bkdq42018supplementalr12

Exhibit 99.2 Supplemental Information 4th Quarter 2018

Table of Contents Financial Overview 3 Segment Overview 6 Senior Housing 7 Health Care Services 12 G&A Expense & Transaction Costs 13 Capital Expenditures 14 Cash Lease Payments 15 Unconsolidated Ventures 16 Debt & Liquidity 17 The Company reports information on five segments. Three segments Net Asset Value Elements 19 (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, Definitions 20 hospice and outpatient therapy services. The Management Services segment includes the services provided to unconsolidated communities Appendix: that are operated under management agreements. The Company formerly referred to the Independent Living segment as the Retirement Consolidated Statements of Cash Flows 23 Centers segment, the Assisted Living and Memory Care segment as the Assisted Living segment, and the Health Care Services segment as the Brookdale Ancillary Services segment. The name changes had no effect on Non-GAAP Financial Measures 24 the underlying methodology related to, or results of operations of, the segments. 2

Overview ($ in 000s) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee and management fee revenue $ 1,032,821 $ 956,512 $ 941,030 $ 925,622 $ 3,855,985 $ 924,947 $ 913,040 $ 858,707 $ 824,503 $ 3,521,197 (8.7)% Net income (loss) $ (126,361) $ (46,337) $ (413,929) $ 15,021 $ (571,606) $ (457,234) $ (165,509) $ (37,140) $ 131,531 $ (528,352) 7.6 % Net cash provided by operating activities (1) $ 66,773 $ 133,759 $ 93,791 $ 84,036 $ 378,359 $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 (46.1)% Adjusted EBITDA $ 198,296 $ 160,325 $ 141,829 $ 138,116 $ 638,566 $ 130,000 $ 142,211 $ 124,901 $ 112,479 $ 509,591 (20.2)% Adjusted Free Cash Flow (1) $ 63,452 $ 40,610 $ 16,360 $ (11,174) $ 109,248 $ 5,485 $ 12,362 $ 6,172 $ (4,264) $ 19,755 (81.9)% Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures $ 17,126 $ 18,219 $ 16,788 $ 17,723 $ 69,856 $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 (24.8)% Brookdale's Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures (1) $ 8,750 $ 7,920 $ 6,709 $ 12,037 $ 35,416 $ 5,824 $ 5,798 $ 8,352 $ 2,048 $ 22,022 (37.8)% As of December 31, 2018 Managed - Q4 2018 weighted average occupancy Managed - 3rd (owned and leased communities) Party: 187 3rd Party: 20,361 Community % of Period End Leased: Occupancy Band Count Communities 24,623 Greater than 95% 153 22% Leased: Managed - 90% < 95% 131 19% 343 Venture: 18 892 84,279 85% < 90% 98 14% communities units Managed - 80% < 85% 90 13% (2) Venture: Less than 80% 215 32% 7,426 Total 687 Owned: Owned: 344 31,869 Consolidated Portfolio Average Asset Age ~ 23 years 687 consolidated 56,492 consolidated (1) Reflects the retrospective adoption of ASU 2016-15. Refer to page 24 for additional detail. (2) Brookdale’s weighted average unit ownership percentage (period end) is 50.3%. Important Note Regarding Non-GAAP Financial Measures. Adjusted EBITDA, Adjusted Free Cash Flow, Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures and Brookdale’s Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). See the definitions of such measures under “Definitions” below and important information regarding such measures, including reconciliations to the most comparable GAAP financial measures, under “Non-GAAP Financial Measures” below. 3

Adjusted EBITDA and Adjusted Free Cash Flow (All amounts in 000s) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee and management fee revenue $ 1,032,821 $ 956,512 $ 941,030 $ 925,622 $ 3,855,985 $ 924,947 $ 913,040 $ 858,707 $ 824,503 $ 3,521,197 (8.7)% Less: Facility operating expense (1) (674,542) (642,405) (650,654) (634,554) (2,602,155) (632,325) (627,076) (607,076) (586,851) (2,453,328) 5.7 % Combined Segment Operating Income 358,279 314,107 290,376 291,068 1,253,830 292,622 285,964 251,631 237,652 1,067,869 (14.8)% Less: General and administrative expense (including non-cash stock-based compensation expense) (65,560) (67,090) (63,779) (59,017) (255,446) (76,710) (60,314) (57,309) (56,162) (250,495) 1.9 % Add: Non-cash stock-based compensation expense 7,774 7,246 7,527 5,285 27,832 8,406 6,269 6,035 5,357 26,067 6.3 % Less: Transaction costs (7,593) (3,339) (1,992) (9,649) (22,573) (4,725) (2,593) (1,487) (175) (8,980) 60.2 % Less: Cash operating lease payments (see page 15) (94,604) (90,599) (90,303) (89,571) (365,077) (89,593) (87,115) (73,969) (74,193) (324,870) 11.0 % Adjusted EBITDA 198,296 160,325 141,829 138,116 638,566 130,000 142,211 124,901 112,479 509,591 (20.2)% Less: Interest expense, net (83,645) (69,076) (71,157) (67,054) (290,932) (62,292) (65,352) (63,428) (60,297) (251,369) 13.6 % Less: Lease financing debt amortization (17,248) (14,382) (14,626) (18,650) (64,906) (21,114) (18,787) (13,370) (6,537) (59,808) 7.9 % Add: Proceeds from entrance fees, net of refunds and amortization (173) 541 (547) 811 632 831 (218) 358 155 1,126 78.2 % Add/Less: Other (2) 944 2,034 1,866 7,511 12,355 (204) 2,189 (1,014) 1,493 2,464 (80.1)% Less: Non-Development Capital Expenditures, net (see page 14) (34,722) (38,832) (41,005) (71,908) (186,467) (41,736) (47,681) (41,275) (51,557) (182,249) 2.3 % Adjusted Free Cash Flow $ 63,452 $ 40,610 $ 16,360 $ (11,174) $ 109,248 $ 5,485 $ 12,362 $ 6,172 $ (4,264) $ 19,755 (81.9)% Brookdale's Proportionate Share of Unconsolidated Ventures Adjusted EBITDA $ 17,126 $ 18,219 $ 16,788 $ 17,723 $ 69,856 $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 (24.8)% Adjusted Free Cash Flow $ 8,750 $ 7,920 $ 6,709 $ 12,037 $ 35,416 $ 5,824 $ 5,798 $ 8,352 $ 2,048 $ 22,022 (37.8)% Weighted average shares used in computing basic net income (loss) per share 185,689 186,212 186,298 186,412 186,155 186,880 187,585 187,675 187,721 187,468 (1) Includes hurricane and natural disaster expense of $5.3 million, $1.9 million and $1.5 million in Q3 2017, Q4 2017 and Q3 2018, respectively. (2) Primarily consists of proceeds from property insurance and cash paid for state income taxes. 4

Adjusted EBITDA and Adjusted Free Cash Flow Distribution ($ in 000s) Q4 2018 Senior Senior Housing Housing Owned Leased Health Care Management Total Portfolio Portfolio Services Services Other (1) Resident fee and management fee revenue $ 824,503 $ 382,533 $ 315,938 $ 108,326 $ 17,706 $ — Less: Facility operating expense (586,851) (270,659) (213,938) (102,254) — — Combined Segment Operating Income 237,652 111,874 102,000 6,072 17,706 — Less: General and administrative expense (including non-cash stock-based compensation expense) (56,162) (14,641) (12,092) (8,587) (12,953) (7,889) Add: Non-cash stock-based compensation expense 5,357 — — — — 5,357 Less: Transaction costs (175) — — — — (175) Less: Cash operating lease payments (74,193) — (72,324) — — (1,869) Adjusted EBITDA 112,479 97,233 17,584 (2,515) 4,753 (4,576) Less: Interest expense, net (60,297) (46,920) (15,645) — — 2,268 Less: Lease financing debt amortization (6,537) — (6,121) — — (416) Add: Proceeds from entrance fees, net of refunds and amortization 155 — 155 — — — Add/Less: Other 1,493 — — — — 1,493 Less: Non-Development Capital Expenditures, net (51,557) (18,972) (12,530) — — (20,055) Adjusted Free Cash Flow $ (4,264) $ 31,341 $ (16,557) $ (2,515) $ 4,753 $ (21,286) (1) Other is primarily comprised of corporate capital expenditures, unallocated G&A expense (primarily organizational restructuring costs), non-cash stock-based compensation and transaction costs. 5

