v3.26.1
COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 6,349 $ (50,463)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 126,356 137,186
Amortization of deferred financing costs and debt discounts (premiums) (736) (733)
Amortization of non-refundable entrance fees (98,912) (88,995)
Equity loss (income) from unconsolidated joint venture (4,068) (1,894)
Deferred income tax expense (benefit) 8,928 (12,858)
Loss (gain) on sales of real estate, net   16,413
Casualty-related loss (recoveries), net (1,550) 32,439
Changes in:    
Decrease (increase) in accounts receivable and other assets, net (16,521) (28,409)
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities (38,195) (17,049)
Increase (decrease) in deferred revenue 155,165 142,924
Net cash provided by (used in) operating activities 136,816 128,561
Cash flows from investing activities:    
Capital expenditures (123,921) (65,064)
Proceeds from sales of real estate, net 1,000 8,922
Distributions in excess of earnings from unconsolidated joint venture 13,910 12,036
Proceeds from insurance recovery 15,218  
Net cash provided by (used in) investing activities (93,793) (44,106)
Cash flows from financing activities:    
Repayments of mortgage debt (2,823) (2,691)
Payments of offering costs (2,113)  
Net distributions to Parent (32,892) (79,644)
Net cash provided by (used in) financing activities (37,828) (82,335)
Net increase (decrease) in cash, cash equivalents, and restricted cash 5,195 2,120
Cash, cash equivalents, and restricted cash, beginning of period 79,066 76,946
Cash, cash equivalents, and restricted cash, end of period $ 84,261 $ 79,066