 NM NM Other (2) 627 1,971 (656) 1,648 3,590 (331) 1,602 1,868 NM (61.6)% Non-Development Capital Expenditures, net (see page 17) (41,736) (47,681) (41,275) (51,557) (182,249) (54,602) (66,464) (59,121) (43.2)% (37.9)% Adjusted Free Cash Flow $ (6,282) $ 33,674 $ 9,718 $ (32,992) $ 4,118 $ (46,971) $ (16,369) $ (13,575) NM NM Brookdale's Proportionate Share of Unconsolidated Ventures Adjusted EBITDA (3) $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 $ 11,319 $ 10,878 $ 9,800 (13.1)% (24.1)% Adjusted Free Cash Flow (3) 6,367 9,019 4,618 (183) 19,821 5,384 6,958 $ 5,938 28.6 % (8.6)% (1) Excludes changes in prepaid insurance premiums financed with notes payable, changes in operating lease liability for lease termination and modification, and lessor capital expenditure reimbursements under operating leases. (2) Primarily consists of proceeds from property insurance, cash paid for state income taxes, and proceeds from entrance fees, net of refunds and amortization. (3) Not included in consolidated reported amounts. 6

Adjusted EBITDA and Adjusted Free Cash Flow Distribution Consolidated 3Q 2019 Senior Senior Housing Housing Consolidated, unless otherwise noted Owned Leased Health Care Management ($ in 000s) Total Portfolio Portfolio Services Services Other (2) Resident fee and management fee revenue $ 814,801 $ 377,451 $ 312,001 $ 111,785 $ 13,564 $ — Facility operating expense (615,717) (285,422) (223,288) (107,007) — — Combined Segment Operating Income 199,084 92,029 88,713 4,778 13,564 — General and administrative expense (excluding non-cash stock-based compensation expense and transaction costs) (46,570) (15,759) (13,027) (6,385) (11,399) — Cash facility operating lease payments (72,067) — (70,461) — — (1,606) Adjusted EBITDA 80,447 76,270 5,225 (1,607) 2,165 (1,606) Transaction costs (3,910) — — — — (3,910) Interest expense, net (58,749) (44,344) (16,567) — — 2,162 Payment of financing lease obligations (5,549) — (5,308) — — (241) Changes in working capital (1) 31,439 — — — — 31,439 Other 1,868 — 763 — — 1,105 Non-Development Capital Expenditures, net (59,121) (33,144) (22,162) — — (3,815) Adjusted Free Cash Flow $ (13,575) $ (1,218) $ (38,049) $ (1,607) $ 2,165 $ 25,134 CCRC Other Brookdale's Proportionate Share of Unconsolidated Ventures (see page 19) Total Venture Ventures Adjusted EBITDA (3) $ 9,800 $ 9,784 $ 16 Adjusted Free Cash Flow (3) 5,938 5,971 (33) (1) Excludes changes in prepaid insurance premiums financed with notes payable and lessor capital expenditure reimbursements under operating leases. (2) Primarily consists of changes in working capital, transaction costs, corporate capital expenditures, interest income, and lease payments for corporate offices and information technology systems and equipment. (3) Not included in consolidated reported amounts. 7

Segment Overview 3Q19 vs. YTD 3Q19 vs. Consolidated, unless otherwise noted 2018 2019 3Q18 YTD 3Q18 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Total Senior Housing, Health Care Services and Management Services Revenue (1) $ 924,947 $ 913,040 $ 858,707 $ 824,503 $3,521,197 $ 825,222 $ 817,312 $ 814,801 (5.1)% (8.9)% Combined Segment Operating Income $ 292,622 $ 285,964 $ 251,631 $ 237,652 $1,067,869 $ 239,128 $ 227,066 $ 199,084 (20.9)% (19.9)% Combined Segment Operating Margin 31.6% 31.3% 29.3% 28.8% 30.3% 29.0% 27.8% 24.4% (490) bps (370) bps Senior Housing (see page 9) Revenue $ 795,746 $ 786,116 $ 731,903 $ 698,471 $3,012,236 $ 697,947 $ 687,429 $ 689,452 (5.8)% (10.3)% Senior Housing Operating Income $ 265,623 $ 258,690 $ 223,616 $ 213,874 $ 961,803 $ 215,212 $ 202,450 $ 180,742 (19.2)% (20.0)% Senior Housing Operating Margin 33.4% 32.9% 30.6% 30.6% 31.9% 30.8% 29.5% 26.2% (440) bps (350) bps Number of communities (period end) 792 748 729 687 687 680 671 671 (8.0)% (8.0)% Period end number of units 66,355 61,709 60,009 56,492 56,492 55,948 55,209 55,262 (7.9)% (7.9)% Total Average Units 66,557 66,342 61,370 58,407 63,170 56,460 55,465 55,258 (10.0)% (13.9)% RevPAR $ 3,983 $ 3,948 $ 3,973 $ 3,984 $ 3,972 $ 4,102 $ 4,097 $ 4,109 3.4 % 3.4 % Weighted average occupancy 84.4% 84.1% 84.2% 84.4% 84.3% 83.6% 83.5% 84.2% — (60) bps RevPOR $ 4,717 $ 4,692 $ 4,718 $ 4,721 $ 4,712 $ 4,909 $ 4,909 $ 4,880 3.4 % 4.1 % Health Care Services Segment Revenue $ 110,520 $ 109,853 $ 108,276 $ 108,326 $ 436,975 $ 111,532 $ 114,434 $ 111,785 3.2 % 2.8 % Segment Operating Income (Loss) $ 8,318 $ 10,203 $ 9,487 $ 6,072 $ 34,080 $ 8,173 $ 9,167 $ 4,778 (49.6)% (21.0)% Segment Operating Margin 7.5% 9.3% 8.8% 5.6% 7.8% 7.3% 8.0% 4.3% (450) bps (200) bps Management Services Segment Segment Operating Income (comprised solely of management fees) $ 18,681 $ 17,071 $ 18,528 $ 17,706 $ 71,986 $ 15,743 $ 15,449 $ 13,564 (26.8)% (17.5)% G&A allocation (see page 16) (14,320) (13,703) (14,470) (12,953) (55,446) (13,646) (13,321) (11,399) 21.2 % 9.7 % Segment Operating Income (Adjusted to include G&A allocation) $ 4,361 $ 3,368 $ 4,058 $ 4,753 $ 16,540 $ 2,097 $ 2,128 $ 2,165 (46.6)% (45.8)% Segment Operating Margin (Adjusted to include G&A allocation) 23.3% 19.7% 21.9% 26.8% 23.0% 13.3% 13.8% 16.0% (590) bps NM Resident fee revenue under management (2) $ 394,392 $ 357,469 $ 384,984 $ 359,861 $1,496,706 $ 321,952 $ 294,114 $ 275,796 (28.4)% (21.5)% Number of communities (period end) (2) 218 240 232 205 205 164 138 123 (47.0)% (47.0)% Period end number of units (2) 32,754 33,176 32,511 27,787 27,787 23,742 21,451 20,168 (38.0)% (38.0)% Total Average Units (2) 33,699 30,422 32,471 28,975 31,392 25,047 22,464 20,730 (36.2)% (29.4)% Weighted average occupancy (2) 84.2% 83.6% 84.0% 83.7% 83.9% 82.9% 82.8% 83.4% (60) bps (90) bps (1) Excludes reimbursed costs on behalf of managed communities. (2) Not included in consolidated reported amounts. 8

Senior Housing Segments Consolidated 3Q19 vs. YTD 3Q19 vs. ($ in 000s, except RevPAR and RevPOR) 2018 2019 3Q18 YTD 3Q18 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 158,397 $ 159,293 $ 144,631 $ 137,656 $ 599,977 $ 135,694 $ 135,951 $ 136,874 (5.4)% (11.6)% Segment Operating Income $ 64,422 $ 65,134 $ 57,106 $ 53,947 $ 240,609 $ 52,876 $ 51,459 $ 49,414 (13.5)% (17.6)% Segment Operating Margin 40.7% 40.9% 39.5% 39.2% 40.1% 39.0% 37.9% 36.1% (340) bps (280) bps Number of communities (period end) 84 75 75 68 68 68 68 68 (9.3)% (9.3)% Period end number of units 15,045 13,559 13,550 12,419 12,419 12,430 12,460 12,511 (7.7)% (7.7)% Total Average Units 15,045 15,083 13,553 12,973 14,164 12,430 12,440 12,511 (7.7)% (14.4)% RevPAR $ 3,509 $ 3,520 $ 3,557 $ 3,537 $ 3,530 $ 3,602 $ 3,592 $ 3,581 0.7 % 1.8 % Weighted average occupancy 87.7% 88.1% 89.5% 90.0% 88.8% 89.8% 89.1% 89.1% (40) bps 90 bps RevPOR $ 4,004 $ 3,993 $ 3,973 $ 3,930 $ 3,977 $ 4,012 $ 4,033 $ 4,018 1.1 % 0.8 % Assisted Living and Memory Care Revenue $ 532,280 $ 522,027 $ 483,125 $ 458,419 $1,995,851 $ 458,526 $ 450,225 $ 452,474 (6.3)% (11.5)% Segment Operating Income $ 176,538 $ 169,737 $ 144,701 $ 138,006 $ 628,982 $ 140,699 $ 133,144 $ 116,856 (19.2)% (20.4)% Segment Operating Margin 33.2% 32.5% 30.0% 30.1% 31.5% 30.7% 29.6% 25.8% (420) bps (320) bps Number of communities (period end) 681 645 627 593 593 586 577 577 (8.0)% (8.0)% Period end number of units 44,728 41,266 39,725 37,500 37,500 36,944 36,175 36,177 (8.9)% (8.9)% Total Average Units 44,773 44,403 40,933 38,807 42,229 37,477 36,451 36,173 (11.6)% (15.4)% RevPAR $ 3,963 $ 3,919 $ 3,934 $ 3,937 $ 3,939 $ 4,070 $ 4,092 $ 4,127 4.9 % 4.0 % Weighted average occupancy 83.4% 82.9% 82.7% 82.7% 83.0% 81.6% 82.1% 83.2% 50 bps (70) bps RevPOR $ 4,750 $ 4,725 $ 4,755 $ 4,759 $ 4,747 $ 4,988 $ 4,987 $ 4,962 4.4 % 5.0 % CCRCs Revenue $ 105,069 $ 104,796 $ 104,147 $ 102,396 $ 416,408 $ 103,727 $ 101,253 $ 100,104 (3.9)% (2.8)% Segment Operating Income $ 24,663 $ 23,819 $ 21,809 $ 21,921 $ 92,212 $ 21,637 $ 17,847 $ 14,472 (33.6)% (23.2)% Segment Operating Margin 23.5% 22.7% 20.9% 21.4% 22.1% 20.9% 17.6% 14.5% (640) bps (470) bps Number of communities (period end) 27 28 27 26 26 26 26 26 (3.7)% (3.7)% Period end number of units 6,582 6,884 6,734 6,573 6,573 6,574 6,574 6,574 (2.4)% (2.4)% Total Average Units 6,739 6,856 6,884 6,627 6,777 6,553 6,574 6,574 (4.5)% (3.8)% RevPAR $ 5,172 $ 5,079 $ 5,024 $ 5,128 $ 5,100 $ 5,232 $ 5,081 $ 5,012 (0.2)% 0.3 % Weighted average occupancy 84.1% 83.0% 82.6% 83.1% 83.2% 82.9% 80.6% 80.4% (220) bps (190) bps RevPOR $ 6,160 $ 6,115 $ 6,082 $ 6,172 $ 6,132 $ 6,312 $ 6,305 $ 6,234 2.5 % 2.7 % 9

