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Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
13. Segment Information

The Company has three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.

Independent Living. The Company's Independent Living segment includes owned or leased communities that are primarily designed for middle to upper income seniors who desire to live in a residential setting that feels like home, without the efforts of ownership. The majority of the Company's independent living communities consist of both independent and assisted living units in a single community, which allows residents to age-in-place by providing them with a broad continuum of senior independent and assisted living services to accommodate their changing needs.

Assisted Living and Memory Care. The Company's Assisted Living and Memory Care segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily living for the Company's residents. The Company's assisted living and memory care communities include both freestanding, multi-story communities, as well as smaller, freestanding, single story communities. The Company also provides memory care services at freestanding memory care communities that are specially designed for residents with Alzheimer's disease and other dementias.

CCRCs. The Company's CCRCs segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate a broad spectrum of physical ability and healthcare needs. Most of the Company's CCRCs have independent living, assisted living, memory care, and skilled nursing available on one campus.
All Other. All Other includes communities operated by the Company pursuant to management agreements. Under the management agreements for these communities, the Company receives management fees as well as reimbursement of expenses it incurs on behalf of the owners.

The following tables set forth selected segment financial data.

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Revenue:(1)
Independent Living$119,786 $158,135 $240,116 $315,252 
Assisted Living and Memory Care516,589 531,318 1,039,777 1,064,697 
CCRCs72,107 86,161 151,045 173,119 
All Other10,101 37,330 52,501 73,740 
Total revenue$718,583 $812,944 $1,483,439 $1,626,808 
Community labor expenses:
Independent Living$44,134 $60,114 $87,525 $118,398 
Assisted Living and Memory Care243,735 259,234 487,391 511,944 
CCRCs36,263 46,231 76,723 92,524 
Other facility operating expenses:(2)
Independent Living33,824 44,423 67,551 89,024 
Assisted Living and Memory Care127,078 129,377 256,294 260,493 
CCRCs18,421 22,938 39,441 46,921 
Total facility operating expenses$503,455 $562,317 $1,014,925 $1,119,304 
Segment operating income:(3)
Independent Living$41,828 $53,598 $85,040 $107,830 
Assisted Living and Memory Care145,776 142,707 296,092 292,260 
CCRCs17,423 16,992 34,881 33,674 
All Other742 2,623 6,115 5,243 
Total segment operating income205,769 215,920 422,128 439,007 
General and administrative expense (including non-cash stock-based compensation expense)47,132 54,973 92,189 102,847 
Facility operating lease expense43,771 52,653 87,752 105,527 
Depreciation and amortization71,109 92,853 144,572 183,829 
Asset impairment3,900 577 10,015 2,364 
Loss (gain) on sale of communities, net(45,391)(43)(49,425)(43)
Income (loss) from operations$85,248 $14,907 $137,025 $44,483 

Capital expenditures:
Independent Living$10,156 $12,571 $22,575 $22,841 
Assisted Living and Memory Care28,537 32,134 60,233 58,660 
CCRCs2,485 4,844 7,600 8,306 
Corporate and All Other6,262 8,592 10,187 11,483 
Total capital expenditures$47,440 $58,141 $100,595 $101,290 
(1)All revenue is earned from external third parties in the United States.
(2)Other facility operating expenses is primarily comprised of costs for food, utilities, maintenance, real estate taxes, insurance, marketing, paid referral fees, and other costs of operating the Company's communities.
(3)Segment operating income is defined as segment revenues less segment facility operating expenses (excluding facility depreciation and amortization) and costs incurred on behalf of managed communities.

The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance. The Company's total carrying amount of goodwill is included on the Independent Living segment and was $27.3 million as of both June 30, 2026 and December 31, 2025.