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Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2025
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 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 March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Revenue:(1) |  |  |  |  |  |  |
Independent Living | $ | 157,117 |  |  | $ | 148,948 |  |  |  |  |
Assisted Living and Memory Care | 533,379 |  |  | 510,872 |  |  |  |  |
CCRCs | 86,958 |  |  | 84,421 |  |  |  |  |
All Other | 36,410 |  |  | 38,590 |  |  |  |  |
Total revenue | $ | 813,864 |  |  | $ | 782,831 |  |  |  |  |
Community labor expenses: |  |  |  |  |  |  |
Independent Living | 58,284 |  |  | 57,140 |  |  |  |  |
Assisted Living and Memory Care | 252,710 |  |  | 246,574 |  |  |  |  |
CCRCs | 46,293 |  |  | 46,054 |  |  |  |  |
Other facility operating expenses:(2) |  |  |  |  |  |  |
Independent Living | 44,601 |  |  | 43,165 |  |  |  |  |
Assisted Living and Memory Care | 131,116 |  |  | 126,840 |  |  |  |  |
CCRCs | 23,983 |  |  | 22,777 |  |  |  |  |
Total facility operating expenses | 556,987 |  |  | 542,550 |  |  |  |  |
Segment operating income:(3) |  |  |  |  |  |  |
Independent Living | $ | 54,232 |  |  | $ | 48,643 |  |  |  |  |
Assisted Living and Memory Care | 149,553 |  |  | 137,458 |  |  |  |  |
CCRCs | 16,682 |  |  | 15,590 |  |  |  |  |
All Other | 2,620 |  |  | 2,618 |  |  |  |  |
Total segment operating income | 223,087 |  |  | 204,309 |  |  |  |  |
General and administrative expense (including non-cash stock-based compensation expense) | 47,874 |  |  | 45,732 |  |  |  |  |
Facility operating lease expense: |  |  |  |  |  |  |
Independent Living | 9,820 |  |  | 9,431 |  |  |  |  |
Assisted Living and Memory Care | 39,906 |  |  | 37,908 |  |  |  |  |
CCRCs | 3,381 |  |  | 3,125 |  |  |  |  |
Corporate and All Other | (233) |  |  | 1,032 |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |
Independent Living | 25,837 |  |  | 22,043 |  |  |  |  |
Assisted Living and Memory Care | 51,640 |  |  | 49,023 |  |  |  |  |
CCRCs | 8,732 |  |  | 8,837 |  |  |  |  |
Corporate and All Other | 4,767 |  |  | 6,224 |  |  |  |  |
Asset impairment: |  |  |  |  |  |  |
Assisted Living and Memory Care | 1,387 |  |  | 1,708 |  |  |  |  |
CCRCs | 400 |  |  | — |  |  |  |  |
Income (loss) from operations | $ | 29,576 |  |  | $ | 19,246 |  |  |  |  |
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Interest expense: |  |  |  |  |  |  |
Independent Living | $ | 15,588 |  |  | $ | 16,186 |  |  |  |  |
Assisted Living and Memory Care | 37,671 |  |  | 36,002 |  |  |  |  |
CCRCs | 5,357 |  |  | 5,804 |  |  |  |  |
Corporate and All Other | 6,415 |  |  | (305) |  |  |  |  |
Total interest expense | $ | 65,031 |  |  | $ | 57,687 |  |  |  |  |
Capital expenditures: |  |  |  |  |  |  |
Independent Living | $ | 10,270 |  |  | $ | 12,720 |  |  |  |  |
Assisted Living and Memory Care | 26,526 |  |  | 31,048 |  |  |  |  |
CCRCs | 3,462 |  |  | 4,533 |  |  |  |  |
Corporate and All Other | 2,891 |  |  | 2,757 |  |  |  |  |
Total capital expenditures | $ | 43,149 |  |  | $ | 51,058 |  |  |  |  |
| As of
(in thousands) | March 31, 2025 |  | December 31, 2024
Assets: |  |  |
Independent Living(4) | $ | 1,230,952 |  |  | $ | 1,252,736 |
Assisted Living and Memory Care | 3,944,748 |  |  | 3,983,311 |
CCRCs | 635,147 |  |  | 640,720 |
Corporate and All Other | 394,844 |  |  | 458,795 |
Total assets | $ | 6,205,691 |  |  | $ | 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 March 31, 2025 and December 31, 2024.

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- Definition The entire disclosure for reporting segments including data and tables. 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