Segment Overview ($ in 000s, except RevPAR and RevPOR) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Total Senior Housing, Health Care Services and Management Services (1) Revenue $1,032,821 $ 956,512 $ 941,030 $ 925,622 $3,855,985 $ 924,947 $ 913,040 $ 858,707 $ 824,503 $3,521,197 (8.7)% Combined Segment Operating Income $ 358,279 $ 314,107 $ 290,376 $ 291,068 $1,253,830 $ 292,622 $ 285,964 $ 251,631 $ 237,652 $1,067,869 (14.8)% Combined Segment Operating Margin 34.7% 32.8% 30.9% 31.4% 32.5% 31.6% 31.3% 29.3% 28.8% 30.3% -220 bps Senior Housing (see page 7) Revenue $ 904,955 $ 823,880 $ 812,288 $ 792,755 $3,333,878 $ 795,746 $ 786,116 $ 731,903 $ 698,471 $3,012,236 (9.6)% Senior Housing Operating Income $ 326,756 $ 278,562 $ 262,415 $ 258,904 $1,126,637 $ 265,623 $ 258,690 $ 223,616 $ 213,874 $ 961,803 (14.6)% Senior Housing Operating Margin 36.1% 33.8% 32.3% 32.7% 33.8% 33.4% 32.9% 30.6% 30.6% 31.9% -190 bps Number of communities (period end) 838 829 820 794 794 792 748 729 687 687 (13.5)% Period end number of units 71,186 70,263 69,675 66,641 66,641 66,355 61,709 60,009 56,492 56,492 (15.2)% Total Average Units 76,862 70,833 70,112 67,652 71,365 66,557 66,342 61,370 58,407 63,170 (11.5)% RevPAR $ 3,919 $ 3,873 $ 3,860 $ 3,904 $ 3,890 $ 3,983 $ 3,948 $ 3,973 $ 3,984 $ 3,972 2.1 % Weighted average occupancy 85.3% 84.6% 84.8% 85.2% 85.0% 84.4% 84.1% 84.2% 84.4% 84.3% -70 bps RevPOR $ 4,597 $ 4,580 $ 4,552 $ 4,584 $ 4,578 $ 4,717 $ 4,692 $ 4,718 $ 4,721 $ 4,712 2.9 % Health Care Services Segment Revenue $ 111,972 $ 110,190 $ 110,604 $ 113,496 $ 446,262 $ 110,520 $ 109,853 $ 108,276 $ 108,326 $ 436,975 (2.1)% Segment Operating Income $ 15,629 $ 13,103 $ 9,823 $ 12,793 $ 51,348 $ 8,318 $ 10,203 $ 9,487 $ 6,072 $ 34,080 (33.6)% Segment Operating Margin 14.0% 11.9% 8.9% 11.3% 11.5% 7.5% 9.3% 8.8% 5.6% 7.8% -370 bps Management Services Segment Segment Operating Income (comprised solely of management fees) $ 15,894 $ 22,442 $ 18,138 $ 19,371 $ 75,845 $ 18,681 $ 17,071 $ 18,528 $ 17,706 $ 71,986 (5.1)% G&A Allocation (see page 13) (11,238) (14,184) (13,134) (12,979) (51,535) (14,320) (13,703) (14,470) (12,953) (55,446) (7.6)% Segment Operating Income (Adjusted to Include G&A Allocation) $ 4,656 $ 8,258 $ 5,004 $ 6,392 $ 24,310 $ 4,361 $ 3,368 $ 4,058 $ 4,753 $ 16,540 (32.0)% Segment Operating Margin (Adjusted to Include G&A Allocation) 29.3% 36.8% 27.6% 33.0% 32.1% 23.3% 19.7% 21.9% 26.8% 23.0% -910 bps Resident fee revenue under management $ 310,050 $ 371,381 $ 371,165 $ 386,253 $1,438,849 $ 394,392 $ 357,469 $ 384,984 $ 359,861 $1,496,706 4.0 % Number of communities (period end) 214 210 211 229 229 218 240 232 205 205 (10.5)% Period end number of units 31,284 31,454 31,527 33,941 33,941 32,754 33,176 32,511 27,787 27,787 (18.1)% Total Average Units 25,702 31,361 31,417 33,176 30,414 33,699 30,422 32,471 28,975 31,392 3.2 % RevPAR $ 3,939 $ 3,876 $ 3,864 $ 3,804 $ 3,866 $ 3,821 $ 3,819 $ 3,859 $ 4,036 $ 3,880 0.4 % Weighted average occupancy 86.3% 84.8% 84.5% 84.7% 85.0% 84.2% 83.6% 84.0% 83.7% 83.9% -110 bps RevPOR $ 4,549 $ 4,570 $ 4,566 $ 4,483 $ 4,546 $ 4,531 $ 4,559 $ 4,585 $ 4,823 $ 4,626 1.8 % (1) Excludes reimbursed costs on behalf of managed communities of $891,131 and $1,010,229 (in thousands) for the years ended December 31, 2017 and 2018, respectively. 6

Senior Housing Segments ($ in 000s, except RevPAR and RevPOR) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Independent Living Revenue $ 172,620 $ 162,248 $ 161,986 $ 157,342 $ 654,196 $ 158,397 $ 159,293 $ 144,631 $ 137,656 $ 599,977 (8.3)% Segment Operating Income $ 74,002 $ 67,297 $ 65,907 $ 64,211 $ 271,417 $ 64,422 $ 65,134 $ 57,106 $ 53,947 $ 240,609 (11.4)% Segment Operating Margin 42.9% 41.5% 40.7% 40.8% 41.5% 40.7% 40.9% 39.5% 39.2% 40.1% -140 bps Number of communities (period end) 86 86 85 84 84 84 75 75 68 68 (19.0)% Period end number of units 16,071 16,071 15,961 15,042 15,042 15,045 13,559 13,550 12,419 12,419 (17.4)% Total Average Units 17,108 16,071 16,061 15,256 16,124 15,045 15,083 13,553 12,973 14,164 (12.2)% RevPAR $ 3,363 $ 3,365 $ 3,362 $ 3,438 $ 3,381 $ 3,509 $ 3,520 $ 3,557 $ 3,537 $ 3,530 4.4 % Weighted average occupancy 88.0% 87.3% 87.6% 88.1% 87.7% 87.7% 88.1% 89.5% 90.0% 88.8% 110 bps RevPOR $ 3,823 $ 3,857 $ 3,836 $ 3,905 $ 3,854 $ 4,004 $ 3,993 $ 3,973 $ 3,930 $ 3,977 3.2 % Assisted Living and Memory Care Revenue $ 590,537 $ 547,430 $ 542,227 $ 530,494 $2,210,688 $ 532,280 $ 522,027 $ 483,125 $ 458,419 $1,995,851 (9.7)% Segment Operating Income $ 217,439 $ 186,921 $ 173,576 $ 171,122 $ 749,058 $ 176,538 $ 169,737 $ 144,701 $ 138,006 $ 628,982 (16.0)% Segment Operating Margin 36.8% 34.1% 32.0% 32.3% 33.9% 33.2% 32.5% 30.0% 30.1% 31.5% -240 bps Number of communities (period end) 720 713 705 682 682 681 645 627 593 593 (13.0)% Period end number of units 47,296 46,999 46,520 44,773 44,773 44,728 41,266 39,725 37,500 37,500 (16.2)% Total Average Units 50,540 47,246 46,858 45,448 47,523 44,773 44,403 40,933 38,807 42,229 (11.1)% RevPAR $ 3,895 $ 3,862 $ 3,857 $ 3,891 $ 3,877 $ 3,963 $ 3,919 $ 3,934 $ 3,937 $ 3,939 1.6 % Weighted average occupancy 84.7% 83.9% 84.2% 84.5% 84.3% 83.4% 82.9% 82.7% 82.7% 83.0% -130 bps RevPOR $ 4,600 $ 4,602 $ 4,582 $ 4,604 $ 4,597 $ 4,750 $ 4,725 $ 4,755 $ 4,759 $ 4,747 3.3 % CCRCs Revenue $ 141,798 $ 114,202 $ 108,075 $ 104,919 $ 468,994 $ 105,069 $ 104,796 $ 104,147 $ 102,396 $ 416,408 (11.2)% Segment Operating Income $ 35,315 $ 24,344 $ 22,932 $ 23,571 $ 106,162 $ 24,663 $ 23,819 $ 21,809 $ 21,921 $ 92,212 (13.1)% Segment Operating Margin 24.9% 21.3% 21.2% 22.5% 22.6% 23.5% 22.7% 20.9% 21.4% 22.1% -50 bps Number of communities (period end) 32 30 30 28 28 27 28 27 26 26 (7.1)% Period end number of units 7,819 7,193 7,194 6,826 6,826 6,582 6,884 6,734 6,573 6,573 (3.7)% Total Average Units 9,214 7,516 7,193 6,948 7,718 6,739 6,856 6,884 6,627 6,777 (12.2)% RevPAR $ 5,086 $ 5,028 $ 4,989 $ 5,012 $ 5,032 $ 5,172 $ 5,079 $ 5,024 $ 5,128 $ 5,100 1.4 % Weighted average occupancy 83.5% 83.0% 82.6% 83.2% 83.1% 84.1% 83.0% 82.6% 83.1% 83.2% 10 bps RevPOR $ 6,091 $ 6,063 $ 6,046 $ 6,027 $ 6,059 $ 6,160 $ 6,115 $ 6,082 $ 6,172 $ 6,132 1.2 % 7

Senior Housing: Same Community ($ in 000s, except RevPAR and RevPOR) 2017 (1) 2018 (1) YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Revenue $ 648,135 $ 640,755 $ 637,802 $ 639,082 $2,565,774 $ 647,347 $ 639,754 $ 640,513 $ 640,868 $2,568,482 0.1 % Community Labor Expense (266,221) (271,496) (275,564) (278,635) (1,091,916) (281,856) (282,966) (291,088) (290,755) (1,146,665) (5.0)% Other facility operating expense (138,353) (144,238) (145,741) (144,592) (572,924) (146,204) (146,461) (149,910) (152,361) (594,936) (3.8)% Facility operating expense (2) (404,574) (415,734) (421,305) (423,227) (1,664,840) (428,060) (429,427) (440,998) (443,116) (1,741,601) (4.6)% Same Community Operating Income $ 243,561 $ 225,021 $ 216,497 $ 215,855 $ 900,934 $ 219,287 $ 210,327 $ 199,515 $ 197,752 $ 826,881 (8.2)% Same Community Operating Margin 37.6% 35.1% 33.9% 33.8% 35.1% 33.9% 32.9% 31.1% 30.9% 32.2% -290 bps Total Average Units 52,985 52,994 53,018 53,002 53,000 52,998 52,996 52,991 52,989 52,993 — % RevPAR $ 4,075 $ 4,028 $ 4,008 $ 4,017 $ 4,032 $ 4,069 $ 4,022 $ 4,027 $ 4,029 $ 4,037 0.1 % Weighted average occupancy 86.0% 85.3% 85.6% 86.0% 85.7% 85.1% 84.5% 84.8% 84.7% 84.8% -90 bps RevPOR $ 4,741 $ 4,721 $ 4,685 $ 4,673 $ 4,705 $ 4,783 $ 4,758 $ 4,749 $ 4,757 $ 4,762 1.2 % Same Community Operating Income/Weighted average occupancy Same Community RevPAR 86.0% 86.0% 85.6% 85.3% 85.1% 84.8% 84.5% 84.7% $243,561 $225,021 $216,497 $215,855 $219,287 $210,327 $4,075 $4,069 $199,515 $197,752 $4,029 $4,028 $4,008 $4,017 $4,022 $4,027 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 (1) Reflects 664 communities owned or leased during each period. (2) Excludes hurricane and natural disaster expense. 8