Senior Housing: Same Community (1) 3Q19 vs. YTD 3Q19 vs. Consolidated 2018 2019 3Q18 YTD 3Q18 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Revenue $ 622,845 $ 615,620 $ 618,129 $ 618,061 $2,474,655 $ 633,249 $ 627,663 $ 629,159 1.8 % 1.8 % Community Labor Expense (268,084) (268,695) (277,406) (277,144) (1,091,329) (278,958) (282,181) (296,142) (6.8)% (5.3)% Other facility operating expense (139,695) (140,097) (143,440) (145,776) (569,008) (146,423) (148,621) (154,039) (7.4)% (6.1)% Facility operating expense (2) (407,779) (408,792) (420,846) (422,920) (1,660,337) (425,381) (430,802) (450,181) (7.0)% (5.6)% Same Community Operating Income $ 215,066 $ 206,828 $ 197,283 $ 195,141 $ 814,318 $ 207,868 $ 196,861 $ 178,978 (9.3)% (5.7)% Same Community Operating Margin 34.5% 33.6% 31.9% 31.6% 32.9% 32.8% 31.4% 28.4% (350) bps (250) bps Total Average Units 50,780 50,778 50,773 50,771 50,776 50,745 50,753 50,761 — — RevPAR $ 4,086 $ 4,039 $ 4,056 $ 4,055 $ 4,059 $ 4,157 $ 4,120 $ 4,129 1.8 % 1.8 % Weighted average occupancy 85.5% 84.9% 85.3% 85.2% 85.2% 84.2% 83.8% 84.5% (80) bps (100) bps RevPOR $ 4,781 $ 4,756 $ 4,755 $ 4,761 $ 4,763 $ 4,936 $ 4,917 $ 4,886 2.8 % 3.1 % (2) Same Community Operating Income /Weighted Average Occupancy Same Community RevPAR $4,157 85.5% $4,120 $4,129 85.3% 85.2% $4,086 84.9% $4,056 84.5% $4,039 $4,055 84.2% 83.8% $215,066 $206,828 $207,868 $197,283 $195,141 $196,861 $178,978 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 (1) Same Community portfolio reflects 644 communities. (2) Excludes hurricane and natural disaster expense of $1.2 million for the full year 2018 and $1.0 million year to date 2019. 10

Senior Housing Segments: Same Community (1) 3Q19 vs. YTD 3Q19 vs. Consolidated 2018 2019 3Q18 YTD 3Q18 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Independent Living Revenue $ 115,124 $ 115,228 $ 115,887 $ 116,678 $ 462,917 $ 119,042 $ 118,701 $118,981 2.7 % 3.0 % Community Labor Expense (40,218) (40,943) (41,155) (41,395) (163,711) (41,488) (42,652) (43,243) (5.1)% (4.1)% Other facility operating expense (27,284) (26,960) (27,809) (28,793) (110,846) (28,619) (28,970) (29,845) (7.3)% (6.6)% Facility operating expense (67,502) (67,903) (68,964) (70,188) (274,557) (70,107) (71,622) (73,088) (6.0)% (5.1)% Same Community Operating Income $ 47,622 $ 47,325 $ 46,923 $ 46,490 $ 188,360 $ 48,935 $ 47,079 $ 45,893 (2.2)% — Same Community Operating Margin 41.4% 41.1% 40.5% 39.8% 40.7% 41.1% 39.7% 38.6% (190) bps (120) bps Total Average Units 11,079 11,080 11,074 11,072 11,076 11,048 11,057 11,068 (0.1)% (0.2)% RevPAR $ 3,464 $ 3,467 $ 3,488 $ 3,513 $ 3,483 $ 3,593 $ 3,578 $ 3,583 2.7 % 3.2 % Weighted average occupancy 88.7% 89.1% 89.9% 90.5% 89.6% 90.1% 89.5% 89.9% — 60 bps RevPOR $ 3,904 $ 3,892 $ 3,879 $ 3,882 $ 3,889 $ 3,987 $ 3,998 $ 3,987 2.8 % 2.6 % Assisted Living and Memory Care Revenue $ 428,320 $ 423,031 $ 424,091 $ 421,777 $1,697,219 $ 433,550 $ 430,797 $433,108 2.1 % 1.7 % Community Labor Expense (188,328) (188,330) (195,753) (194,586) (766,997) (195,899) (197,645) (210,394) (7.5)% (5.5)% Other facility operating expense (93,567) (93,931) (95,864) (97,257) (380,619) (97,721) (99,595) (103,439) (7.9)% (6.1)% Facility operating expense (281,895) (282,261) (291,617) (291,843) (1,147,616) (293,620) (297,240) (313,833) (7.6)% (5.7)% Same Community Operating Income $ 146,425 $ 140,770 $ 132,474 $ 129,934 $ 549,603 $ 139,930 $ 133,557 $119,275 (10.0)% (6.4)% Same Community Operating Margin 34.2% 33.3% 31.2% 30.8% 32.4% 32.3% 31.0% 27.5% (370) bps (260) bps Total Average Units 34,859 34,856 34,857 34,857 34,857 34,856 34,855 34,852 — — RevPAR $ 4,096 $ 4,046 $ 4,056 $ 4,033 $ 4,058 $ 4,146 $ 4,120 $ 4,142 2.1 % 1.7 % Weighted average occupancy 84.5% 83.8% 84.0% 83.6% 84.0% 82.4% 82.3% 83.3% (70) bps (140) bps RevPOR $ 4,846 $ 4,826 $ 4,826 $ 4,824 $ 4,831 $ 5,030 $ 5,006 $ 4,975 3.1 % 3.5 % CCRCs Revenue $ 79,401 $ 77,361 $ 78,151 $ 79,606 $ 314,519 $ 80,657 $ 78,165 $ 77,070 (1.4)% 0.4 % Community Labor Expense (39,538) (39,422) (40,498) (41,163) (160,621) (41,571) (41,884) (42,505) (5.0)% (5.4)% Other facility operating expense (18,844) (19,206) (19,767) (19,726) (77,543) (20,083) (20,056) (20,755) (5.0)% (5.3)% Facility operating expense (58,382) (58,628) (60,265) (60,889) (238,164) (61,654) (61,940) (63,260) (5.0)% (5.4)% Same Community Operating Income $ 21,019 $ 18,733 $ 17,886 $ 18,717 $ 76,355 $ 19,003 $ 16,225 $ 13,810 (22.8)% (14.9)% Same Community Operating Margin 26.5% 24.2% 22.9% 23.5% 24.3% 23.6% 20.8% 17.9% (500) bps (370) bps Total Average Units 4,842 4,842 4,842 4,842 4,842 4,841 4,841 4,841 — — RevPAR $ 5,442 $ 5,303 $ 5,354 $ 5,449 $ 5,387 $ 5,527 $ 5,356 $ 5,279 (1.4)% 0.4 % Weighted average occupancy 84.8% 83.3% 83.7% 84.1% 84.0% 83.8% 81.5% 81.1% (260) bps (180) bps RevPOR $ 6,414 $ 6,367 $ 6,397 $ 6,476 $ 6,414 $ 6,595 $ 6,575 $ 6,509 1.8 % 2.6 % (1) Same Community portfolio reflects 62 Independent Living communities, 563 Assisted Living and Memory Care communities, and 19 CCRC communities. 11

Senior Housing Owned Portfolio 3Q19 vs. YTD 3Q19 vs. Consolidated 2018 2019 3Q18 YTD 3Q18 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee revenue $ 383,910 $ 388,108 $ 387,585 $ 382,533 $1,542,136 $ 380,691 $ 375,900 $ 377,451 (2.6)% (2.2)% Facility operating expense (260,673) (265,066) (273,881) (270,659) (1,070,279) (269,078) (271,222) (285,422) (4.2)% (3.3)% Owned Portfolio Operating Income 123,237 123,042 113,704 111,874 471,857 111,613 104,678 92,029 (19.1)% (14.4)% G&A portfolio allocation (see page 16) (16,616) (14,924) (15,061) (14,641) (61,242) (15,693) (16,875) (15,759) (4.6)% (3.7)% Owned Portfolio Operating Income (Adjusted to include G&A portfolio allocation) $ 106,621 $ 108,118 $ 98,643 $ 97,233 $ 410,615 $ 95,920 $ 87,803 $ 76,270 (22.7)% (17.0)% Additional Information Interest expense: property level and corporate debt $ (45,727) $ (48,967) $ (46,891) $ (46,920) $ (188,505) $ (45,643) $ (45,193) $ (44,344) 5.4 % 4.5 % Community level capital expenditures, net (see page 17) $ (19,474) $ (18,295) $ (16,126) $ (18,972) $ (72,867) $ (24,967) $ (33,828) $ (33,144) (105.5)% (70.6)% Number of communities (period end) 358 363 363 344 344 338 336 336 (7.4)% (7.4)% Period end number of units 32,417 33,287 33,359 31,869 31,869 31,397 31,165 31,226 (6.4)% (6.4)% Total Average Units 32,549 33,255 33,338 33,062 33,051 31,840 31,262 31,222 (6.3)% (4.9)% RevPAR $ 3,932 $ 3,890 $ 3,875 $ 3,857 $ 3,888 $ 3,969 $ 3,976 $ 3,982 2.8 % 2.0 % Weighted average occupancy 84.3% 83.9% 84.0% 83.5% 83.9% 82.4% 82.6% 83.2% (80) bps (120) bps RevPOR $ 4,664 $ 4,637 $ 4,613 $ 4,619 $ 4,634 $ 4,815 $ 4,812 $ 4,783 3.7 % 3.5 % As of September 30, 2019 Interest Coverage 1.9x Net Debt (see page 20) $ 3,280,427 12

