| Schedule of Segment Expenses and Net Income (Loss) |
The following table presents significant segment expenses and net income (loss) for the three months ended March 31, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Resident fees and services | | $ | 200,345 | | $ | 148,927 | Compensation and property management | | | (91,008) | | | (70,381) | Food | | | (8,698) | | | (6,442) | Real estate taxes | | | (6,444) | | | (4,501) | Repairs and maintenance | | | (6,651) | | | (4,846) | Utilities | | | (8,145) | | | (5,663) | Other segment items(1) | | | (23,652) | | | (18,805) | Depreciation and amortization | | | (51,398) | | | (32,799) | General and administrative | | | (2,958) | | | (3,132) | General and administrative - related party management fee | | | (328) | | | — | Interest expense | | | (351) | | | (948) | Transaction costs | | | (18,510) | | | — | Gain (loss) upon change of control, net | | | 46,270 | | | — | Gain (loss) on debt extinguishments | | | (403) | | | — | Other income (expense), net | | | 816 | | | (2,380) | Income tax benefit (expense) | | | (1,122) | | | (2,591) | Equity income (loss) from unconsolidated joint venture | | | 111 | | | 1,451 | Net income (loss) | | $ | 27,874 | | $ | (2,110) |
| (1) | Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses. |
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The following table presents significant segment expenses and net income (loss) for the years ended December 31, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Resident fees and services | | $ | 603,989 | | $ | 568,475 | Compensation and property management | | | (287,758) | | | (278,881) | Food | | | (27,263) | | | (26,513) | Real estate taxes | | | (15,937) | | | (15,472) | Repairs and maintenance | | | (20,212) | | | (18,373) | Utilities | | | (23,602) | | | (22,309) | Other segment items(1) | | | (74,151) | | | (68,895) | Depreciation and amortization | | | (126,356) | | | (137,186) | General and administrative | | | (10,549) | | | (11,921) | Interest expense | | | (3,797) | | | (3,942) | Transaction costs | | | (1,607) | | | — | Gain (loss) on sales of real estate, net | | | — | | | (16,413) | Other income (expense), net | | | 863 | | | (32,417) | Income tax benefit (expense) | | | (11,339) | | | 11,490 | Equity income (loss) from unconsolidated joint venture | | | 4,068 | | | 1,894 | Net income (loss) | | $ | 6,349 | | $ | (50,463) |
| (1) | Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses. |
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