Senior Housing: Owned Portfolio ($ in 000s, except RevPAR and RevPOR) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee revenue $ 388,310 $ 381,418 $ 376,896 $ 377,586 $1,524,210 $ 383,910 $ 388,108 $ 387,585 $ 382,533 $1,542,136 1.2 % Less: Facility operating expense (252,673) (257,991) (261,069) (260,799) (1,032,532) (260,673) (265,066) (273,881) (270,659) (1,070,279) (3.7)% Owned Portfolio Operating Income 135,637 123,427 115,827 116,787 491,678 123,237 123,042 113,704 111,874 471,857 (4.0)% Less: G&A Portfolio Allocation (see page 13) (16,808) (17,580) (16,326) (15,176) (65,890) (16,616) (14,924) (15,061) (14,641) (61,242) 7.1 % Owned Portfolio Operating Income (Adjusted to Include G&A Portfolio Allocation) $ 118,829 $ 105,847 $ 99,501 $ 101,611 $ 425,788 $ 106,621 $ 108,118 $ 98,643 $ 97,233 $ 410,615 (3.6)% Additional Information Interest expense: property level and corporate debt $ (40,285) $ (41,352) $ (44,214) $ (46,031) $ (171,882) $ (45,727) $ (48,967) $ (46,891) $ (46,920) $ (188,505) (9.7)% Community level capital expenditures, net (see page 14) $ (14,549) $ (17,493) $ (18,523) $ (33,403) $ (83,968) $ (19,474) $ (18,295) $ (16,126) $ (18,972) $ (72,867) 13.2 % Number of communities (period end) 362 360 360 360 360 358 363 363 344 344 (4.4)% Period end number of units 33,016 32,765 32,721 32,539 32,539 32,417 33,287 33,359 31,869 31,869 (2.1)% Total Average Units 33,041 32,921 32,734 32,579 32,819 32,549 33,255 33,338 33,062 33,051 0.7 % RevPAR $ 3,916 $ 3,862 $ 3,838 $ 3,863 $ 3,870 $ 3,932 $ 3,890 $ 3,875 $ 3,857 $ 3,888 0.5 % Weighted average occupancy 84.4% 83.9% 84.0% 84.9% 84.3% 84.3% 83.9% 84.0% 83.5% 83.9% -40 bps RevPOR $ 4,641 $ 4,603 $ 4,569 $ 4,550 $ 4,591 $ 4,664 $ 4,637 $ 4,613 $ 4,619 $ 4,634 0.9 % As of December 31, 2018 Interest Coverage 2.0x Net Debt (see page 18) $ 3,226,778 9

Senior Housing: Leased Portfolio ($ in 000s, except RevPAR and RevPOR) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee revenue $ 516,645 $ 442,462 $ 435,392 $ 415,169 $1,809,668 $ 411,836 $ 398,008 $ 344,318 $ 315,938 $1,470,100 (18.8)% Less: Facility operating expense (325,526) (287,327) (288,804) (273,052) (1,174,709) (269,450) (262,360) (234,406) (213,938) (980,154) 16.6 % Leased Portfolio Operating Income 191,119 155,135 146,588 142,117 634,959 142,386 135,648 109,912 102,000 489,946 (22.8)% Less: G&A Portfolio Allocation (see page 13) (22,362) (20,394) (18,860) (16,686) (78,302) (17,824) (16,015) (13,380) (12,092) (59,311) 24.3 % Leased Portfolio Operating Income (Adjusted to Include G&A Portfolio Allocation) $ 168,757 $ 134,741 $ 127,728 $ 125,431 $ 556,657 $ 124,562 $ 119,633 $ 96,532 $ 89,908 $ 430,635 (22.6)% Additional Information Total cash lease payments on leased portfolio (see page 15) $ (152,041) $ (129,853) $ (129,523) $ (127,647) $ (539,064) $ (127,302) $ (122,004) $ (103,030) $ (94,090) $ (446,426) 17.2 % Proceeds from entrance fees, net of refunds and amortization $ (173) $ 541 $ (547) $ 811 $ 632 $ 831 $ (218) $ 358 $ 155 $ 1,126 78.2 % Community level capital expenditures, net (see page 14) $ (14,161) $ (13,445) $ (14,569) $ (25,072) $ (67,247) $ (14,474) $ (15,159) $ (13,756) $ (12,530) $ (55,919) 16.8 % Number of communities (period end) 476 469 460 434 434 434 385 366 343 343 (21.0)% Period end number of units 38,170 37,498 36,954 34,102 34,102 33,938 28,422 26,650 24,623 24,623 (27.8)% Total Average Units 43,821 37,912 37,378 35,073 38,546 34,008 33,087 28,032 25,345 30,119 (21.9)% RevPAR $ 3,922 $ 3,883 $ 3,879 $ 3,942 $ 3,906 $ 4,032 $ 4,006 $ 4,090 $ 4,149 $ 4,063 4.0 % Weighted average occupancy 85.9% 85.2% 85.5% 85.5% 85.5% 84.6% 84.3% 84.5% 85.6% 84.7% -80 bps RevPOR $ 4,564 $ 4,557 $ 4,537 $ 4,610 $ 4,569 $ 4,766 $ 4,752 $ 4,840 $ 4,847 $ 4,797 5.0 % As of December 31, 2018 Lease Coverage 0.95x Lease Maturity Information as of December 31, 2018 Leased communities with Leased communities without Year ended purchase options purchase options Total leased communities December 31, 2018 Community Total Average Community Total Average Community Total Average Total cash lease Initial lease maturities count Units count Units count Units payments 2019 — — 3 301 3 301 $ 4,035 2020 2 89 36 1,584 38 1,673 16,720 2021 — — 6 593 6 593 7,969 2022 1 114 4 369 5 483 4,797 2023 1 103 3 787 4 890 17,453 Thereafter 83 4,069 204 16,614 287 20,683 316,529 Total 87 4,375 256 20,248 343 24,623 $ 367,503 10

New Supply (1) Brookdale's Largest 20 Markets - Competitive Summary Brookdale in NIC Markets Competition Within 20 Minute Drive Total Q4 2018 IL/AL/MC 5 Yr 5 Yr Projected Average Weighted New 1 Yr Projected Projected Age 75 + Pop Community Units Average Q4 2018 New Const. Const. Unit Opens % Current Total Pop w/ Inc. $50k + Market Count (IL/AL/MC) Occupancy RevPAR Properties (2) Units (2) of Supply (2) Saturation (3) Growth (4) Growth (4) Chicago, IL 15 2,556 91.0% $ 4,098 11 1,590 6.0% 22.5% 1.3% 27.4% Los Angeles, CA 19 2,050 82.8% 3,989 8 1,264 5.1% 9.8% 3.1% 33.7% Phoenix, AZ 21 1,688 87.3% 3,868 12 1,882 8.2% 25.5% 7.9% 47.2% Dallas, TX 22 1,419 86.9% 3,413 11 1,549 5.7% 27.5% 9.6% 43.6% Denver, CO 12 1,400 81.7% 4,345 10 1,465 11.1% 24.3% 8.1% 52.1% Seattle, WA 16 1,391 88.7% 4,078 2 193 1.2% 26.9% 7.7% 48.9% Portland, OR 15 1,272 93.3% 3,905 4 424 2.5% 38.2% 7.2% 44.4% Charlotte, NC 17 1,270 89.6% 4,543 2 197 2.0% 33.1% 9.6% 49.7% Jacksonville, FL 9 1,011 81.6% 3,320 3 602 10.4% 28.6% 7.6% 53.1% Detroit, MI 10 950 84.0% 3,089 10 993 6.3% 26.0% 1.6% 41.9% Miami, FL 7 939 82.9% 3,421 7 857 5.2% 18.3% 5.7% 40.7% Austin, TX 9 925 85.2% 5,437 4 645 8.5% 25.3% 13.6% 50.3% San Antonio, TX 11 874 75.5% 3,134 — — —% 21.9% 8.4% 39.0% Riverside, CA 8 808 86.4% 3,571 4 604 6.4% 15.0% 5.5% 41.1% Tampa, FL 7 789 69.1% 2,716 2 152 1.5% 20.4% 5.7% 46.3% Houston, TX 10 764 81.2% 4,205 6 667 5.8% 17.1% 9.4% 45.1% Cleveland, OH 6 740 77.4% 4,253 2 181 2.4% 25.3% 0.3% 35.7% Kansas City, MO 7 706 91.2% 5,582 3 353 3.6% 36.5% 5.1% 41.9% Orlando, FL 9 676 92.0% 3,288 2 232 3.9% 19.5% 8.7% 50.3% Colorado Springs, CO 5 644 84.2% 3,527 — — —% 25.5% 7.9% 49.9% Top 20 Markets 235 22,872 85.3% $ 3,936 103 13,850 4.8% 24.4% 6.7% 44.1% All Other NIC Markets 263 20,191 82.9% $ 4,070 120 13,846 3.8% 23.8% 4.4% 39.9% (1) Data reflected is for the consolidated senior housing portfolio only. (2) NIC MAP Supply Set, Q4 2018 "New Construction" properties with projected open dates through Q4 2019. (3) Saturation is equal to units per population Age 75+ with income 50k+. (4) Percentage changes are based on data from ESRI for 2018-2023. 11