Senior Housing Leased Portfolio 3Q19 vs. YTD 3Q19 vs. Consolidated 2018 2019 3Q18 YTD 3Q18 ($ in 000s, except RevPAR and RevPOR) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee revenue $ 411,836 $ 398,008 $ 344,318 $ 315,938 $1,470,100 $ 317,256 $ 311,529 $ 312,001 (9.4)% (18.5)% Facility operating expense (269,450) (262,360) (234,406) (213,938) (980,154) (213,657) (213,757) (223,288) 4.7 % 15.1 % Leased Portfolio Operating Income 142,386 135,648 109,912 102,000 489,946 103,599 97,772 88,713 (19.3)% (25.2)% G&A portfolio allocation (see page 16) (17,824) (16,015) (13,380) (12,092) (59,311) (13,078) (13,986) (13,027) 2.6 % 15.1 % Leased Portfolio Operating Income (Adjusted to include G&A portfolio allocation) $ 124,562 $ 119,633 $ 96,532 $ 89,908 $ 430,635 $ 90,521 $ 83,786 $ 75,686 (21.6)% (26.6)% Additional Information Total cash facility lease payments on leased portfolio (see page 18) $ (127,302) $ (122,004) $ (103,030) $ (94,090) $ (446,426) $ (93,129) $ (92,337) $ (92,337) 10.4 % 21.2 % Community level capital expenditures, net (see page 17) $ (14,474) $ (15,159) $ (13,756) $ (12,530) $ (55,919) $ (18,419) $ (25,934) $ (22,162) (61.1)% (53.3)% Number of communities (period end) 434 385 366 343 343 342 335 335 (8.5)% (8.5)% Period end number of units 33,938 28,422 26,650 24,623 24,623 24,551 24,044 24,036 (9.8)% (9.8)% Total Average Units 34,008 33,087 28,032 25,345 30,119 24,620 24,203 24,036 (14.3)% (23.4)% RevPAR $ 4,032 $ 4,006 $ 4,090 $ 4,149 $ 4,063 $ 4,274 $ 4,254 $ 4,273 4.5 % 5.6 % Weighted average occupancy 84.6% 84.3% 84.5% 85.6% 84.7% 85.0% 84.5% 85.4% 90 bps 50 bps RevPOR $ 4,766 $ 4,752 $ 4,840 $ 4,847 $ 4,797 $ 5,028 $ 5,032 $ 5,004 3.4 % 5.0 % Lease Coverage as of September 30, 2019 0.89x Total operating and financing lease obligations (1) $ 2,284,360 (A) Total operating and financing lease obligations divided by total cash facility lease payments for the trailing twelve months ended September 30, 2019 6.2 (A/B) Trailing twelve months Facility Lease Maturity Information as of September 30, 2019 ended September 30, 2019 Community Total cash facility lease Initial lease maturities count Total units payments 2019 — — $ — 2020 38 1,673 17,001 2021 4 445 6,428 2022 5 483 5,092 2023 4 889 17,786 Thereafter 284 20,546 320,404 Total 335 24,036 $ 366,711 (B) (1)Amount recognized on consolidated balance sheet reflects discounted future minimum lease payments and the residual value for financing lease obligations. Excludes operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR and corporate office and information technology leases. 13

New Supply Brookdale's Largest 20 Markets - Competitive Summary 3Q 2019 Weighted Average Occupancy Quadrant with highest demographic60 growth% & lowest new openings 91.3% Portland ) 87.6% 2 ( 55% 86.7% 83.4% Charlotte h t Seattle Jacksonville 84.2% w 78.4% o Denver r Colorado Springs 82.6% G 85.5% Austin + k 50% Phoenix 0 5 90.3% 83.1% $ Dallas h Kansas City t 90.5% i Orlando 79.9% w Detroit n 45% 77.6% o i t Houston a l u p 75.3% o San Antonio 88.3% P 40% Riverside + 80.8% 5 7 77.2% Sarasota e Cleveland g 88.0% 80.7% A Chicago Miami d e 35% t c 82.0% e j Los Angeles o r P r Y 30% 5 25% 0% 2% 4% 6% 8% 10% 12% 14% 16% 1 Yr Projected Unit Opens % of Supply (3) Brookdale in NIC Markets 3Q19 Weighted Avg. 5YrProjected Avg 75+ Pop 1YrProjected Unit Opens as Occupancy (1) with $50K+ Growth (2) % of Supply (3) Brookdale Largest 20 Markets 84.2% 44.1% 5.6% All Other NIC Markets 83.8% 40.6% 4.7% (1) Brookdale proprietary data represents its consolidated senior housing portfolio. (2) ESRI data 2019-2024; Brookdale. (3) NIC MAP Supply Set, 3Q19 "New Construction" offering same-product with projected open dates through 3Q20; one year same product projected openings as a percent of current same-product supply within 20 minutes of Brookdale communities. 14

Health Care Services Consolidated 3Q19 vs. YTD 3Q19 vs. ($ in 000s) 2018 2019 3Q18 YTD 3Q18 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee revenue Home health $ 85,490 $ 83,818 $ 81,722 $ 81,033 $ 332,063 $ 84,185 $ 85,233 $ 80,632 (1.3)% (0.4)% Hospice 19,327 19,676 20,574 21,257 80,834 21,722 23,184 25,258 22.8 % 17.8 % Outpatient therapy 5,685 6,359 5,980 6,036 24,060 5,625 6,017 5,895 (1.4)% (2.7)% Other health care services 18 — — — 18 — — — — (100.0)% Segment resident fee revenue 110,520 109,853 108,276 108,326 436,975 111,532 114,434 111,785 3.2 % 2.8 % Segment Operating Income $ 8,318 $ 10,203 $ 9,487 $ 6,072 $ 34,080 $ 8,173 $ 9,167 $ 4,778 (49.6)% (21.0)% Segment Operating Margin 7.5% 9.3% 8.8% 5.6 % 7.8% 7.3% 8.0% 4.3 % (450) bps (200) bps G&A allocation (see page 16) (7,113) (6,990) (6,629) (8,587) (29,319) (7,077) (6,730) (6,385) 3.7 % 2.6 % Segment Operating Income (Loss) (Adjusted to include G&A allocation) $ 1,205 $ 3,213 $ 2,858 $ (2,515) $ 4,761 $ 1,096 $ 2,437 $ (1,607) NM (73.5)% Segment Operating Margin (Adjusted to include G&A allocation) 1.1% 2.9% 2.6% (2.3)% 1.1% 1.0% 2.1% (1.4)% (400) bps (160) bps Additional Information Home health average daily census 15,497 15,238 14,890 15,335 15,238 15,904 15,966 15,357 3.1 % 3.5 % Hospice average daily census 1,302 1,337 1,411 1,386 1,359 1,428 1,540 1,642 16.4 % 13.9 % Outpatient therapy treatment codes 167,170 176,065 168,569 171,544 683,348 158,543 169,924 171,578 1.8 % (2.3)% 15

G&A Expense Consolidated, unless otherwise noted 3Q19 vs. YTD 3Q19 vs. ($ in 000s) 2018 2019 3Q18 YTD 3Q18 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $ 16,616 $ 14,924 $ 15,061 $ 14,641 $ 61,242 $ 15,693 $ 16,875 $ 15,759 (4.6)% (3.7)% Senior Housing Leased Portfolio allocation 17,824 16,015 13,380 12,092 59,311 13,078 13,986 13,027 2.6% 15.1% Health Care Services allocation 7,113 6,990 6,629 8,587 29,319 7,077 6,730 6,385 3.7% 2.6% Management Services allocation 14,320 13,703 14,470 12,953 55,446 13,646 13,321 11,399 21.2% 9.7% Subtotal G&A expense allocations 55,873 51,632 49,540 48,273 205,318 49,494 50,912 46,570 6.0% 6.4% Non-cash stock-based compensation expense 8,406 6,269 6,035 5,357 26,067 6,356 6,030 5,929 1.8% 11.6% Transaction and Organizational Restructuring Costs 17,156 5,006 3,221 2,707 28,090 461 634 3,910 (21.4%) 80.3% General and administrative expense $ 81,435 $ 62,907 $ 58,796 $ 56,337 $ 259,475 $ 56,311 $ 57,576 $ 56,409 4.1 % 16.2 % 3Q19 vs. YTD 3Q19 vs. 2018 2019 3Q18 YTD 3Q18 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Resident fee revenue $ 906,266 $ 895,969 $ 840,179 $ 806,797 $3,449,211 $ 809,479 $ 801,863 $ 801,237 (4.6)% (8.7)% Resident fee revenue under management (2) 394,392 357,469 384,984 359,861 1,496,706 321,952 294,114 275,796 (28.4)% (21.5)% Total (consolidated and under management) $1,300,658 $1,253,438 $1,225,163 $1,166,658 $4,945,917 $1,131,431 $1,095,977 $1,077,033 (12.1)% (12.6)% Allocated G&A Expense as a Percentage of Resident Fee Revenue (Consolidated and Under Management) G&A expense (excluding non-cash stock- based compensation expense and Transaction and Organizational Restructuring Costs) 4.3% 4.1% 4.0% 4.1% 4.2% 4.4% 4.6% 4.3% (30) bps (20) bps Non-cash stock-based compensation expense 0.6% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6% (10) bps (10) bps G&A expense (excluding Transaction and Organizational Restructuring Costs) 4.9% 4.6% 4.5% 4.6% 4.7% 5.0 5.2% 4.9% (40) bps (30) bps Transaction and Organizational Restructuring Costs 1.4% 0.4% 0.3% 0.2% 0.6% — 0.1% 0.4% (10) bps 50 bps G&A expense (including non-cash stock- based compensation expense and Transaction and Organizational Restructuring Costs) 6.3% 5.0% 4.8% 4.8% 5.2% 5.0% 5.3% 5.2% (40) bps 20 bps (1) G&A allocations are calculated using a methodology which the Company believes matches the type of general and administrative cost with the community, segment, or portfolio. Some of the allocations are based on direct utilization and some are based on formulas such as unit proportion. G&A allocations presented herein exclude non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. (2) Not included in consolidated reported amounts. 16

