v3.25.1
Segments Results (Q1)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Segment Results [Abstract]    
Segments Results
NOTE 13. SEGMENT RESULTS

The chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The Company represents two reportable segments, based on how its CODM evaluates the business and allocates resources. The CODM assesses performance for the Company and decides how to allocate resources based on each segments Income (Loss) From Operations ("Operating Income"). The CODM uses Operating Income to evaluate the performance of each segment in deciding whether to reinvest profits into the segment. The CODM evaluates performance based on Operating Income, as noted in the table below. The Company reports segment information based on the “significant expense principle” defined in ASC 280, Segment Reporting along with other segment items, which is the difference between segment revenue and less segment expenses disclosed under the significant expense principle for each reported measure of segment profit or loss.

The Company has two primary reporting segments: (i) Real Estate Services, which consists of the leasing and subleasing of long-term care and senior living facilities to third-party tenants and (ii) Healthcare Services, which consists of the operation of the Glenvue, Meadowood and Mountain Trace facilities.

The table below presents the results of operations for our reporting segments for the periods presented.

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
Three Months Ended March 31,
 
 
 
2025
 
 
2025
 
 
2025
 
 
2024
 
 
2024
 
 
2024
(Amounts in 000’s)
 
 
Real Estate
Services
 
 
Healthcare
Services
 
 
Total
 
 
Real Estate
Services
 
 
Healthcare
Services
 
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patient care revenues
 
 
$—
 
 
$5,642
 
 
$5,642
 
 
$—
 
 
$2,309
 
 
$2,309
Rental revenues
 
 
1,548
 
 
—
 
 
1,548
 
 
1,818
 
 
—
 
 
1,818
Total revenues
 
 
1,548
 
 
5,642
 
 
7,190
 
 
1,818
 
 
2,309
 
 
4,127
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patient care expense
 
 
—
 
 
4,401
 
 
4,401
 
 
—
 
 
2,101
 
 
2,101
Facility rent expense
 
 
149
 
 
58
 
 
207
 
 
149
 
 
—
 
 
149
Depreciation and amortization
 
 
324
 
 
78
 
 
402
 
 
386
 
 
125
 
 
511
General and administrative expense
 
 
1,021
 
 
1,210
 
 
2,231
 
 
1,266
 
 
366
 
 
1,632
Loss on lease termination
 
 
303
 
 
—
 
 
303
 
 
—
 
 
—
 
 
—
Credit loss expense
 
 
—
 
 
70
 
 
70
 
 
—
 
 
28
 
 
28
Gain on operations transfer
 
 
—
 
 
(106)
 
 
(106)
 
 
—
 
 
—
 
 
—
Total expenses
 
 
1,797
 
 
5,711
 
 
7,508
 
 
1,801
 
 
2,620
 
 
4,421
Income (loss) from operations
 
 
(249)
 
 
(69)
 
 
(318)
 
 
17
 
 
(311)
 
 
(294)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The CODM does not regularly review total assets for our reportable segments as total assets are not used to assess performance or allocate resources.
NOTE 10. SEGMENT RESULTS

The chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The Company represents two reportable segments, based on how its CODM evaluates the business and allocates resources. The CODM assesses performance for the Company and decides how to allocate resources based on each segments Income (Loss) From Operations ("Operating Income"). The CODM uses Operating Income to evaluate the performance of each segment in deciding whether to reinvest profits into the segment. The CODM evaluates performance based on Operating Income, as noted in the table below. The Company reports segment information based on the “significant expense principle” defined in ASC 280, Segment Reporting along with other segment items, which is the difference between segment revenue and less segment expenses disclosed under the significant expense principle for each reported measure of segment profit or loss.

The Company has two primary reporting segments: (i) Real Estate Services, which consists of the leasing and subleasing of long-term care and senior living facilities to third-party tenants and (ii) Healthcare Services, which consists of the operation of the Glenvue, Meadowood and Mountain Trace facilities.

The following table presents information for the Company's reportable segments revenues and significant operating expenses that are provided to the CODM and included within the Company's reportable segments measure of profit or loss.

 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
Year Ended December 31,
 
 
 
2024
 
 
2024
 
 
2024
 
 
2023
 
 
2023
 
 
2023
(Amounts in 000’s)
 
 
Real
Estate
 
 
Healthcare
Services
 
 
Total
 
 
Real
Estate
 
 
Healthcare
Services
 
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patient care revenues
 
 
$—
 
 
$11,273
 
 
$11,273
 
$—
 
 
$8,835
 
 
$8,835
Rental revenues
 
 
7,005
 
 
—
 
 
7,005
 
 
7,069
 
 
—
 
 
7,069
Management fees
 
 
—
 
 
—
 
 
—
 
 
1,050
 
 
—
 
 
1,050
Other revenues
 
 
57
 
 
—
 
 
57
 
 
210
 
 
—
 
 
210
Total revenues
 
 
7,062
 
 
11,273
 
 
18,335
 
 
8,329
 
 
8,835
 
 
17,164
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patient care expense
 
 
—
 
 
9,442
 
 
9,442
 
 
—
 
 
7,979
 
 
7,979
Facility rent expense
 
 
594
 
 
—
 
 
594
 
 
594
 
 
—
 
 
594
Cost of management fees
 
 
—
 
 
—
 
 
—
 
 
595
 
 
—
 
 
595
Depreciation and amortization
 
 
1,539
 
 
523
 
 
2,062
 
 
1,760
 
495
 
 
2,255
General and administrative expense
 
 
3,677
 
 
1,731
 
 
5,408
 
 
4,202
 
 
1,210
 
 
5,412
Credit loss expense
 
 
370
 
 
298
 
 
668
 
 
175
 
 
975
 
 
1,150
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
Year Ended December 31,
 
 
 
2024
 
 
2024
 
 
2024
 
 
2023
 
 
2023
 
 
2023
(Amounts in 000’s)
 
 
Real
Estate
 
 
Healthcare
Services
 
 
Total
 
 
Real
Estate
 
 
Healthcare
Services
 
 
Total
Total expenses
 
 
6,180
 
 
11,994
 
 
18,174
 
 
7,326
 
 
10,659
 
 
17,985
Income (loss) from operations
 
 
$882
 
 
$(721)
 
 
$161
 
 
$1,003
 
 
$(1,824)
 
 
$(821)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The CODM does not regularly review total assets for our reportable segments as total assets are not used to assess performance or allocate resources.