Health Care Services ($ in 000s) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee revenue (1) Home Health $ 92,241 $ 88,561 $ 87,315 $ 89,272 $ 357,389 $ 85,490 $ 83,818 $ 81,722 $ 81,033 $ 332,063 (7.1)% Hospice 13,346 15,441 17,328 18,248 64,363 19,327 19,676 20,574 21,257 80,834 25.6 % Outpatient Therapy 6,375 6,179 5,941 5,937 24,432 5,685 6,359 5,980 6,036 24,060 (1.5)% Other health care services 10 9 20 39 78 18 — — — 18 (76.9)% Segment resident fee revenue 111,972 110,190 110,604 113,496 446,262 110,520 109,853 108,276 108,326 436,975 (2.1)% Segment Operating Income $ 15,629 $ 13,103 $ 9,823 $ 12,793 $ 51,348 $ 8,318 $ 10,203 $ 9,487 $ 6,072 $ 34,080 (33.6)% Segment Operating Margin 14.0% 11.9% 8.9% 11.3% 11.5% 7.5% 9.3% 8.8% 5.6 % 7.8% -370 bps Less: G&A allocation (see page 13) (7,225) (7,128) (7,091) (7,630) (29,074) (7,113) (6,990) (6,629) (8,587) (29,319) (0.8)% Segment Operating Income (Adjusted to Include G&A Allocation) $ 8,404 $ 5,975 $ 2,732 $ 5,163 $ 22,274 $ 1,205 $ 3,213 $ 2,858 $ (2,515) $ 4,761 (78.6)% Segment Operating Margin (Adjusted to Include G&A Allocation) 7.5% 5.4% 2.5% 4.5% 5.0% 1.1% 2.9% 2.6% (2.3)% 1.1% -390 bps Additional Information Interest expense $ (288) $ (165) $ (168) $ (132) $ (753) $ — $ — $ — $ — $ — 100.0 % Community level capital expenditures, net (see page 14) $ (22) $ (35) $ (277) $ (3) $ (337) $ (6) $ (5) $ (8) $ — $ (19) 94.4 % Home Health average daily census 15,370 14,821 14,844 15,335 15,092 15,497 15,238 14,890 15,335 15,238 1.0 % Hospice average daily census 920 1,033 1,169 1,257 1,096 1,302 1,337 1,411 1,386 1,359 24.0 % Outpatient Therapy treatment codes 193,853 190,618 181,321 177,303 743,095 167,170 176,065 168,569 171,544 683,348 (8.0)% (1) The Company adopted ASC 606 on January 1, 2018, which resulted in a decrease in resident fee revenue of $0.8 million, $1.7 million, $1.5 million and $2.9 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively, and $6.9 million for the full year ended December 31, 2018, with a corresponding increase in facility operating expense and no net impact on Segment Operating Income. 12

G&A Expense & Transaction Costs ($ in 000s) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) G&A expense allocations (1) Senior Housing Owned Portfolio allocation $ 16,808 $ 17,580 $ 16,326 $ 15,176 $ 65,890 $ 16,616 $ 14,924 $ 15,061 $ 14,641 $ 61,242 7.1 % Senior Housing Leased Portfolio allocation 22,362 20,394 18,860 16,686 78,302 17,824 16,015 13,380 12,092 59,311 24.3% Health Care Services allocation 7,225 7,128 7,091 7,630 29,074 7,113 6,990 6,629 8,587 29,319 (0.8%) Management Services allocation 11,238 14,184 13,134 12,979 51,535 14,320 13,703 14,470 12,953 55,446 (7.6%) Total allocations (1) 57,633 59,286 55,411 52,471 224,801 55,873 51,632 49,540 48,273 205,318 8.7% Non-cash stock-based compensation expense 7,774 7,246 7,527 5,285 27,832 8,406 6,269 6,035 5,357 26,067 6.3% Organizational Restructuring and Strategic Project Costs 153 558 841 1,261 2,813 12,431 2,413 1,734 2,532 19,110 (579.3%) General and administrative expense 65,560 67,090 63,779 59,017 255,446 76,710 60,314 57,309 56,162 250,495 1.9% Transaction Costs 7,593 3,339 1,992 9,649 22,573 4,725 2,593 1,487 175 8,980 60.2% General and administrative expense and transaction costs $ 73,153 $ 70,429 $ 65,771 $ 68,666 $ 278,019 $ 81,435 $ 62,907 $ 58,796 $ 56,337 $ 259,475 6.7 % 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Resident fee revenue $1,016,927 $ 934,070 $ 922,892 $ 906,251 $3,780,140 $ 906,266 $ 895,969 $ 840,179 $ 806,797 $3,449,211 (8.8)% Resident fee revenue under management 310,050 371,381 371,165 386,253 1,438,849 394,392 357,469 384,984 359,861 1,496,706 4.0% Total (consolidated and under management) $1,326,977 $1,305,451 $1,294,057 $1,292,504 $5,218,989 $1,300,658 $1,253,438 $1,225,163 $1,166,658 $4,945,917 (5.2)% 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, organizational restructuring and strategic project costs, and transaction costs) 4.3% 4.5% 4.3% 4.1% 4.3% 4.3% 4.1% 4.0% 4.1% 4.2% 10 bps Non-cash stock-based compensation expense 0.6% 0.6% 0.6% 0.4% 0.5% 0.6% 0.5% 0.5% 0.5% 0.5% 0 bps Organizational Restructuring and Strategic Project Costs —% —% 0.1% 0.1% 0.1% 1.0% 0.2% 0.1% 0.2% 0.4% -30 bps Transaction Costs 0.6% 0.3% 0.2% 0.7% 0.4% 0.4% 0.2% 0.1% —% 0.2% 20 bps G&A expense (including non-cash stock- based compensation expense, organizational restructuring and strategic project costs, and transaction costs) 5.5% 5.4% 5.1% 5.3% 5.3% 6.3% 5.0% 4.8% 4.8% 5.2% 10 bps (1) G&A allocations are calculated using a methodology which the Company believes best 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, organizational restructuring, and strategic project costs. 13

Capital Expenditures ($ in 000s, except for Community level capital expenditures, net, per weighted average unit) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Community level capital expenditures, including allocations (1) Senior Housing Owned Portfolio $ 14,549 $ 17,493 $ 18,523 $ 33,403 $ 83,968 $ 19,474 $ 18,295 $ 16,126 $ 18,972 $ 72,867 13.2 % Senior Housing Leased Portfolio 14,161 13,445 14,569 25,072 67,247 14,474 15,159 13,756 12,530 55,919 16.8 % Health Care Services 22 35 277 3 337 6 5 8 — 19 94.4 % Community level capital expenditures, net 28,732 30,973 33,369 58,478 151,552 33,954 33,459 29,890 31,502 128,805 15.0 % Corporate capital expenditures 5,990 7,859 7,636 13,430 34,915 7,782 14,222 11,385 20,055 53,444 (53.1)% Non-Development Capital Expenditures, net 34,722 38,832 41,005 71,908 186,467 41,736 47,681 41,275 51,557 182,249 2.3 % Development Capital Expenditures, net 1,064 2,807 3,336 1,616 8,823 5,381 8,009 6,694 4,603 24,687 (179.8)% Total capital expenditures, net $ 35,786 $ 41,639 $ 44,341 $ 73,524 $ 195,290 $ 47,117 $ 55,690 $ 47,969 $ 56,160 $ 206,936 (6.0)% Community level capital expenditures, net, per weighted average unit $ 374 $ 437 $ 476 $ 864 $ 2,124 $ 510 $ 504 $ 487 $ 539 $ 2,039 4.0 % Reconciliation to Additions to PP&E Total capital expenditures, net $ 35,786 $ 41,639 $ 44,341 $ 73,524 $ 195,290 $ 47,117 $ 55,690 $ 47,969 $ 56,160 $ 206,936 (6.0)% Add: Total lessor reimbursements 8,044 5,545 4,379 8,218 26,186 2,379 80 1,014 10,401 13,874 (47.0)% Add: Change in related payables 5,098 (6,542) 1,754 (7,899) (7,589) 17,096 (1,904) (92) (10,437) 4,663 (161.4)% Additions to property, plant and equipment and leasehold intangibles, net $ 48,928 $ 40,642 $ 50,474 $ 73,843 $ 213,887 $ 66,592 $ 53,866 $ 48,891 $ 56,124 $ 225,473 (5.4)% (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. 14