Capital Expenditures Consolidated 3Q19 vs. YTD 3Q19 vs. ($ in 000s, except for community level capital 2018 2019 3Q18 YTD 3Q18 expenditures, net, per weighted average unit) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $ 19,474 $ 18,295 $ 16,126 $ 18,972 $ 72,867 $ 24,967 $ 33,828 $ 33,144 NM (70.6)% Senior Housing Leased Portfolio 14,474 15,159 13,756 12,530 55,919 18,419 25,934 22,162 (61.1)% (53.3)% Community level capital expenditures, net (A) 33,948 33,454 29,882 31,502 128,786 43,386 59,762 55,306 (85.1)% (62.9)% Corporate capital expenditures (includes Health Care Services) 7,788 14,227 11,393 20,055 53,463 11,216 6,702 3,815 66.5 % 34.9 % Non-Development Capital Expenditures, net 41,736 47,681 41,275 51,557 182,249 54,602 66,464 59,121 (43.2)% (37.9)% Development Capital Expenditures, net 5,381 8,009 6,694 4,603 24,687 5,269 5,354 8,054 (20.3)% 7.0 % Total capital expenditures, net $ 47,117 $ 55,690 $ 47,969 $ 56,160 $ 206,936 $ 59,871 $ 71,818 $ 67,175 (40.0)% (31.9)% Lessor reimbursements: non-development capital expenditures 1,764 — — 10,401 12,165 — 1,000 11,043 Lessor reimbursements: development capital expenditures 615 80 1,014 — 1,709 — — — Change in related payables 17,096 (1,904) (92) (10,437) 4,663 184 (10,576) 5,870 Total cash paid for capital expenditures $ 66,592 $ 53,866 $ 48,891 $ 56,124 $ 225,473 $ 60,055 $ 62,242 $ 84,088 (72.0)% (21.9)% Senior Housing Total Average Units (see page 8) (B) 66,557 66,342 61,370 58,407 63,170 56,460 55,465 55,258 (10.0)% (13.9)% Community level capital expenditures, net, per weighted average unit (A/B) $ 510 $ 504 $ 487 $ 539 $ 2,039 $ 768 $ 1,077 $ 1,001 NM (89.3)% (1) The Company updated its methodology for the allocations of community level capital expenditures during the third quarter of 2018. Prior period amounts of community level capital expenditures, net presented herein have been recast to conform to the new methodology. 17

Cash Facility Lease Payments 3Q19 vs. YTD 3Q19 vs. Consolidated 2018 2019 3Q18 YTD 3Q18 ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q B(W) B(W) Operating Lease Obligations Facility lease expense $ 80,400 $ 81,960 $ 70,392 $ 70,542 $ 303,294 $ 68,668 $ 67,689 $ 67,253 Operating lease expense adjustment 8,103 4,066 2,487 2,562 17,218 4,383 4,429 4,814 Amortization of deferred gain 1,090 1,089 1,090 1,089 4,358 — — — Cash facility operating lease payments $ 89,593 $ 87,115 $ 73,969 $ 74,193 $ 324,870 $ 73,051 72,118 72,067 2.6 % 13.3 % Financing Lease Obligations Interest expense: financing lease obligations $ 22,931 $ 22,389 $ 20,896 $ 17,388 $ 83,604 $ 16,743 $ 16,649 $ 16,567 Non-cash interest expense on financing lease obligations (3,383) (3,063) (2,705) (1,743) (10,894) — — — Payment of financing lease obligations 21,114 18,787 13,370 6,537 59,808 5,453 5,500 5,549 Cash financing lease payments $ 40,662 $ 38,113 $ 31,561 $ 22,182 $ 132,518 $ 22,196 $ 22,149 22,116 29.9 % 39.8 % Total cash facility lease payments (1) $ 130,255 $ 125,228 $ 105,530 $ 96,375 $ 457,388 $ 95,247 $ 94,267 $ 94,183 10.8 % 21.4 % Interest Expense Reconciliation to Income Statement Interest expense: financing lease obligations $ 22,931 $ 22,389 $ 20,896 $ 17,388 $ 83,604 $ 16,743 $ 16,649 $ 16,567 Non-cash interest expense on financing lease obligations (3,383) (3,063) (2,705) (1,743) (10,894) — — — Interest expense: financing lease obligations - cash payments 19,548 19,326 18,191 15,645 72,710 16,743 16,649 16,567 8.9 % 12.5 % Interest income (2,983) (2,941) (1,654) (2,268) (9,846) (3,084) (2,813) (2,162) (30.7)% (6.3)% Interest expense: debt 45,727 48,967 46,891 46,920 188,505 45,643 45,193 44,344 5.4 % 4.5 % Interest expense, net 62,292 65,352 63,428 60,297 251,369 59,302 59,029 58,749 7.4 % 7.3 % Amortization of deferred financing costs and debt premium (discount) 3,956 2,328 829 644 7,757 831 959 1,130 Change in fair value of derivatives (74) 217 10 250 403 148 27 37 Non-cash interest expense on financing lease obligations 3,383 3,063 2,705 1,743 10,894 — — — Interest income 2,983 2,941 1,654 2,268 9,846 3,084 2,813 2,162 Interest expense per income statement $ 72,540 $ 73,901 $ 68,626 $ 65,202 $ 280,269 $ 63,365 $ 62,828 $ 62,078 9.5 % 12.5 % (1) Includes cash lease payments for leases of corporate offices and information technology systems and equipment. 18

Unconsolidated Ventures Trailing 12 Months Ended 3Q 2019 September 30, 2019 ($ in 000s) Total CCRC Venture (1) Other Ventures Total Resident fee revenue $ 108,164 $ 107,492 $ 672 $ 434,579 Facility operating expense (83,419) (82,815) (604) (328,388) General and administrative expense including management fees (5,528) (5,492) (36) (21,998) Cash facility operating lease payments — — — — Adjusted EBITDA of unconsolidated ventures 19,217 19,185 32 84,193 Interest expense, net (5,881) (5,780) (101) (24,571) Proceeds from entrance fees, net of refunds 19,982 19,982 — 62,501 Entrance fee amortization (10,228) (10,228) — (38,201) Changes in working capital 641 626 15 (3,018) Other (96) (96) — (150) Community level capital expenditures, net (11,994) (11,982) (12) (45,105) Adjusted Free Cash Flow of unconsolidated ventures $ 11,641 $ 11,707 $ (66) $ 35,649 Additional Information Brookdale's weighted average unit ownership percentage (period end) 51.0% 51.0% 50.0% 51.0% Non-recourse Net Debt principal of unconsolidated ventures (period end) $ 509,140 $ 509,250 $ (110) $ 509,140 Number of communities (period end) 17 16 1 17 Total Average Units of unconsolidated ventures 7,307 7,271 36 7,384 Weighted average occupancy 85.1% 85.1% 87.4% 85.6% Brookdale's Proportionate Share of Unconsolidated Ventures Adjusted EBITDA $ 9,800 $ 9,784 $ 16 $ 42,416 Proceeds from entrance fees, net of refunds $ 10,191 $ 10,191 $ — $ 31,876 Entrance fee amortization $ (5,216) $ (5,216) $ — $ (19,482) Adjusted Free Cash Flow $ 5,938 $ 5,971 $ (33) $ 18,097 Non-recourse Net Debt principal (period end) $ 259,663 $ 259,718 $ (55) $ 259,663 Total Average Units 3,726 3,708 18 3,766 (1) The Company has agreed to sell its interest in the CCRC Venture as part of the Definitive Agreements with HCP, Inc. (now known as Healthpeak Properties, Inc.). See pages 29 and 30 for additional information. 19

Capital Structure (consolidated) Total Liquidity Debt Structure (1) Debt ($ in millions) ($ in millions) ($ in millions) Maturity Weighted Rate Variable rate debt with 2019 (3) $ 77 4.93% interest rate caps $592 2020 281 5.43% $600 $530 Fixed rate 2021 333 5.96% $479 $459 $455 debt 2022 321 4.44% ) $1,134 s n $400 $134 $2,335 o $413 i l l $340 i 32% 2023 231 4.52% M $315 ( $291 65% $ Thereafter 2,329 4.42% $200 (4) $325 Total $ 3,572 4.66% $179 $190 $164 $164 $103 Variable rate $0 3% debt - unhedged (1) Includes the carrying value of mortgage debt, line 09/30/2018 12/31/2018 03/31/2019 06/30/2019 09/30/2019 of credit, and other notes payable. As of September 30, 2019 (2) Reflects market rates as of September 30, 2019 and Line of credit available to draw Weighted Rate applicable cap rates for hedged debt. Fixed rate debt 4.82% (3) Includes $30.8 million of mortgage notes payable Variable rate debt (2) 4.36% Cash and cash equivalents and marketable securities secured by assets held for sale that generally will be Total debt and line of credit 4.66% repaid with the proceeds from the sales. (4) Excludes line of credit. Leverage Ratios (5) (5) Leverage ratios include results of operations of ($ in 000s) communities disposed of through the disposition date. Annualized Twelve Months ended September 30, 2019 (6) Excludes $19.0 million of the non-cash, non- Leverage recurring impact of ASC 842. See page 4 for more Adjusted EBITDAR (6) (A) $ 726,635 information. Cash facility operating lease payments (see page 18) (291,429) (7) Excludes operating lease obligations related to Adjusted EBITDA (6) 435,206 certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR. Cash financing lease payments (see page 18) (88,643) Important Note Regarding Non-GAAP Financial Adjusted EBITDA after cash financing lease payments (6) (B) $ 346,563 Measures. Adjusted EBITDAR, Adjusted EBITDA, As of September 30, 2019 Adjusted EBITDA after cash financing lease payments, Net Debt, and Adjusted Net Debt are financial measures Debt $ 3,572,221 that are not calculated in accordance with GAAP. See Line of credit — “Definitions” and “Non-GAAP Financial Measures” for the definitions of such measures and other important Cash and cash equivalents (241,391) information regarding such measures, including Marketable securities (49,790) reconciliations to the most comparable GAAP measures. Restricted cash held as collateral against existing debt (613) During the first quarter of 2019, the Company modified its definition of Adjusted Net Debt. See "Definitions" for 9.5x Net Debt (C) 3,280,427 (C/B) a description of the change. Operating and financing lease obligations (7) 2,316,730 Adjusted Net Debt (D) $ 5,597,157 7.7x (D/A) 20

