v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
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.