v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Each of our owned communities are identified as individual operating segments and we combine them into a single reportable segment for reporting purposes under ASC 280. We measure the segment based on resident revenue less community operating expense, (adjusted for various non-recurring non-operating community expenses), which we define as community net operating income (“NOI”), as well as some key performance indicators such as weighted average occupancy and a measurement of average rent per available unit. All other operating segments represent the managed communities, which consist of management fees and the related managed community reimbursement revenues and expenses.
Our Chief Executive Officer, is our chief operating decision maker (“CODM”), who organizes our company, manages resource allocations and measures performance among our one reportable segment. The CODM uses community NOI by property to allocate operating and capital resources and assesses performance of the segment by comparing actual NOI results to historical results and previously forecasted financial information. Our CODM manages our business by reviewing annual forecasts and segment results on a monthly basis. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The total investment in equity method investments and capital expenditures are presented on the consolidated financial statements.
The following table presents resident revenue, community operating expense and community net operating income by reportable segment (in thousands):
Years ended December 31,
20252024
Resident revenue331,957 267,849 
Community operating expense:
Labor160,925 126,730 
Food15,477 13,807 
Utilities15,558 12,701 
Other community operating expense (1)
56,512 45,943 
Total community operating expense248,472 199,181 
Community net operating income$83,485 $68,668 
__________
(1) Includes community maintenance, software expense, supplies, insurance, real estate taxes, marketing expense, and other overhead expense.


A reconciliation of segment revenues to consolidated total revenues for 2025 and 2024 is as follows (in thousands):
Years ended December 31,
20252024
Segment resident revenue331,957 267,849 
All other revenue:
Management fees4,431 3,381 
Managed community reimbursement revenue44,753 33,096 
Total revenues$381,141 $304,326 

A reconciliation of segment net operating income to the Company’s consolidated statements of operations for 2025 and 2024 is as follows (in thousands):
Years ended December 31,
20252024
Segment net operating income$83,485 $68,668 
Management fees4,431 3,381 
Other operating expenses (4,749)(2,834)
General and administrative expense(39,851)(34,123)
Transaction, transition and restructuring costs(16,231)(5,874)
Depreciation and amortization expense(56,768)(44,051)
Long-lived asset impairment(12,525)— 
Interest income2,103 1,681 
Interest expense(38,635)(36,990)
Gain on extinguishment of debt, net— 48,536 
Loss from equity method investment(1,370)(895)
Other expense, net7,948 (540)
Provision for income taxes(330)(239)
Net Loss$(72,492)$(3,280)