Pro-Forma Net Asset Value Elements Consolidated ($ in millions and are for the trailing twelve months ended September 30, 2019 unless otherwise noted) Pro-Forma Senior Housing Owned Portfolio (1) Owned Portfolio Operating Income (Loss) (Including G&A assumption) (2) $ 386.0 Net Debt as of September 30, 2019 (see page 34) $ 3,223.3 Total Average Units 32,435 Pro-Forma Senior Housing Leased Portfolio (1) Leased Portfolio Operating Income (Loss) (Including G&A assumption) (2) $ 307.3 Total cash facility lease payments on leased portfolio $ (328.7) Total operating and financing lease obligations (see page 34) $ 2,027.5 Total operating and financing lease obligations divided by total cash facility lease payments for the trailing twelve months ended September 30, 2019 6.2 Total Average Units 21,471 Health Care Services Segment Operating Income (Loss) (including G&A assumption) (2) $ (0.6) Shares outstanding (excluding 7,490,129 unvested restricted shares) as of September 30, 2019 185,583,292 (1) Reflects pro-forma results of operations, net debt, operating and financing lease obligations, and units after giving effect to completed and pending transactions. See pages 25-26, 29-30, and 34 for information regarding the impact of such transactions. (2) G&A assumptions are calculated as 5% and approximately 6% of Senior Housing and Health Care Services resident fee revenue, respectively. 21

Definitions Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net Brookdale’s Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures income (loss) excluding: benefit/provision for income taxes, non-operating income/ is calculated based on the Company’s equity ownership percentage and in a manner expense items, and depreciation and amortization; and further adjusted to exclude consistent with the Company’s definition of Adjusted EBITDA for its consolidated entities. income/expense associated with non-cash, non-operational, transactional, cost The Company’s investments in unconsolidated ventures are accounted for under the reduction or organizational restructuring items that management does not consider as equity method of accounting and, therefore, the Company’s proportionate share of part of the Company’s underlying core operating performance and that management Adjusted EBITDA of unconsolidated ventures does not represent the Company’s equity believes impact the comparability of performance between periods. For the periods in earnings/loss of unconsolidated ventures on its consolidated statement of operations. presented herein, such other items include non-cash impairment charges, gain/loss on facility lease termination and modification, operating lease expense adjustment, amortization of deferred gain, change in future service obligation, non-cash stock-based Brookdale’s Proportionate Share of Adjusted Free Cash Flow of Unconsolidated compensation expense, and Transaction and Organizational Restructuring Costs. During Ventures is calculated based on the Company’s equity ownership percentage and in a the first quarter of 2019, the Company modified its definition of Adjusted EBITDA to manner consistent with the Company’s definition of Adjusted Free Cash Flow for its exclude Transaction and Organizational Restructuring Costs, and amounts for all periods consolidated entities. The Company’s investments in its unconsolidated ventures are herein reflect application of the modified definition. accounted for under the equity method of accounting and, therefore, the Company’s proportionate share of Adjusted Free Cash Flow of unconsolidated ventures does not represent cash available to the Company’s consolidated business except to the extent it Adjusted EBITDAR is a non-GAAP financial measure that the Company defines as is distributed to the Company. Adjusted EBITDA before cash facility operating lease payments. Combined Segment Operating Income is defined by the Company as resident fee and Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as management fee revenue of the Company, less facility operating expense. Combined net cash provided by (used in) operating activities before: distributions from Segment Operating Income does not include general and administrative expense or unconsolidated ventures from cumulative share of net earnings, changes in operating depreciation and amortization. lease liability for lease termination and modification, cash paid/received for gain/loss on facility lease termination and modification, and lessor capital expenditure Community Labor Expense is a component of facility operating expense that includes reimbursements under operating leases; plus: property insurance proceeds and regular and overtime salaries and wages, bonuses, paid-time-off and holiday wages, proceeds from refundable entrance fees, net of refunds; less: Non-Development Capital payroll taxes, contract labor, employee benefits, and workers compensation. Expenditures and payment of financing lease obligations. During the first quarter of 2019, Development Capital Expenditures means capital expenditures for community the Company modified its definition of Adjusted Free Cash Flow to no longer adjust net expansions and major community redevelopment and repositioning projects, including cash provided by (used in) operating activities for changes in working capital items other the Company’s Program Max initiative, and the development of new communities. than prepaid insurance premiums financed with notes payable and lease liability for lease Amounts of Development Capital Expenditures are presented net of lessor termination and modification. Amounts for all periods herein reflect application of the reimbursements. modified definition. Interest Coverage is calculated based on the trailing-twelve months Owned Portfolio Adjusted Net Debt is a non-GAAP financial measure that the Company defines as Net Operating Income adjusted for an implied 5% management fee and capital expenditures Debt, plus operating and financing lease obligations. Operating and financing lease at $350/unit, divided by the trailing-twelve months property level and corporate debt obligations exclude operating lease obligations related to certain non-facility leases for interest expense. For any trailing-twelve month period that includes one or more periods which the related lease expense is included in Adjusted EBITDAR. During the first quarter from 2019, an adjustment was made to exclude the impact of applying the new lease of 2019, the Company modified its definition of Adjusted Net Debt to no longer adjust accounting standard under ASC 842 for residency agreements. Net Debt by cash operating, capital, and financing lease payments multiplied by 8 and Lease Coverage is calculated based on the trailing-twelve months Leased Portfolio instead utilizes operating and financing lease obligations for facility leases recorded on Operating Income, excluding resident fee revenue and facility operating expense of the Company's balance sheet to derive Adjusted Net Debt. communities disposed during such period adjusted for an implied 5% management fee and capital expenditures at $350/unit, divided by the trailing-twelve months cash facility lease payments for both operating leases and financing leases, excluding cash lease payments for leases of communities disposed during such period, corporate offices, and information technology systems and equipment, vehicles and other equipment. For any trailing-twelve month period that includes one or more periods from 2019, an adjustment was made to exclude the impact of applying the new lease accounting standard under ASC 842 for residency agreements. 22

Definitions Leased Portfolio Operating Income is defined by the Company as resident fee revenue Same Community information reflects historical results from senior housing operations (excluding Health Care Services segment revenue), less facility operating expense for the for same store communities (utilizing the Company's methodology for determining same Company’s Senior Housing Leased Portfolio. Leased Portfolio Operating Income does not store communities which generally excludes assets held for sale, communities acquired include general and administrative expense (unless otherwise noted) or depreciation and or disposed since the beginning of the prior year, and certain communities that have amortization. undergone or are undergoing expansion, redevelopment, and repositioning projects), and for the 2019 period, excludes the additional resident fee revenue and facility Net Debt is a non-GAAP financial measure that the Company defines as the total of its operating expense recognized as a result of application of the new lease accounting debt (mortgage debt and other notes payable) and the outstanding balance on the line standard under ASC 842. of credit, less unrestricted cash, marketable securities, and cash held as collateral against existing debt. Same Community Operating Income is defined by the Company as resident fee revenue (excluding Health Care Services segment revenue and, for the 2019 period, the additional NM means not meaningful. resident fee revenue recognized as a result of application of the new lease accounting Non-Development Capital Expenditures is comprised of corporate and community- standard under ASC 842), less facility operating expense (excluding hurricane and natural level capital expenditures, including those related to maintenance, renovations, disaster expense and, for the 2019 period, the additional facility operating expense upgrades and other major building infrastructure projects for the Company’s recognized as a result of application of the new lease accounting standard under ASC communities. Non-Development Capital Expenditures does not include capital 842) for the Company's Same Community portfolio. Same Community Operating Income expenditures for community expansions and major community redevelopment and does not include general and administrative expense or depreciation and amortization. repositioning projects, including the Company’s Program Max initiative, and the Segment Operating Income (Loss) is defined by the Company as segment revenue less development of new communities (i.e., Development Capital Expenditures). Amounts of segment facility operating expense. Segment Operating Income (Loss) does not include Non-Development Capital Expenditures are presented net of lessor reimbursements. general and administrative expense (unless otherwise noted) or depreciation and Owned Portfolio Operating Income is defined by the Company as resident fee revenue amortization. Management Services Segment Operating Income excludes revenue for (excluding Health Care Services segment revenue), less facility operating expense for the reimbursements for which the Company is the primary obligor of costs incurred on behalf Company’s Senior Housing Owned Portfolio. Owned Portfolio Operating Income does of managed communities, and there is no facility operating expense associated with the not include general and administrative expense (unless otherwise noted) or depreciation Management Services segment. See the Segment Information note to the Company’s and amortization. consolidated financial statements for more information regarding the Company’s segments. RevPAR, or average monthly senior housing resident fee revenue per available unit, is Senior Housing Leased Portfolio represents Brookdale leased communities and does defined by the Company as resident fee revenue for the corresponding portfolio for the rd period (excluding Health Care Services segment revenue and entrance fee amortization, not include owned, managed – 3 party, or managed – venture communities. and, for the 2019 period, the additional resident fee revenue recognized as a result of the Senior Housing Operating Income is defined by the Company as segment revenue less application of the new lease accounting standard under ASC 842), divided by the segment facility operating expense for the Company’s Independent Living, Assisted weighted average number of available units in the corresponding portfolio for the period, Living and Memory Care, and CCRCs segments on an aggregate basis. Senior Housing divided by the number of months in the period. Operating Income does not include general and administrative expense or depreciation RevPOR, or average monthly senior housing resident fee revenue per occupied unit, is and amortization. defined by the Company as resident fee revenue for the corresponding portfolio for the Senior Housing Owned Portfolio represents Brookdale owned communities and does period (excluding Health Care Services segment revenue and entrance fee amortization, not include leased, managed – 3rd party, or managed – venture communities. and, for the 2019 period, the additional resident fee revenue recognized as a result of the application of the new lease accounting standard under ASC 842), divided by the Total Average Units represents the average number of units operated during the period. weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Transaction and Organizational Restructuring Costs are general and administrative expenses. Transaction costs include those directly related to acquisition, disposition, financing, and leasing activity, the Company’s assessment of options and alternatives to enhance stockholder value, and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees, and other third party costs. Organizational restructuring costs include those related to the Company’s efforts to reduce general and administrative expense and its senior leadership changes, including severance and retention costs. 23

