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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
13. Segment Information

The Company has three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.

Independent Living. The Company's Independent Living segment includes owned or leased communities that are primarily designed for middle to upper income seniors who desire to live in a residential setting that feels like home, without the efforts of ownership. The majority of the Company's independent living communities consist of both independent and assisted living units in a single community, which allows residents to age-in-place by providing them with a broad continuum of senior independent and assisted living services to accommodate their changing needs.

Assisted Living and Memory Care. The Company's Assisted Living and Memory Care segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily living for the Company's residents. The Company's assisted living and memory care communities include both freestanding, multi-story communities, as well as smaller, freestanding, single story communities. The Company also provides memory care services at freestanding memory care communities that are specially designed for residents with Alzheimer's disease and other dementias.

CCRCs. The Company's CCRCs segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs. Most of the Company's CCRCs have independent living, assisted living, memory care, and skilled nursing available on one campus.

All Other. All Other includes communities operated by the Company pursuant to management agreements. Under the management agreements for these communities, the Company receives management fees as well as reimbursement of expenses it incurs on behalf of the owners.
The following tables set forth selected segment financial data.

Three Months Ended
March 31,
(in thousands)20262025
Revenue:(1)
Independent Living$120,330 $157,117 
Assisted Living and Memory Care523,188 533,379 
CCRCs78,938 86,958 
All Other42,400 36,410 
Total revenue$764,856 $813,864 
Community labor expenses:
Independent Living$43,391 $58,284 
Assisted Living and Memory Care243,656 252,710 
CCRCs40,460 46,293 
Other facility operating expenses:(2)
Independent Living33,727 44,601 
Assisted Living and Memory Care129,216 131,116 
CCRCs21,020 23,983 
Total facility operating expenses$511,470 $556,987 
Segment operating income:(3)
Independent Living$43,212 $54,232 
Assisted Living and Memory Care150,316 149,553 
CCRCs17,458 16,682 
All Other5,373 2,620 
Total segment operating income216,359 223,087 
General and administrative expense (including non-cash stock-based compensation expense)45,057 47,874 
Facility operating lease expense43,981 52,874 
Depreciation and amortization73,463 90,976 
Asset impairment6,115 1,787 
Loss (gain) on sale of communities, net(4,034)— 
Income (loss) from operations$51,777 $29,576 

Capital expenditures:
Independent Living$12,419 $10,270 
Assisted Living and Memory Care31,696 26,526 
CCRCs5,115 3,462 
Corporate and All Other3,925 2,891 
Total capital expenditures$53,155 $43,149 

(1)All revenue is earned from external third parties in the United States.
(2)Other facility operating expenses is primarily comprised of costs for food, utilities, maintenance, real estate taxes, insurance, marketing, paid referral fees, and other costs of operating the Company's communities.
(3)Segment operating income is defined as segment revenues less segment facility operating expenses (excluding facility depreciation and amortization) and costs incurred on behalf of managed communities.
The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance. The Company's total carrying amount of goodwill is included on the Independent Living segment and was $27.3 million as of both March 31, 2026 and December 31, 2025.