v3.26.1
Segment Disclosures
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Disclosures

Note 6. Segment Disclosures

We operate in one reportable business segment, senior housing. Our senior housing operations consist of our wholly-owned senior housing properties, primarily consisting of month-to-month rental revenue and related ancillary revenue that these senior housing properties produce.

The chief operating decision maker (“CODM”) is our chief executive officer. Our CODM and other management regularly evaluate performance based upon net income (loss) from continuing operations. Our CODM uses net income (loss) when making decisions about allocating capital and personnel. On a monthly and quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and property performance.

Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, accounts payable and accrued liabilities, and debt are associated with the senior housing.

 

The following table summarizes information for the reportable segment for the three months ended March 31, 2026 and 2025:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

Leasing and related revenues

$

10,223,590

 

 

$

9,040,180

 

Operating expenses:

 

 

 

 

 

Property operating expenses

 

 

 

 

 

Payroll and administrative

 

4,165,529

 

 

 

3,824,360

 

Food and related items

 

504,386

 

 

 

492,900

 

Third-party property management fees

 

496,468

 

 

 

441,300

 

Utilities

 

439,288

 

 

 

452,370

 

Repairs and maintenance

 

261,431

 

 

 

259,914

 

Property taxes

 

267,458

 

 

 

256,529

 

Other direct property costs (1)

 

752,708

 

 

 

602,175

 

Total property operating expenses

 

6,887,268

 

 

 

6,329,548

 

Other operating expenses:

 

 

 

 

 

Property operating expenses – affiliates

 

527,002

 

 

 

509,697

 

General and administrative

 

401,427

 

 

 

525,387

 

Depreciation

 

1,458,607

 

 

 

1,362,934

 

Total other operating expenses

 

2,387,036

 

 

 

2,398,018

 

Income from operations

 

949,286

 

 

 

312,614

 

Other income (expense):

 

 

 

 

 

Interest expense

 

(1,266,037

)

 

 

(1,288,891

)

Interest expense – debt issuance costs

 

(35,525

)

 

 

(35,526

)

Other income (expense)

 

49,968

 

 

 

(30,289

)

Net loss

$

(302,308

)

 

$

(1,042,092

)
(1)
Primarily includes property insurance, advertising expense, and other miscellaneous direct property costs.