Appendices Pro-Forma Financial Information 25 Definitive Agreements with HCP 29 Non-GAAP Financial Measures 31 24

Pro-Forma Financial Information During the period of October 1, 2018 to September 30, 2019, the Company disposed of an aggregate of 27 owned communities, its triple-net lease obligations on an aggregate of 31 communities were terminated, and management arrangements on 109 net communities were terminated. During the next approximately 12 months, the Company expects: • to close on the dispositions of six owned communities classified as held for sale as of September 30, 2019, • termination of its lease obligation on three communities for which it has provided notice of nonrenewal, • to acquire eight communities under the terms of a purchase option the Company has provided notice of its intent to exercise (the pro-forma results on the following pages include an assumption that the Company will finance the acquisition with non-recourse mortgage debt at approximately a 60% loan-to-value ratio and a 4% interest rate) • to execute certain transactions under definitive agreements with HCP, Inc. (now known as Healthpeak Properties, Inc.) ("HCP") announced on October 1, 2019 (see pages 29 and 30 for a summary of the transactions and expected impact) (the pro-forma results on the following pages include an assumption that the Company will finance the acquisition of 18 currently leased communities with approximately $223 million of non-recourse mortgage debt at a 4% interest rate), and • termination of certain of its management arrangements, including management agreements on communities owned by the CCRC Venture, interim management arrangements on formerly leased communities, and management arrangements on certain former unconsolidated ventures in which the Company sold its interest. The pro-forma results on the following pages summarize the Company’s actual consolidated results excluding the impact of the new lease standard and the impact of transactions as follows: • The pro-forma table for the twelve months ended September 30, 2019 on page 26 reflects the Company’s actual consolidated results excluding the impact of the new lease standard for the twelve months ended September 30, 2019 and the impact on those results assuming that the foregoing completed and expected transactions had closed on September 30, 2018. • The pro-forma table for the 2019 year to date table on page 27 reflects the Company’s actual consolidated results excluding the impact of the new lease standard for the nine months ended September 30, 2019 and the impact on those results assuming that the foregoing completed and expected transactions had closed on December 31, 2018. • The pro-forma table for the third quarter of 2019 table on page 28 reflects the Company’s actual consolidated results for the three months ended September 30, 2019 excluding the impact of the new lease standard and the impact on those results assuming that the foregoing completed and expected transactions had closed on June 30, 2019. The pro-forma results on the following pages do not include adjustments for: • Several communities that the Company continues to market (which are not included in assets held for sale). • Twenty-three leased communities for which the Company has exercised its right to direct Ventas to market for sale and, subject to Ventas' receipt of an agreed upon sale price on or before December 31, 2020 and the other customary closing conditions, would be removed from the Master Lease and Security Agreement between the Company and Ventas. • The Company's option to cause terminations of leases upon the sale by Welltower of communities with an aggregate of base rent of up to $5 million. The closings of the various pending and expected transactions described above are, or will be, subject to the satisfaction of various conditions, including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur. 25

Pro-Forma Trailing Twelve Months Amounts Amounts Attributable to Attributable to Actual Results Amounts the October 1, Other Net of Amounts Attributable to 2019 Announced Transactions Attributable to Trailing Twelve Transactions Actual Results Transactions with Completed or Less: Impact the New Lease Months Ended Completed on Net of Amounts HCP Expected to Expected to be of New Lease Standard and September 30, or before Attributable to be Completed Completed after Standard on Completed and 2019 September 30, Completed after September September 30, Actual Results Pending Consolidated Actual Results 2019 Transactions 30, 2019 2019 (1) Transactions ($ in 000s) (A) (B) (A+B) (C) (D) (E) (A+B+C+D+E=F) Senior Housing weighted average units operated 56,398 (1,200) 55,198 — (1,292) — 53,906 Senior Housing revenue $ 2,773,299 $ (42,740) $ 2,730,559 $ — $ (60,476) $ (16,037) $ 2,654,046 Health Care Services revenue 446,077 — 446,077 — — — 446,077 Management fee revenue 62,462 (11,274) 51,188 (21,944) (9,782) — 19,462 Resident fee and management fee revenue 3,281,838 (54,014) 3,227,824 (21,944) (70,258) (16,037) 3,119,585 Facility operating expense (2,378,908) 33,826 (2,345,082) — 64,181 34,991 (2,245,910) General and administrative expense (2) (195,249) — (195,249) 5,000 — — (190,249) Cash facility operating lease payments (291,429) 4,765 (286,664) 10,985 2,451 — (273,228) Adjusted EBITDA 416,252 (15,423) 400,829 (5,959) (3,626) 18,954 410,198 Transaction and Organizational Restructuring Costs (7,712) — (7,712) — — — (7,712) Interest expense, net (237,377) 1,313 (236,064) 7,994 4,953 — (223,117) Payment of financing lease obligations (23,039) 123 (22,916) 3,699 881 — (18,336) Changes in working capital (3) (31,074) — (31,074) — — (18,954) (50,028) Other 4,787 (2,178) 2,609 — — — 2,609 Non-Development Capital Expenditures, net (231,744) 2,148 (229,596) 7,000 7,499 — (215,097) Adjusted Free Cash Flow $ (109,907) $ (14,017) $ (123,924) $ 12,734 $ 9,707 $ — $ (101,483) Cash facility operating and financing lease payments $ 380,072 $ (5,181) $ 374,891 $ (30,120) $ (7,806) $ — $ 336,965 (1) See page 4 for more information on the adoption impact of the new lease standard. Actual results include the impact of the new lease standard. (2) Excludes non-cash stock-based compensation expense and Transaction and Organizational Restructuring Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur, with the exception of an estimate of the anticipated scaling as a result of the definitive agreements with HCP which is presented herein. (3) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. Actual Results Less Amounts Pro-forma (from column F above) Senior Housing Senior Housing Attributable to Completed Owned and Leased Specifically Identifiable Information, Owned Leased Health Care Services and Pending Transactions and Other Portfolio Portfolio and Other (from column F above) Weighted average units operated 32,435 21,471 — 53,906 Senior Housing and Health Care Services revenue $ 1,552,838 $ 1,101,208 $ 446,077 $ 3,100,123 Facility operating expense $ (1,089,181) $ (738,842) $ (417,887) $ (2,245,910) Total cash facility lease payments and interest expense, net $ (188,040) $ (328,747) $ 2,106 $ (514,681) Non-Development Capital Expenditures, net $ (115,928) $ (57,381) $ (41,788) $ (215,097) 26

Pro-Forma Third Quarter 2019 YTD Amounts Attributable to Amounts Actual Results the October 1, Attributable to Net of Amounts Amounts 2019 Announced Transactions Attributable to Attributable to Actual Results Transactions with Completed or Less: Impact the New Lease Transactions Net of Amounts HCP Expected to Expected to be of New Lease Standard and Completed Attributable to be Completed Completed after Standard on Completed and YTD 3Q19 during Completed after September September 30, Actual Pending Consolidated Actual Results YTD 3Q19 (1) Transactions 30, 2019 2019 (1) Results (1) Transactions ($ in 000s) (A) (B) (A+B) (C) (D) (E) (A+B+C+D+E) Senior Housing weighted average units operated 55,728 (526) 55,202 — (1,292) — 53,910 Senior Housing revenue $ 2,074,828 $ (12,385) $ 2,062,443 $ — $ (45,795) $ (16,037) $ 2,000,611 Health Care Services revenue 337,751 — 337,751 — — — 337,751 Management fee revenue 44,756 (5,992) 38,764 (16,485) (7,551) — 14,728 Resident fee and management fee revenue 2,457,335 (18,377) 2,438,958 (16,485) (53,346) (16,037) 2,353,090 Facility operating expense (1,792,057) 10,204 (1,781,853) — 49,130 34,991 (1,697,732) General and administrative expense(2) (146,976) — (146,976) 3,750 — — (143,226) Cash facility operating lease payments (217,236) 1,451 (215,785) 8,523 1,845 — (205,417) Adjusted EBITDA 301,066 (6,722) 294,344 (4,212) (2,371) 18,954 306,715 Transaction costs (5,005) — (5,005) — — — (5,005) Interest expense, net (177,080) 52 (177,028) 5,681 3,838 — (167,509) Payment of financing lease obligations (16,502) — (16,502) 2,873 506 — (13,123) Changes in working capital (3) (2,346) — (2,346) — — (18,954) (21,300) Other 3,139 (201) 2,938 — — — 2,938 Non-Development Capital Expenditures, net (180,187) (633) (180,820) 5,250 6,163 — (169,407) Adjusted Free Cash Flow $ (76,915) $ (7,504) $ (84,419) $ 9,592 $ 8,136 $ — $ (66,691) (1) See page 4 for more information on the adoption impact of the new lease standard. Actual results include the impact of the new lease standard. (2) Excludes non-cash stock-based compensation expense and Transaction Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur, with the exception of an estimate of the anticipated scaling as a result of the definitive agreements with HCP which is presented herein. (3) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. 27