Cash Lease Payments ($ in 000s) 2017 2018 YoY Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year B(W) Operating Leases Facility lease expense $ 88,807 $ 84,690 $ 84,437 $ 81,787 $ 339,721 $ 80,400 $ 81,960 $ 70,392 $ 70,542 $ 303,294 10.7 % Less: Straight-line lease income 4,704 4,816 4,775 6,695 20,990 8,103 4,066 2,487 2,562 17,218 18.0 % Add: Amortization of deferred gain 1,093 1,093 1,091 1,089 4,366 1,090 1,089 1,090 1,089 4,358 0.2 % Cash operating lease payments 94,604 90,599 90,303 89,571 365,077 89,593 87,115 73,969 74,193 324,870 11.0 % Capital and Financing Leases Interest expense: capital and financing lease obligations $ 49,859 $ 32,228 $ 31,999 $ 26,578 $ 140,664 $ 22,931 $ 22,389 $ 20,896 $ 17,388 $ 83,604 40.6 % Less: Non-cash interest expense on financing lease obligations (6,156) (3,865) (3,939) (3,784) (17,744) (3,383) (3,063) (2,705) (1,743) (10,894) 38.6 % Add: Lease financing debt amortization 17,248 14,382 14,626 18,650 64,906 21,114 18,787 13,370 6,537 59,808 7.9 % Cash capital and financing lease payments 60,951 42,745 42,686 41,444 187,826 40,662 38,113 31,561 22,182 132,518 29.4 % Total cash lease payments (1) $ 155,555 $ 133,344 $ 132,989 $ 131,015 $ 552,903 $ 130,255 $ 125,228 $ 105,530 $ 96,375 $ 457,388 17.3 % Interest Expense Reconciliation to Income Statement Interest expense: capital and financing lease obligations $ 49,859 $ 32,228 $ 31,999 $ 26,578 $ 140,664 $ 22,931 $ 22,389 $ 20,896 $ 17,388 $ 83,604 40.6 % Less: Non-cash interest expense on financing lease obligations (6,156) (3,865) (3,939) (3,784) (17,744) (3,383) (3,063) (2,705) (1,743) (10,894) 38.6 % Interest expense: capital and financing lease obligations - cash payments 43,703 28,363 28,060 22,794 122,920 19,548 19,326 18,191 15,645 72,710 40.8 % Less: Interest income (631) (804) (1,285) (1,903) (4,623) (2,983) (2,941) (1,654) (2,268) (9,846) 113.0 % Interest expense: debt 40,573 41,517 44,382 46,163 172,635 45,727 48,967 46,891 46,920 188,505 (9.2)% Interest expense, net 83,645 69,076 71,157 67,054 290,932 62,292 65,352 63,428 60,297 251,369 13.6 % Add: Amortization of deferred financing costs and debt premium (discount) 2,591 2,692 3,544 3,854 12,681 3,956 2,328 829 644 7,757 38.8 % Add: Change in fair value of derivatives 46 39 74 15 174 (74) 217 10 250 403 (131.6)% Add: Non-cash interest expense on financing lease obligations 6,156 3,865 3,939 3,784 17,744 3,383 3,063 2,705 1,743 10,894 38.6 % Add: Interest income 631 804 1,285 1,903 4,623 2,983 2,941 1,654 2,268 9,846 113.0 % Interest expense per income statement $ 93,069 $ 76,476 $ 79,999 $ 76,610 $ 326,154 $ 72,540 $ 73,901 $ 68,626 $ 65,202 $ 280,269 14.1 % (1) Includes cash lease payments of $13,839 and $10,962 (in thousands) for the years ended December 31, 2017 and 2018, respectively, for leases of corporate offices and information technology systems and equipment. 15

Unconsolidated Ventures Year Ended Year Ended December 31, December 31, ($ in 000s) 2017 Q4 2018 2018 Total Total CCRC Venture Other Ventures Total Resident fee revenue $ 1,354,444 $ 108,415 $ 106,482 $ 1,933 $ 792,923 Less: Facility operating expense (946,477) (82,138) (80,812) (1,326) (591,568) Less: General and administrative expense including management fees (71,898) (5,497) (5,399) (98) (38,770) Less: Facility lease expense (727) — — — 1,108 Adjusted EBITDA of Unconsolidated Ventures 335,342 20,780 20,271 509 163,693 Less: Interest expense, net (130,468) (6,256) (5,916) (340) (65,236) Add: Proceeds from entrance fees, net of refunds and amortization 35,535 5,047 5,047 — 25,462 Less: Other 1,221 (6) 1 (7) 1,359 Less: Community level capital expenditures, net (100,621) (15,430) (15,396) (34) (69,180) Adjusted Free Cash Flow of Unconsolidated Ventures $ 141,009 $ 4,135 $ 4,007 $ 128 $ 56,098 Statistics Brookdale's weighted average unit ownership percentage (period end) 23.5% 50.3% 51.0% 18.3% 50.3% Non-recourse debt principal of unconsolidated ventures as of period end $ 2,783,650 $ 644,980 $ 619,718 $ 25,262 $ 644,980 Number of communities (period end) 168 18 16 2 18 Total Average Units 28,323 7,425 7,272 153 15,251 Weighted average occupancy 85.0% 85.7% 85.7% 87.5% 83.7% RevPOR $ 4,586 $ 5,205 $ 5,214 $ 4,808 $ 4,947 Brookdale's Proportionate Share of: Adjusted EBITDA of Unconsolidated Ventures $ 69,856 $ 10,419 $ 10,338 $ 81 $ 52,559 Adjusted Free Cash Flow of Unconsolidated Ventures $ 35,416 $ 2,048 $ 2,044 $ 4 $ 22,022 Debt principal of unconsolidated ventures as of period end $ 594,250 $ 320,924 $ 316,056 $ 4,868 $ 320,924 16

Debt & Liquidity Debt Structure (1) As of December 31, 2018 ($ in 000s) Weighted Rate Fixed rate debt 4.97% Variable rate debt (2) 4.44% Total debt and line of credit 4.77% $1,107,413 $1,383,566 30.4% Balance (1) $2,256,614 38.0% $276,153 Total debt $ 3,640,180 62.0% 7.6% Fixed rate debt Total variable rate debt Variable rate debt with interest rate caps Variable rate debt- unhedged Total Liquidity ($ in 000s) $1,000,000 $872,634 $868,228 $800,000 $592,525 $514,443 $600,000 $510,061 $487,005 $458,565 $400,000 $146,628 $133,664 $413,122 $200,000 $358,191 $358,167 $340,377 $324,901 $179,403 $0 12/31/2017 03/31/2018 06/30/2018 (3) 09/30/2018 12/31/2018 Line of credit available to draw Cash and cash equivalents and marketable securities Total liquidity (available to draw + cash) (1) Includes the carrying value of mortgage debt, line of credit and other notes payable, but excludes capital and financing lease obligations. (2) Pertaining to variable rate debt, reflects a) market rates as of December 31, 2018 and b) applicable cap rates for hedged debt. (3) The Company paid off its $316.3 million convertible senior notes that matured in June 2018. 17

Debt Maturity & Leverage Debt Maturity Schedule Weighted Rate ($ in 000s) Debt (2) 2019 4.91% $2,100,000 2020 5.47% 2021 5.96% 2022 4.44% $1,400,000 2023 4.54% $2,029,810 Thereafter 4.50% Total 4.77% $700,000 Total Balance Debt (2) $ 3,640,180 $294,426 $387,499 $333,392 $320,718 $274,335 $0 (1) (1) Includes $31.2 million of mortgage notes payable 2019 2020 2021 2022 2023 Thereafter secured by assets held for sale. This debt will be either assumed by the prospective purchasers or be Debt (2) repaid with the proceeds from the sales. (2) Includes mortgage debt and other notes payable, but excludes capital and financing leases and line of Leverage Ratios (3) ($ in 000s) credit. Annualized (3) Leverage ratios include results of operations of Year ended December 31, 2018 Leverage communities disposed of through sale or lease Adjusted EBITDAR (4) (A) $ 862,551 termination through the disposition date. Less: Cash operating lease payments (see page 15) (324,870) (4) Amounts exclude transaction and organizational Adjusted EBITDA (4) 537,681 restructuring costs of $28.1 million. Less: Cash capital and financing lease payments (see page 15) (132,518) Adjusted EBITDA (4) after cash capital and financing lease payments (B) $ 405,163 Important Note Regarding Non-GAAP Financial As of December 31, 2018 Measures. Adjusted EBITDAR, Adjusted EBITDA and Adjusted EBITDA after cash capital and financing lease (2) Debt $ 3,640,180 payments (in each case excluding transaction, Line of credit organizational restructuring and strategic project costs), Less: Cash and cash equivalents (398,267) Net Debt, and Adjusted Net Debt are financial measures Less: Marketable securities (14,855) that are not calculated in accordance with GAAP. See the Less: Cash and restricted cash held as collateral against existing debt (280) definitions of such measures under “Definitions” below and important information regarding such measures, Net Debt (C) 3,226,778 8.0x (C/B) including reconciliations to the most comparable GAAP Plus: Cash operating and capital and financing lease payments (see page 15) multiplied by 8 3,659,104 financial measures, under “Non-GAAP Financial Measures” below. Adjusted Net Debt (D) $ 6,885,882 8.0x (D/A) 18

