v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Each of our communities is 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 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 sheets 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 revenue, community operating expense and community net operating income by reportable segment (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
 Total segment revenue– resident revenue$188,023 $81,845 $296,450 $161,100 
Community operating expense:
Labor85,678 39,331 138,050 77,630 
Food8,367 3,839 13,193 7,267 
Utilities6,325 3,525 11,517 7,526 
Other community operating expense (1)
31,513 13,914 50,479 27,300 
Total community operating expense131,883 60,609 213,239 119,723 
Total community net operating income$56,140 $21,236 $83,211 $41,377 
__________
(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 June 30,Six Months Ended June 30,
2026202520262025
Segment revenue– resident revenue$188,023 $81,845 $296,450 $161,100 
All other non-segment revenue:
Rental income7,506 — 9,201 — 
Management fee income1,185 1,134 2,330 2,195 
Managed community reimbursement revenue10,934 10,546 22,299 22,153 
Total revenues$207,648 $93,525 $330,280 $185,448 
A reconciliation of segment net operating income to the Company’s condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment net operating income$56,140 $21,236 $83,211 $41,377 
Rental income7,506 — 9,201 — 
Management fee income1,185 1,134 2,330 2,195 
Other operating expenses (3,147)(811)(4,467)(2,111)
General and administrative expense(14,351)(9,729)(24,814)(18,201)
Transaction, transition and restructuring costs(4,775)(461)(30,869)(1,071)
Depreciation and amortization expense(43,183)(13,646)(63,143)(27,332)
Third-party property management fees(4,836)— (5,884)— 
Interest income321 986 540 1,228 
Interest expense(22,508)(9,271)(35,341)(18,717)
Gain on extinguishment of debt, net3,871 — 3,871 — 
Loss from equity method investment(604)(383)(812)(713)
Other income (expense), net(15)9,063 539 8,513 
Provision for income taxes(325)(91)(533)(166)
Net loss$(24,721)$(1,973)$(66,171)$(14,998)