Pro-Forma Third Quarter 2019 Amounts Attributable to Amounts Actual Results the October 1, Attributable to Net of Amounts Amounts 2019 Announced Transactions Attributable to Attributable to Actual Results Transactions with Completed or Less: Impact the New Lease Transactions Net of Amounts HCP Expected to Expected to be of New Lease Standard and Completed Attributable to be Completed Completed after Standard on Completed and 3Q19 Actual during Completed after September September 30, Actual Pending Consolidated Results 3Q19 Transactions 30, 2019 2019 Results (1) Transactions ($ in 000s) (A) (B) (A+B) (C) (D) (E) (A+B+C+D+E) Senior Housing weighted average units operated 55,258 0 55,258 — (1,292) — 53,966 Senior Housing revenue $ 689,452 $ (103) $ 689,349 $ — $ (15,153) $ (7,958) $ 666,238 Health Care Services revenue 111,785 — 111,785 — — — 111,785 Management fee revenue 13,564 (518) 13,046 (5,560) (2,608) — 4,878 Resident fee and management fee revenue 814,801 (621) 814,180 (5,560) (17,761) (7,958) 782,901 Facility operating expense (615,717) 103 (615,614) — 17,196 13,955 (584,463) General and administrative expense (2) (46,570) — (46,570) 1,250 — — (45,320) Cash facility operating lease payments (72,067) — (72,067) 2,763 622 — (68,682) Adjusted EBITDA 80,447 (518) 79,929 (1,547) 57 5,997 84,436 Transaction costs (3,910) — (3,910) — — — (3,910) Interest expense, net (58,749) — (58,749) 1,977 1,281 — (55,491) Payment of financing lease obligations (5,549) — (5,549) 979 173 — (4,397) Changes in working capital (3) 31,439 — 31,439 — — (5,997) 25,442 Other 1,868 (254) 1,614 — — — 1,614 Non-Development Capital Expenditures, net (59,121) (146) (59,267) 1,750 1,328 — (56,189) Adjusted Free Cash Flow $ (13,575) $ (918) $ (14,493) $ 3,159 $ 2,839 $ — $ (8,495) (1) See page 4 for more information on the adoption impact of the new lease standard. Actual results include the impact of the new lease standard. (2) Excludes non-cash stock-based compensation expense and Transaction Costs. Brookdale scales general and administrative expense following disposal of communities. This is reflected in actual results as they occur, with the exception of an estimate of the anticipated scaling as a result of the definitive agreements with HCP which is presented herein. (3) The pro-forma adjustments do not include assumptions on the impact to changes in working capital. 28

Definitive Agreements with HCP On October 1, 2019, the Company and HCP entered into several definitive agreements providing for multiple transactions, including a Master Transactions and Cooperation Agreement and Equity Interest Purchase Agreement. The parties subsequently amended the agreements to include one additional entry fee CCRC as part of the Company’s sale of its interest in the CCRC Venture (rather than removing the CCRC from the CCRC Venture for joint marketing and sale). – The parties have agreed to use commercially reasonable efforts to obtain certain governmental approvals and consummate an internal restructuring for the purposes of moving two entry fee CCRCs into a new unconsolidated venture on substantially the same terms as the CCRC Venture and to accommodate the sale of such two entry fee CCRCs at a future date Unconsolidated CCRC – HCP has agreed to acquire Brookdale's 51% interest in its unconsolidated CCRC Venture (which will hold 14 entry fee CCRCs after giving effect to Venture Transactions the internal restructuring) for ~$291 million of net cash proceeds after giving effect to debt and anticipated prorations – Brookdale and HCP have agreed to jointly market for sale two unconsolidated entry fee CCRCs – HCP has agreed to pay Brookdale a negotiated $100 million management agreement termination fee (~5X mgmt. fee revenue) – Brookdale has agreed to acquire 18 communities currently leased from HCP for approximately $405 million; the portfolio includes several large, stabilized communities in core Brookdale markets Triple-Net Lease – The parties have agreed to amend and restate the master lease for 24 communities continued to be leased from HCP Transactions – HCP to fund up to $35 million of capital expenditures at market yield for a five-year period to reposition and improve assets – The parties have agreed to transition one currently leased community to a new operator – The Company's sale of its 51% ownership interest in the CCRC Venture, terminations of the management agreements on 14 entry fee CCRCs, acquisition of 18 currently leased communities, and amendment and restatement of the master lease are expected to occur substantially Expected Timing of concurrently in the first quarter of 2020 Transactions – Sale of the two entry fee CCRCs is expected to occur over the next 12 to 18 months – Timing of transactions is subject to the satisfaction or waiver of certain conditions, including the completion of the internal restructuring and other customary closing conditions, including the receipt of governmental approvals 29

Definitive Agreements with HCP Impact Sale of Interest in Sale of Interest in A&R Master Unconsolidated Termination of Unconsolidated Lease and Total, Estimated Total, Communities to Management Communities to Acquisition Before One- One-Time Including One- ($ in millions) HCP Agreements Third Parties Communities Time Items Items Time Items Related Communities (est. timing) --> 14 communities 2 communities 18 NNN (1Q 2020) (1Q 2020) (12-18 mo.) acquisitions (1Q 2020) Expected Consolidated Balance Sheet Impact Better (Worse) Cash $ 291 (1) $ A 100 $ 12 (1) (2) $ (182) $ — $ (13) $ 208 Debt 34 — — (223) (3) — — (189) Net Debt $ 325 $ 100 $ 12 $ (405) $ 32 $ (13) $ 19 Consolidated Year One Impact4 Resident Fee Revenue — — — — — — — Management Fee Revenue — $ (22) — — $ (22) $ A 100 $ 78 Facility Operating Expense — — — — — — — G&A Costs (excluding Transaction Costs) — 5 (6) — — 5 — 5 Operating Lease Payments — — — 11 (5) 11 — 11 Consolidated Adjusted EBITDA — $ (17) $ — $ 11 $ (6) $ 100 $ 94 Estimated Transaction Costs — — — — — $ (13) $ (13) Interest Expense: Debt $ 1 — — $ (10) (7) (9) — (9) Financing Lease Payments & Interest Expense — — — 19 (5) 19 — 19 Non-Development Capital Expenditures, net — — — 7 (8) 7 — 7 Consolidated Adjusted Free Cash Flow $ 1 $ (17) $ — $ 27 $ 11 $ 87 $ 98 (1) Includes the impact of estimated working capital prorations. (2) Brookdale to receive 51% of net cash proceeds after debt, prorations, and transaction costs. (3) Estimated combined new debt on 18 purchased triple‐net communities. (4) Amounts reflect trailing twelve months ended June 30, 2019, unless otherwise indicated. (5) Amounts include the impact of lease modifications which are expected to result in approximately $9 million of a reclassification of operating lease payments to financing lease payments with no impact on Adjusted Free Cash Flow. (6) Reflects an estimate of the anticipated G&A expense scaling resulting from the transactions. (7) Includes estimated interest expense on debt of acquisition communities at an estimated 4% interest rate. (8) Amounts reflect estimated lessor reimbursements. 30

Non-GAAP Financial Measures This Supplemental Information contains the financial measures Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBITDA after cash financing lease payments, Adjusted Free Cash Flow, Net Debt, and Adjusted Net Debt (each as defined in the “Definitions” section), which are not calculated in accordance with U.S. GAAP. Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, short-term debt, long-term debt less current portion, or current portion of long-term debt. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations set forth in this Appendix of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP and to review the information under “Reconciliations of Non-GAAP Financial Measures” in the Company’s earnings release dated November 4, 2019 for additional information regarding the Company’s use and the limitations of such non-GAAP financial measures. During the first quarter of 2019, the Company modified its definition of Adjusted EBITDA to exclude Transaction and Organizational Restructuring Costs (these costs remain part of the Adjusted Free Cash Flow definition) and its definition of Adjusted Free Cash Flow to no longer adjust net cash provided by (used in) operating activities for changes in working capital items other than prepaid insurance premiums financed with notes payable and lease liability for lease termination and modification. Amounts for all periods herein reflect application of the modified definitions. 31

Non-GAAP Financial Measures (Continued) Adjusted EBITDA Reconciliation Consolidated Trailing Twelve ($ in 000s) 2018 2019 Months Ended September 30, 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD 2019 Net income (loss) $(457,234) $(165,509) $ (37,140) $ 131,531 $ (528,352) $ (42,606) $ (56,055) $ (78,508) $(177,169) $ (45,638) Provision (benefit) for income taxes 15,585 (15,546) (17,763) (31,732) (49,456) 679 633 (1,800) (488) (32,220) Equity in (earnings) loss of unconsolidated ventures 4,243 1,324 1,340 1,897 8,804 526 991 2,057 3,574 5,471 Debt modification and extinguishment costs 35 9 33 11,600 11,677 67 2,672 2,455 5,194 16,794 Loss (gain) on sale of assets, net (43,431) (23,322) (9,833) (216,660) (293,246) 702 (2,846) (579) (2,723) (219,383) Other non-operating (income) loss (2,586) (5,505) 17 (6,025) (14,099) (2,988) (3,199) (3,763) (9,950) (15,975) Interest expense 72,540 73,901 68,626 65,202 280,269 63,365 62,828 62,078 188,271 253,473 Interest income (2,983) (2,941) (1,654) (2,268) (9,846) (3,084) (2,813) (2,162) (8,059) (10,327) Income (loss) from operations (413,831) (137,589) 3,626 (46,455) (594,249) 16,661 2,211 (20,222) (1,350) (47,805) Depreciation and amortization 114,255 116,116 110,980 106,104 447,455 96,888 94,024 93,550 284,462 390,566 Goodwill and asset impairment 430,363 16,103 5,500 37,927 489,893 391 3,769 2,094 6,254 44,181 Loss (gain) on facility lease termination and modification, net — 146,467 2,337 13,197 162,001 209 1,797 — 2,006 15,203 Operating lease expense adjustment (8,103) (4,066) (2,487) (2,562) (17,218) (4,383) (4,429) (4,814) (13,626) (16,188) Amortization of deferred gain (1,090) (1,089) (1,090) (1,089) (4,358) — — — — (1,089) Non-cash stock-based compensation expense 8,406 6,269 6,035 5,357 26,067 6,356 6,030 5,929 18,315 23,672 Transaction and Organizational Restructuring Costs 17,156 5,006 3,221 2,707 28,090 461 634 3,910 5,005 7,712 Adjusted EBITDA (1) $ 147,156 $ 147,217 $ 128,122 $ 115,186 $ 537,681 $ 116,583 $ 104,036 $ 80,447 $ 301,066 $ 416,252 (1) Adoption of the new lease accounting standard effective January 1, 2019 will have a non-recurring impact to the Company’s full-year 2019 Adjusted EBITDA. Adjusted EBITDA for the three months and trailing twelve months ended September 30, 2019 includes a negative net impact of approximately $6.0 million and $19.0 million, respectively, from such adoption. 32