Net Asset Value Elements ($ in 000s and are for the year ended December 31, 2018 unless otherwise noted) Senior Housing: Owned Portfolio (1) Owned Portfolio Operating Income $ 471,857 Less: G&A Portfolio Allocation (2) (61,242) Owned Portfolio Operating Income (Adjusted to Include G&A Portfolio Allocation) $ 410,615 Net Debt as of December 31, 2018 (see page 18) $ 3,226,778 Total Average Units 33,051 Senior Housing: Leased Portfolio (1) Leased Portfolio Operating Income (Adjusted to Include G&A Portfolio Allocation) (2) $ 430,635 Total cash lease payments on leased portfolio (see page 15) $ (446,426) Proceeds from entrance fees, net of refunds and amortization $ 1,126 Total Average Units 30,119 Health Care Services Segment Operating Income (Adjusted to Include G&A Allocation) (2) $ 4,761 Management Services Segment Operating Income (Adjusted to Include G&A Allocation) (2) $ 16,540 Unconsolidated Ventures Brookdale's Proportionate Share of Adjusted EBITDA $ 52,559 Brookdale's Proportionate Share of non-recourse debt principal as of December 31, 2018 $ 320,924 Total Average Units 15,251 Brookdale's weighted average unit ownership percentage (period end) 50.3% Shares outstanding (excluding 5,756,435 unvested restricted shares) as of December 31, 2018 186,599,616 (1) Includes results of operations of communities disposed through sale or lease termination through the disposal date. (2) See page 13. G&A allocations presented on this page exclude non-cash stock-based compensation expense of $26,067 (in thousands) and transaction and organizational restructuring costs of $28,090 (in thousands) for the year ended December 31, 2018. 19

Definitions Adjusted EBITDA is a non-GAAP financial measure that the Company defines as net Combined Segment Operating Income is defined by the Company as resident fee income (loss) before provision (benefit) for income taxes; non-operating (income) and management fee revenue of the Company, less facility operating expenses. expense items; depreciation and amortization (including non-cash impairment Combined Segment Operating Income does not include general and administrative charges); (gain) loss on sale or acquisition of communities (including gain (loss) on expenses, transaction costs or depreciation and amortization. facility lease termination and modification); straight-line lease expense (income), net of amortization of (above) below market rents; amortization of deferred gain; non- Community Labor Expenses is a component of facility operating expense that cash stock-based compensation expense; and change in future service obligation. includes regular and overtime salaries and wages, bonuses, paid-time-off and holiday For purposes of the Company’s leverage ratios presented under “Debt Maturity & wages, payroll taxes, contract labor, employee benefits, and workers compensation. Leverage”, Adjusted EBITDA and Adjusted EBITDA after cash capital and financing Development Capital Expenditures means capital expenditures for community lease payments exclude transaction and organizational restructuring costs. expansions and major community redevelopment and repositioning projects, including the Company’s Program Max initiative, and the development of new Adjusted EBITDAR is a non-GAAP financial measure that the Company defines as communities. Amounts of Development Capital Expenditures are presented net of Adjusted EBITDA before cash operating lease payments. For purposes of the lessor reimbursements. Company’s leverage ratios presented under “Debt Maturity & Leverage”, Adjusted EBITDAR excludes transaction and organizational restructuring costs. Interest Coverage is calculated based on the trailing-twelve months Owned Portfolio Operating Income adjusted for 5% management fee and capital Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines expenditures at $350/unit, divided by the trailing-twelve months property level and as net cash provided by (used in) operating activities before: changes in operating corporate debt interest expense. assets and liabilities; gain (loss) on facility lease termination and modification; and distributions from unconsolidated ventures from cumulative share of net earnings; Lease Coverage is calculated based on the trailing-twelve months Leased Portfolio plus: proceeds from refundable entrance fees, net of refunds; and property insurance Operating Income, excluding resident fee revenue and facility operating expense of proceeds; less: lease financing debt amortization and Non-Development Capital communities disposed during such period adjusted for 5% management fee and Expenditures (next page). capital expenditures at $350/unit, divided by the trailing-twelve months cash lease payments for both operating leases and capital and financing leases, excluding cash Adjusted Net Debt is a non-GAAP financial measure that the Company defines as lease payments for leases of communities disposed during such period, corporate Net Debt, plus cash operating and capital and financing lease payments for the offices, and information technology systems and equipment. relevant period multiplied by 8. Leased Portfolio Operating Income is defined by the Company as resident fee Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated revenues (excluding Health Care Services segment revenue), less facility operating Ventures is a non-GAAP financial measure calculated based on the Company’s equity expenses for the Company’s Senior Housing Leased Portfolio. Leased Portfolio ownership percentage and in a manner consistent with the Company’s definition of Operating Income does not include general and administrative expenses (unless Adjusted EBITDA for its consolidated entities. The Company’s investments in its otherwise noted), transaction costs or depreciation and amortization. unconsolidated ventures are accounted for under the equity method of accounting. Net Debt is a non-GAAP financial measure that the Company defines as the total of Brookdale’s Proportionate Share of Adjusted Free Cash Flow of its debt (mortgage debt and other notes payable) and the outstanding balance on Unconsolidated Ventures is a non-GAAP financial measure calculated based on the line of credit, less unrestricted cash, marketable securities, and cash held as the Company’s equity ownership percentage and in a manner consistent with the collateral against existing debt. Company’s definition of Adjusted Free Cash Flow for its consolidated entities. The Company’s investments in its unconsolidated ventures are 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 is distributed to the Company. 20

Definitions Non-Development Capital Expenditures is comprised of corporate and Segment Operating Income is defined by the Company as segment revenues less community-level capital expenditures, including those related to maintenance, segment facility operating expenses. Segment Operating Income does not include renovations, upgrades and other major building infrastructure projects for the general and administrative expenses (unless otherwise noted), transaction costs or Company’s communities. Non-Development Capital Expenditures does not include depreciation and amortization. Management Services segment operating income capital expenditures for community expansions and major community excludes revenue for reimbursements for which the Company is the primary obligor redevelopment and repositioning projects, including the Company’s Program Max of costs incurred on behalf of managed communities, and there are no facility initiative, and the development of new communities (i.e., Development Capital operating expenses associated with the Management Services segment. See the Expenditures). Amounts of Non-Development Capital Expenditures are presented Segment Information note to the Company’s consolidated financial statements for net of lessor reimbursements. more information regarding the Company’s segments. Owned Portfolio Operating Income is defined by the Company as resident fee Senior Housing Leased Portfolio represents Brookdale leased communities and revenues (excluding Health Care Services segment revenue), less facility operating does not include owned, managed – 3rd party, or managed – venture communities. expenses for the Company’s Senior Housing Owned Portfolio. Owned Portfolio Operating Income does not include general and administrative expenses (unless Senior Housing Operating Income is defined by the Company as segment revenues otherwise noted), transaction costs or depreciation and amortization. less segment facility operating expenses for the Company’s Independent Living, Assisted Living and Memory Care and CCRCs segments on an aggregate basis. Senior RevPAR, or average monthly senior housing resident fee revenues per available unit, Housing Operating Income does not include general and administrative expenses, is defined by the Company as resident fee revenues, excluding Health Care Services transaction costs or depreciation and amortization. segment revenue and entrance fee amortization, for the corresponding portfolio for the period, divided by the weighted average number of available units in the Senior Housing Owned Portfolio represents Brookdale owned communities and rd corresponding portfolio for the period, divided by the number of months in the does not include leased, managed – 3 party, or managed – venture communities. period. Total Average Units represents the average number of units operated during the RevPOR, or average monthly senior housing resident fee revenues per occupied unit, period. is defined by the Company as resident fee revenues, excluding Health Care Services Transaction, Organizational Restructuring, and Strategic Project Costs are segment revenue and entrance fee amortization, for the corresponding portfolio for general and administrative expenses. Transaction costs include third party costs the period, divided by the weighted average number of occupied units in the directly related to acquisition and disposition activity, community financing and corresponding portfolio for the period, divided by the number of months in the leasing activity, our assessment of options and alternatives to enhance stockholder period. value, and stockholder relations advisory matters, and are primarily comprised of Same Community information reflects historical results from senior housing legal, finance, consulting, professional fees and other third party costs. operations for same store communities (utilizing the Company's methodology for Organizational restructuring costs include those related to our efforts to reduce determining same store communities). general and administrative expenses and our senior leadership changes, including severance and retention costs. Strategic project costs include costs associated with Same Community Operating Income is defined by the Company as resident fee certain strategic projects related to refining our strategy, building out enterprise- revenues (excluding Health Care Services segment revenue), less facility operating wide capabilities (including the electronic medical records (“EMR”) roll-out project) expenses (excluding hurricane and natural disaster expenses) for the Company's and reducing costs and achieving synergies by capitalizing on scale. Same Community portfolio. Same Community Operating Income does not include general and administrative expenses, transaction costs or depreciation and amortization. 21

Appendix Consolidated Statements of Cash Flows 23 Non-GAAP Financial Measures 24 Freedom Village Bradenton Bradenton, FL 22

