v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Each of our 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 and rental income 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 fee income 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 condensed consolidated balance sheet 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 and other revenue, community operating expense and community net operating income by reportable segment (in thousands):
Three Months Ended March 31,
20262025
Resident revenue $108,427 $79,255 
Rental income1,695 — 
Total segment revenue110,122 79,255 
Community operating expense:
Labor52,436 38,299 
Food4,818 3,428 
Utilities5,184 4,001 
Other community operating expense (1)
18,925 13,386 
Total community operating expense81,363 59,114 
Total community net operating income$28,759 $20,141 
__________
(1) Includes community maintenance, software expense, supplies, insurance, real estate taxes, marketing expense, and other overhead expense.


A reconciliation of segment revenue to consolidated total revenues is as follows (in thousands):

Three Months Ended March 31,
20262025
Segment revenue $110,122 $79,255 
All other non-segment revenue:
Management fee income1,145 1,061 
Managed community reimbursement revenue11,365 11,607 
Total revenues$122,632 $91,923 
A reconciliation of segment net operating income to the Company’s condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended March 31,
20262025
Segment net operating income$28,759 $20,141 
Management fee income1,145 1,061 
Other operating expenses (1,313)(1,300)
General and administrative expense(10,463)(8,472)
Transaction, transition and restructuring costs(26,094)(610)
Depreciation and amortization expense(19,960)(13,686)
Third-party property management fees(1,048)— 
Interest income219 242 
Interest expense(12,833)(9,446)
Loss from equity method investment(208)(330)
Other income (expense), net554 (550)
Provision for income taxes(208)(75)
Net loss$(41,450)$(13,025)