Non-GAAP Financial Measures (Continued) Adjusted EBITDAR; Adjusted EBITDA; and Adjusted EBITDA after Cash Financing Lease Payments Reconciliations (excluding the new lease standard impact) Consolidated Trailing Twelve Months Ended ($ in 000s) September 30, 2019 Net income (loss) $ (45,638) Provision (benefit) for income taxes (32,220) Equity in (earnings) loss of unconsolidated ventures 5,471 Debt modification and extinguishment costs 16,794 Loss (gain) on sale of assets, net (219,383) Other non-operating (income) loss (15,975) Interest expense 253,473 Interest income (10,327) Income (loss) from operations (47,805) Depreciation and amortization 390,566 Goodwill and asset impairment 44,181 Loss (gain) on facility lease termination and modification, net 15,203 Facility lease expense 274,152 Non-cash stock-based compensation expense 23,672 Transaction and Organizational Restructuring Costs 7,712 Impact from new lease standard 18,954 Adjusted EBITDAR (excluding the new lease standard impact) $ 726,635 Facility lease expense (274,152) Operating lease expense adjustment (16,188) Amortization of deferred gain (1,089) Adjusted EBITDA (excluding the new lease standard impact) $ 435,206 Interest expense: financing lease obligations (67,347) Non-cash interest expense on financing lease obligations 1,743 Payment of financing lease obligations (23,039) Adjusted EBITDA after cash financing lease payments (excluding the new lease standard impact) $ 346,563 33

Non-GAAP Financial Measures (Continued) Net Debt and Adjusted Net Debt Reconciliations Pro - Forma Amounts Attributable to the October 1, 2019 Amounts Attributable to Announced Transactions Other Transactions Actual Amounts Net of with HCP Expected to be Completed or Expected to Amounts Attributable to Consolidated As of September 30, Completed after be Completed after Completed and Pending ($ in 000s) 2019 September 30, 2019 September 30, 2019 Transactions Long-term debt (including current portion) $ 3,572,221 $ 189,000 $ (7,400) $ 3,753,821 Line of credit — — Cash and cash equivalents (241,391) (208,000) (30,700) (480,091) Marketable securities (49,790) (49,790) Cash held as collateral against existing debt (613) (613) Net Debt 3,280,427 $ (19,000) (1) $ (38,100) (2) $ 3,223,327 Operating and financing lease obligations 2,366,430 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR (49,700) Adjusted Net Debt $ 5,597,157 Adjusted Net Debt to Adjusted EBITDAR 7.7x Net Debt to Adjusted EBITDA after cash financing lease payments 9.5x ` Operating and financing lease obligations $ 2,366,430 $ (187,100) (3) $ (69,800) $ 2,109,530 Operating lease obligations related to certain non-facility leases for which the related lease expense is included in Adjusted EBITDAR (49,700) — — (49,700) Operating lease obligations related to corporate office and information technology leases (32,370) — — (32,370) Operating and financing lease obligations for Senior Housing Leased Portfolio $ 2,284,360 $ (187,100) $ (69,800) $ 2,027,460 (1) See pages 29 and 30 for a summary of the transactions and expected impact. (2) Amounts include an estimate of the cash proceeds from sales of assets held for sale, net of associated debt repayments, and an estimate of the purchase price for acquisitions of communities under the terms of a purchase option, net of estimated non-recourse mortgage debt anticipated to be obtained to finance the acquisition at an estimated 60% loan-to-value ratio. (3) Amount includes an estimate of the impact of lease terminations and anticipated modifications to operating and financing lease obligations utilizing an estimated 8% incremental borrowing rate to estimate the present value of minimum lease payments. 34

Non-GAAP Financial Measures (Continued) Adjusted Free Cash Flow Reconciliation Trailing Twelve Months Ended Consolidated 2018 2019 September 30, ($ in 000s) 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q YTD 2019 Net cash provided by (used in) operating activities $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 $ (5,009) $ 64,128 $ 69,211 $ 128,330 $ 161,783 Net cash provided by (used in) provided by investing activities 91,155 (79,643) (24,539) 301,801 288,774 (100,073) 19,774 (70,056) (150,355) 151,446 Net cash provided by (used in) financing activities (16,104) (185,876) (37,949) (85,134) (325,063) (16,636) (87,443) (8,755) (112,834) (197,968) Net increase (decrease) in cash, cash equivalents and restricted cash $ 113,015 $ (204,899) $ 9,436 $ 250,120 $ 167,672 $ (121,718) $ (3,541) $ (9,600) $ (134,859) $ 115,261 Net cash provided by (used in) operating activities $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 $ (5,009) $ 64,128 $ 69,211 $ 128,330 $ 161,783 Distributions from unconsolidated ventures from cumulative share of net earnings (408) (739) (1,012) (737) (2,896) (749) (781) (858) (2,388) (3,125) Change in prepaid insurance premiums financed with notes payable 18,633 (6,208) (6,181) (6,244) — 18,842 (6,752) (6,215) 5,875 (369) Changes in operating lease liability related to lease termination — 33,596 — — 33,596 — — — — — Cash paid for loss on facility operating lease termination and modification, net — 13,044 — 8,000 21,044 — — — — 8,000 Changes in liabilities for lessor capital expenditure reimbursements under operating leases — — — (10,400) (10,400) — (1,000) (11,043) (12,043) (22,443) Non-development capital expenditures, net (41,736) (47,681) (41,275) (51,557) (182,249) (54,602) (66,464) (59,121) (180,187) (231,744) Property insurance proceeds 156 — — 1,136 1,292 — — — — 1,136 Payment of financing lease obligations (21,114) (18,787) (13,370) (6,537) (59,808) (5,453) (5,500) (5,549) (16,502) (23,039) Proceeds from refundable entrance fees, net of refunds 223 (171) (368) (106) (422) — — — — (106) Adjusted Free Cash Flow $ (6,282) $ 33,674 $ 9,718 $ (32,992) $ 4,118 $ (46,971) $ (16,369) $ (13,575) $ (76,915) $ (109,907) 35

Non-GAAP Financial Measures (Continued) Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures (1) For purposes of this presentation, amounts for each line item represent the aggregate amounts of such line items for all the Company's unconsolidated ventures. Trailing Twelve ($ in 000s) 2018 2019 Months Ended September 30, 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 2019 Net income (loss) $ (22,662) $ (13,417) $ (6,674) $ (3,810) $ (46,563) $ (1,050) $ (1,983) $ (4,156) $ (10,999) Provision (benefit) for income taxes 234 209 64 6 513 24 23 18 71 Debt modification and extinguishment costs (17) 135 13 1 132 21 — — 22 Loss (gain) on sale of assets, net (1,045) 3,885 — — 2,840 — (23) 23 — Other non-operating (income) loss (903) (967) (5) — (1,875) — — 78 78 Interest expense 26,827 23,182 12,849 7,555 70,413 7,380 7,348 7,042 29,325 Interest income (757) (809) (830) (949) (3,345) (812) (865) (897) (3,523) Income (loss) from operations 1,677 12,218 5,417 2,803 22,115 5,563 4,500 2,108 14,974 Depreciation and amortization 67,885 33,237 22,135 16,532 139,789 16,747 17,082 17,108 67,469 Asset impairment 155 118 63 1,445 1,781 295 7 — 1,747 Operating lease expense adjustment 4 4 — — 8 — — — — Adjusted EBITDA of unconsolidated ventures $ 69,721 $ 45,577 $ 27,615 $ 20,780 $ 163,693 $ 22,605 $ 21,589 $ 19,216 $ 84,190 Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 $ 11,319 $ 10,878 $ 9,800 $ 42,416 (1) Not included in consolidated reported amounts. 36

Non-GAAP Financial Measures (Continued) Brookdale's Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures (1) For purposes of this presentation, amounts for each line item represent the aggregate amounts of such line items for all the Company's unconsolidated ventures. Trailing Twelve Months Ended ($ in 000s) 2018 2019 September 1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 30, 2019 Net cash provided by (used in) operating activities $ 50,262 $ 47,510 $ 24,497 $ 22,818 $ 145,087 $ 24,122 $ 31,259 $ 29,397 $ 107,596 Net cash provided by (used in) investing activities (14,642) (15,746) (14,623) (15,478) (60,489) (8,011) (9,419) (12,097) (45,005) Net cash provided by (used in) financing activities (23,279) (29,380) (9,702) (15,625) (77,986) (8,788) (16,449) (14,538) (55,400) Net increase (decrease) in cash, cash equivalents and restricted cash $ 12,341 $ 2,384 $ 172 $ (8,285) $ 6,612 $ 7,323 $ 5,391 $ 2,762 $ 7,191 Net cash provided by (used in) operating activities $ 50,262 $ 47,510 $ 24,497 $ 22,818 $ 145,087 $ 24,122 $ 31,259 29,397 $ 107,596 Non-development capital expenditures, net (20,061) (18,867) (14,822) (15,430) (69,180) (8,000) (9,681) (11,993) (45,104) Property insurance proceeds 901 634 — — 1,535 — — — — Proceeds from refundable entrance fees, net of refunds (6,712) (3,323) (2,500) (7,448) (19,983) (5,843) (7,790) (5,763) (26,844) Adjusted Free Cash Flow of unconsolidated ventures $ 24,390 $ 25,954 $ 7,175 $ (60) $ 57,459 $ 10,279 $ 13,788 $ 11,641 $ 35,648 Brookdale’s Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures $ 6,367 $ 9,019 $ 4,618 $ (183) $ 19,821 $ 5,384 $ 6,958 $ 5,938 $ 18,097 (1) Not included in consolidated reported amounts. 37

Brookdale Senior Living Inc. 111 Westwood Place, Suite 400 Brentwood, TN 37027 (615) 221-2250 www.brookdale.com