Consolidated Statements of Cash Flows ($ in 000s) 2017 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Cash Flows from Operating Activities Net income (loss) $ (126,361) $ (46,337) $ (413,929) $ 15,021 $ (571,606) $ (457,234) $ (165,509) $ (37,140) $ 131,531 $ (528,352) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Debt modification and extinguishment costs 61 693 11,129 526 12,409 35 9 33 11,600 11,677 Depreciation and amortization, net 130,078 123,579 121,193 119,908 494,758 118,211 118,444 111,809 106,748 455,212 Goodwill and asset impairment 20,706 1,559 368,551 18,966 409,782 430,363 16,103 5,500 37,927 489,893 Equity in (earnings) loss of unconsolidated ventures (981) 4,570 6,722 4,516 14,827 4,243 1,324 1,340 1,897 8,804 Distributions from unconsolidated ventures from cumulative share of net earnings 439 453 473 6,893 8,258 408 739 1,012 737 2,896 Amortization of deferred gain (1,093) (1,093) (1,091) (1,089) (4,366) (1,090) (1,089) (1,090) (1,089) (4,358) Amortization of entrance fees (1,198) (832) (427) (444) (2,901) (501) (336) (383) (450) (1,670) Proceeds from deferred entrance fee revenue 1,927 2,025 567 1,193 5,712 1,109 289 1,109 711 3,218 Deferred income tax provision (benefit) 83,310 (2,937) (31,704) (63,978) (15,309) 15,037 (16,028) (18,189) (33,187) (52,367) Straight-line lease (income) expense (4,704) (4,816) (4,775) (6,695) (20,990) (8,103) (4,066) (2,487) (2,562) (17,218) Change in fair value of derivatives 46 39 74 15 174 (74) 217 10 250 403 Loss (gain) on sale of assets, net 603 547 233 (20,656) (19,273) (43,431) (23,322) (9,833) (216,660) (293,246) Loss on facility lease termination and modification, net — 6,368 4,938 2,970 14,276 — 133,423 2,337 5,197 140,957 Non-cash stock-based compensation expense 7,774 7,246 7,527 5,285 27,832 8,406 6,269 6,035 5,357 26,067 Non-cash interest expense on financing lease obligations 6,156 3,865 3,939 3,784 17,744 3,383 3,063 2,705 1,743 10,894 Non-cash management contract termination gain — — — — — (2,242) (2,834) (573) (3,075) (8,724) Other (1,398) (1,571) (1,730) (4,120) (8,819) (156) — 2 (1,138) (1,292) Changes in operating assets and liabilities: Accounts receivable, net 3,556 8,401 (1,192) 1,982 12,747 3,488 7,468 (12,083) (3,837) (4,964) Prepaid expenses and other assets, net (8,630) 27,609 4,344 (1,353) 21,970 (24,807) 26,685 19,996 4,888 26,762 Trade accounts payable and accrued expenses (51,627) 3,645 26,523 16,932 (4,527) (21,370) (36,245) 14,358 (17,246) (60,503) Tenant refundable fees and security deposits (297) 82 (17) (190) (422) (137) (166) (38) (705) (1,046) Deferred revenue 8,406 664 (7,557) (15,430) (13,917) 12,426 (3,818) (12,506) 4,816 918 Net cash provided by operating activities 66,773 133,759 93,791 84,036 378,359 37,964 60,620 71,924 33,453 203,961 Cash Flows from Investing Activities Change in lease security deposits and lease acquisition deposits, net (420) 425 (416) (1,702) (2,113) (2,015) (947) 2,298 1,827 1,163 Purchase of marketable securities — (29,779) (216,597) (94,811) (341,187) — — — (14,823) (14,823) Sale of marketable securities — — — 50,000 50,000 118,273 155,000 20,000 — 293,273 Additions to property, plant and equipment and leasehold intangibles, net (48,928) (40,642) (50,474) (73,843) (213,887) (66,592) (53,866) (48,891) (56,124) (225,473) Acquisition of assets, net of related payables and cash received — (400) — (4,796) (5,196) (27,330) (243,990) (451) — (271,771) Investment in unconsolidated ventures (185,971) (195) (1,434) (11,417) (199,017) (8,434) (430) (82) (178) (9,124) Distributions received from unconsolidated ventures 1,807 6,238 3,446 17,544 29,035 2,037 7,360 1,385 2,068 12,850 Proceeds from sale of assets, net 31,675 2,780 115 35,937 70,507 75,060 55,837 1,015 367,895 499,807 Property insurance proceeds 1,398 1,571 1,461 4,120 8,550 156 — — 1,136 1,292 Other 696 251 15 13 975 — 1,393 187 — 1,580 Net cash (used in) provided by investing activities (199,743) (59,751) (263,884) (78,955) (602,333) 91,155 (79,643) (24,539) 301,801 288,774 Cash Flows from Financing Activities Proceeds from debt 34,455 58,116 1,200,476 14,158 1,307,205 30,168 249,751 — 327,002 606,921 Repayment of debt and capital and financing lease obligations (52,273) (36,931) (869,499) (95,458) (1,054,161) (44,001) (422,266) (35,679) (394,798) (896,744) Proceeds from line of credit — — 100,000 — 100,000 — 200,000 — — 200,000 Repayment of line of credit — — (100,000) — (100,000) — (200,000) — — (200,000) Purchase of treasury stock — — — — — — — — (4,256) (4,256) Payment of financing costs, net of related payables (328) (853) (15,738) (350) (17,269) (248) (2,943) (150) (12,976) (16,317) Proceeds from refundable entrance fees, net of refunds (902) (652) (687) 62 (2,179) 223 (171) (368) (106) (422) Payments for lease termination — (552) — — (552) — (10,548) (2,000) — (12,548) Payments of employee taxes for withheld shares (5,112) (208) (346) (223) (5,889) (2,618) (97) (129) (217) (3,061) Other 599 455 532 457 2,043 372 398 377 217 1,364 Net cash (used in) provided by financing activities (23,561) 19,375 314,738 (81,354) 229,198 (16,104) (185,876) (37,949) (85,134) (325,063) Net (decrease) increase in cash, cash equivalents and restricted cash (156,531) 93,383 144,645 (76,273) 5,224 113,015 (204,899) 9,436 250,120 167,672 Cash, cash equivalents and restricted cash at beginning of year 277,322 120,791 214,174 358,819 277,322 282,546 395,561 190,662 200,098 282,546 Cash, cash equivalents and restricted cash at end of year $ 120,791 $ 214,174 $ 358,819 $ 282,546 $ 282,546 $ 395,561 $ 190,662 $ 200,098 $ 450,218 $ 450,218 Reflects the retrospective adoption of ASU 2016-15 and 2016-18. Refer to page 24 for additional detail regarding the impact of ASU 2016-15. For ASU 2016-18, the Company identified that the inclusion of the change in restricted cash within the retrospective presentation of the statements of cash flows resulted in a (decrease) increase to the amount of net cash used in investing activities of ($0.6 million), ($1.1 million), ($4.6 million) and $7.4 million for the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, 23 and $1.1 million for the year ended December 31, 2017.

Non-GAAP Financial Measures This Supplemental Information contains financial measures utilized by management to evaluate the Company’s operating performance and liquidity that are not calculated in accordance with GAAP, including Adjusted EBITDA; the Company's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures; Adjusted EBITDAR, Adjusted EBITDA and Adjusted EBITDAR after cash lease payments (in each case excluding transaction, organizational restructuring and strategic project costs); Net Debt; Adjusted Net Debt; Adjusted Free Cash Flow; and the Company’s Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures, the Company’s definitions for which are included in the “Definitions” section above. These non-GAAP financial measures should not be considered in isolation from or as superior to or as a substitute for net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, short-term debt, long-term debt, less current portion, current portion of long-term debt, or other financial measures determined in accordance with GAAP. Management uses these non-GAAP financial measures to supplement the Company’s GAAP results to provide a more complete understanding of the factors and trends affecting the business. Investors are urged to review the reconciliations set forth in this section of such non-GAAP financial measures to their most comparable GAAP financial measures and to review the information under “Reconciliation of Non-GAAP Financial Measures” in the Company’s earnings release dated February 13, 2019 for additional information regarding the Company’s use, and the limitations of, the Company’s non- GAAP financial measures. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP measures may not be comparable to similar measures disclosed by other companies, because not all companies calculate such measures in the same manner. The Company adopted ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") on January 1, 2018 and applied ASU 2016-15 retrospectively for all prior periods presented. Among other things, ASU 2016-15 provides that debt prepayment and extinguishment costs will be classified within financing activities in the statement of cash flows. The Company identified $7, $651, $10,556 and $481 (in thousands) of cash paid for debt modification and extinguishment costs which have been retrospectively classified as cash flows from financing activities, resulting in a corresponding increase to the amount of net cash provided by operating activities for each of the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. The Company did not change its definition of Adjusted Free Cash Flow upon the adoption of ASU 2016-15. Following the adoption of ASU 2016-15, the amount of Adjusted Free Cash Flow reflects a $7, $651, $10,556 and $481 (in thousands) increase for each of the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, and an $11,695 (in thousands) increase for the year ended December 31, 2017. 24

Non-GAAP Financial Measures (Continued) Adjusted EBITDA Reconciliation ($ in 000s) 2017 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net income (loss) $ (126,361) $ (46,337) $ (413,929) $ 15,021 $ (571,606) $ (457,234) $ (165,509) $ (37,140) $ 131,531 $ (528,352) Provision (benefit) for income taxes 84,028 (2,735) (31,218) (66,590) (16,515) 15,585 (15,546) (17,763) (31,732) (49,456) Equity in (earnings) loss of unconsolidated ventures (981) 4,570 6,722 4,516 14,827 4,243 1,324 1,340 1,897 8,804 Debt modification and extinguishment costs 61 693 11,129 526 12,409 35 9 33 11,600 11,677 Loss (gain) on sale of assets, net 603 547 233 (20,656) (19,273) (43,431) (23,322) (9,833) (216,660) (293,246) Other non-operating income (1,662) (2,236) (2,621) (4,899) (11,418) (2,586) (5,505) 17 (6,025) (14,099) Interest expense 93,069 76,476 79,999 76,610 326,154 72,540 73,901 68,626 65,202 280,269 Interest income (631) (804) (1,285) (1,903) (4,623) (2,983) (2,941) (1,654) (2,268) (9,846) Income (loss) from operations 48,126 30,174 (350,970) 2,625 (270,045) (413,831) (137,589) 3,626 (46,455) (594,249) Depreciation and amortization 127,487 120,887 117,649 116,054 482,077 114,255 116,116 110,980 106,104 447,455 Goodwill and asset impairment 20,706 1,559 368,551 18,966 409,782 430,363 16,103 5,500 37,927 489,893 Loss on facility lease termination and modification, net — 6,368 4,938 2,970 14,276 — 146,467 2,337 13,197 162,001 Straight-line lease (income) expense (4,704) (4,816) (4,775) (6,695) (20,990) (8,103) (4,066) (2,487) (2,562) (17,218) Amortization of deferred gain (1,093) (1,093) (1,091) (1,089) (4,366) (1,090) (1,089) (1,090) (1,089) (4,358) Non-cash stock-based compensation expense 7,774 7,246 7,527 5,285 27,832 8,406 6,269 6,035 5,357 26,067 Adjusted EBITDA $ 198,296 $ 160,325 $ 141,829 $ 138,116 $ 638,566 $ 130,000 $ 142,211 $ 124,901 $ 112,479 $ 509,591 25

