Segment Information (Tables)

The following tables set forth selected segment financial data.


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenue:(1)
Independent Living	$	120,330	$	157,117
Assisted Living and Memory Care	523,188		533,379
CCRCs	78,938		86,958
All Other	42,400		36,410
Total revenue	$	764,856	$	813,864

Community labor expenses:
Independent Living	$	43,391	$	58,284
Assisted Living and Memory Care	243,656		252,710
CCRCs	40,460		46,293
Other facility operating expenses:(2)
Independent Living	33,727		44,601
Assisted Living and Memory Care	129,216		131,116
CCRCs	21,020		23,983
Total facility operating expenses	$	511,470	$	556,987

Segment operating income:(3)
Independent Living	$	43,212	$	54,232
Assisted Living and Memory Care	150,316		149,553
CCRCs	17,458		16,682
All Other	5,373		2,620
Total segment operating income	216,359		223,087

General and administrative expense (including non-cash stock-based compensation expense)	45,057		47,874
Facility operating lease expense	43,981		52,874




Depreciation and amortization	73,463		90,976




Asset impairment	6,115		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 Care	31,696		26,526
CCRCs	5,115		3,462
Corporate and All Other	3,925		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.