v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following tables set forth selected segment financial data.

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Revenue:(1)
Independent Living$156,996 $150,380 $472,248 $448,870 
Assisted Living and Memory Care531,941 510,084 1,596,638 1,528,147 
CCRCs86,203 83,265 259,322 250,662 
All Other38,025 40,438 111,765 116,860 
Total revenue$813,165 $784,167 $2,439,973 $2,344,539 
Community labor expenses:
Independent Living$60,261 $57,706 $178,659 $171,473 
Assisted Living and Memory Care260,274 249,091 772,218 740,764 
CCRCs46,913 45,639 139,437 137,222 
Other facility operating expenses:(2)
Independent Living45,232 43,927 134,256 129,673 
Assisted Living and Memory Care130,982 129,225 391,475 382,002 
CCRCs23,323 22,694 70,244 67,205 
Total facility operating expenses$566,985 $548,282 $1,686,289 $1,628,339 
Segment operating income:(3)
Independent Living$51,503 $48,747 $159,333 $147,724 
Assisted Living and Memory Care140,685 131,768 432,945 405,381 
CCRCs15,967 14,932 49,641 46,235 
All Other2,698 2,676 7,941 7,910 
Total segment operating income210,853 198,123 649,860 607,250 
General and administrative expense (including non-cash stock-based compensation expense)50,866 44,929 153,713 137,325 
Facility operating lease expense:
Independent Living9,649 9,815 29,072 28,592 
Assisted Living and Memory Care38,827 38,543 117,834 114,238 
CCRCs3,227 3,369 9,748 9,584 
Corporate and All Other290 210 866 1,983 
Depreciation and amortization:
Independent Living28,097 23,526 80,427 68,430 
Assisted Living and Memory Care53,004 51,110 157,500 150,089 
CCRCs9,147 8,843 26,710 26,569 
Corporate and All Other4,544 6,585 13,984 19,131 
Asset impairment:
Independent Living14,624 233 14,624 233 
Assisted Living and Memory Care47,883 701 49,647 2,409 
CCRCs189 — 789 — 
Loss (gain) on sale of communities, net(139)— (182)— 
Loss (gain) on facility operating lease termination, net4,480 — 4,480 — 
Income (loss) from operations$(53,835)$10,259 $(9,352)$48,667 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Interest expense:
Independent Living$15,750 $16,301 $46,952 $48,666 
Assisted Living and Memory Care37,438 36,617 112,290 108,995 
CCRCs5,056 5,997 15,425 17,756 
Corporate and All Other5,330 7,401 17,019 10,153 
Total interest expense$63,574 $66,316 $191,686 $185,570 
Capital expenditures:
Independent Living$10,599 $10,853 $33,441 $35,824 
Assisted Living and Memory Care28,547 29,158 87,207 93,398 
CCRCs3,690 4,402 11,995 13,750 
Corporate and All Other4,347 4,210 15,830 10,300 
Total capital expenditures$47,183 $48,623 $148,473 $153,272 

As of
(in thousands)September 30, 2025December 31, 2024
Assets:
Independent Living(4)
$1,165,714 $1,252,736 
Assisted Living and Memory Care3,810,548 3,983,311 
CCRCs631,390 640,720 
Corporate and All Other405,056 458,795 
Total assets$6,012,708 $6,335,562 

(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.
(4)The Company's total carrying amount of goodwill is included within the Independent Living segment and was $27.3 million as of both September 30, 2025 and December 31, 2024.