Non-GAAP Financial Measures (Continued) Adjusted EBITDAR; Adjusted EBITDA; and Adjusted EBITDA after cash capital and financing lease payments Reconciliations (excluding transaction and organizational restructuring costs) ($ in 000s) Year Ended December 31, 2018 Net income (loss) $ (528,352) Benefit for income taxes (49,456) Equity in loss of unconsolidated ventures 8,804 Debt modification and extinguishment costs 11,677 Gain on sale of assets, net (293,246) Other non-operating income (14,099) Interest expense 280,269 Interest income (9,846) Income (loss) from operations (594,249) Depreciation and amortization 447,455 Goodwill and asset impairment 489,893 Loss on facility lease termination and modification, net 162,001 Facility lease expense 303,294 Non-cash stock-based compensation expense 26,067 Transaction and organizational restructuring costs 28,090 Adjusted EBITDAR (excluding Transaction and Organizational Restructuring Costs) $ 862,551 Facility lease expense $ (303,294) Straight-line lease (income) expense (17,218) Amortization of deferred gain (4,358) Adjusted EBITDA (excluding Transaction and Organizational Restructuring Costs) $ 537,681 Interest expense: capital and financing lease obligations $ (83,604) Non-cash interest expense on financing lease obligations 10,894 Lease financing debt amortization (59,808) Adjusted EBITDA after cash capital and financing lease payments (excluding Transaction and Organizational Restructuring Costs) $ 405,163 26

Non-GAAP Financial Measures (Continued) Net Debt and Adjusted Net Debt Reconciliations ($ in 000s) As of December 31, 2018 Long-term debt (including current portion) $ 3,640,180 Line of credit Less: cash and cash equivalents (398,267) Less: marketable securities (14,855) Less: cash held as collateral against existing debt (280) Net Debt 3,226,778 Plus: trailing twelve months cash lease payments multiplied by 8 3,659,104 Adjusted Net Debt $ 6,885,882 Adjusted Net Debt to Adjusted EBITDAR (excluding Transaction and Organizational Restructuring Costs) 8.0x Net Debt to Adjusted EBITDA after cash capital and financing lease payments (excluding Transaction and Organizational Restructuring Costs) 8.0x 27

Non-GAAP Financial Measures (Continued) Adjusted Free Cash Flow Reconciliation ($ in 000s) 2017 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net cash provided by operating activities $ 66,773 $ 133,759 $ 93,791 $ 84,036 $ 378,359 $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 Net cash (used in) provided by investing activities (199,743) (59,751) (263,884) (78,955) (602,333) 91,155 (79,643) (24,539) 301,801 288,774 Net cash provided by (used in) financing activities (23,561) 19,375 314,738 (81,354) 229,198 (16,104) (185,876) (37,949) (85,134) (325,063) Net increase (decrease) in cash, cash equivalents and restricted cash $ (156,531) $ 93,383 $ 144,645 $ (76,273) $ 5,224 $ 113,015 $ (204,899) $ 9,436 $ 250,120 $ 167,672 Net cash provided by operating activities $ 66,773 $ 133,759 $ 93,791 $ 84,036 $ 378,359 $ 37,964 $ 60,620 $ 71,924 $ 33,453 $ 203,961 Changes in operating assets and liabilities 48,592 (40,401) (22,101) (1,941) (15,851) 30,400 6,076 (9,727) 12,084 38,833 Proceeds from refundable entrance fees, net of refunds (902) (652) (687) 62 (2,179) 223 (171) (368) (106) (422) Lease financing debt amortization (17,248) (14,382) (14,626) (18,650) (64,906) (21,114) (18,787) (13,370) (6,537) (59,808) Loss on facility lease termination and modification, net — — — — — — 13,044 — 8,000 21,044 Distributions from unconsolidated ventures from cumulative share of net earnings (439) (453) (473) (6,893) (8,258) (408) (739) (1,012) (737) (2,896) Non-development capital expenditures, net (34,722) (38,832) (41,005) (71,908) (186,467) (41,736) (47,681) (41,275) (51,557) (182,249) Property insurance proceeds 1,398 1,571 1,461 4,120 8,550 156 — — 1,136 1,292 Adjusted Free Cash Flow $ 63,452 $ 40,610 $ 16,360 $ (11,174) $ 109,248 $ 5,485 $ 12,362 $ 6,172 $ (4,264) $ 19,755 28

Non-GAAP Financial Measures (Continued) Brookdale's Proportionate Share of Adjusted EBITDA of Unconsolidated Ventures 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. ($ in 000s) 2017 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net income (loss) $ 8,118 $ (22,935) $ (40,233) $ (26,373) $ (81,423) $ (22,662) $ (13,417) $ (6,674) $ (3,810) $ (46,563) Provision for income taxes 263 327 323 292 1,205 234 209 64 6 513 Debt modification and extinguishment costs 13 16 80 21 130 (17) 135 13 1 132 (Gain) loss on sale of assets, net (372) 189 20 11 (152) (1,045) 3,885 — — 2,840 Other non-operating income (434) (837) (617) (590) (2,478) (903) (967) (5) — (1,875) Interest expense 26,391 35,304 36,119 34,035 131,849 26,827 23,182 12,849 7,555 70,413 Interest income (703) (750) (783) (804) (3,040) (757) (809) (830) (949) (3,345) Income (loss) from operations 33,276 11,314 (5,091) 6,592 46,091 1,677 12,218 5,417 2,803 22,115 Depreciation and amortization 47,528 79,695 79,884 77,189 284,296 67,885 33,237 22,135 16,532 139,789 Goodwill and asset impairment 2 483 3,911 546 4,942 155 118 63 1,445 1,781 Straight-line lease expense (income) — 8 4 1 13 4 4 — — 8 Adjusted EBITDA of unconsolidated ventures $ 80,806 $ 91,500 $ 78,708 $ 84,328 $ 335,342 $ 69,721 $ 45,577 $ 27,615 $ 20,780 $ 163,693 Brookdale's weighted average ownership percentage 21.2% 19.9% 21.3% 21.0% 20.8% 24.0% 31.0% 40.8% 50.1% 32.1% Brookdale's proportionate share of Adjusted EBITDA of unconsolidated ventures $ 17,126 $ 18,219 $ 16,788 $ 17,723 $ 69,856 $ 16,749 $ 14,111 $ 11,280 $ 10,419 $ 52,559 29

Non-GAAP Financial Measures (Continued) Brookdale's Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures 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. ($ in 000s) 2017 2018 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net cash provided by operating activities $ 59,924 $ 85,867 $ 62,054 $ 61,910 $ 269,755 $ 50,262 $ 47,510 $ 24,497 $ 22,818 $ 145,087 Net cash used in investing activities (1,144,115) (26,408) (16,476) (26,550) (1,213,549) (14,642) (15,746) (14,623) (15,478) (60,489) Net cash used in financing activities 1,145,059 (37,686) (32,514) (52,315) 1,022,544 (23,279) (29,380) (9,702) (15,625) (77,986) Net increase (decrease) in cash, cash equivalents and restricted cash $ 60,868 $ 21,773 $ 13,064 $ (16,955) $ 78,750 $ 12,341 $ 2,384 $ 172 $ (8,285) $ 6,612 Net cash provided by operating activities $ 59,924 $ 85,867 $ 62,054 $ 61,910 $ 269,755 $ 50,262 $ 47,510 $ 24,497 $ 22,818 $ 145,087 Changes in operating assets and liabilities 2,086 (16,559) (5,615) 6,904 (13,184) 1,119 (13,838) 7,163 4,195 (1,361) Proceeds from refundable entrance fees, net of refunds (4,365) (5,028) (6,309) (1,664) (17,366) (6,712) (3,323) (2,500) (7,448) (19,983) Non-development capital expenditures, net (17,027) (23,739) (28,659) (31,196) (100,621) (20,061) (18,867) (14,822) (15,430) (69,180) Property insurance proceeds 393 834 614 584 2,425 901 634 — — 1,535 Adjusted Free Cash Flow of Unconsolidated Ventures $ 41,011 $ 41,375 $ 22,085 $ 36,538 $ 141,009 $ 25,509 $ 12,116 $ 14,338 $ 4,135 $ 56,098 Brookdale's weighted average ownership percentage 21.3% 19.1% 30.4% 32.9% 25.1% 22.8% 47.9% 58.2% 49.5% 39.3% Brookdale’s Proportionate Share of Adjusted Free Cash Flow of Unconsolidated Ventures $ 8,750 $ 7,920 $ 6,709 $ 12,037 $ 35,416 $ 5,824 $ 5,798 $ 8,352 $ 2,048 $ 22,022 30

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