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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)20252024
Revenue:(1)
Independent Living$157,117 $148,948 
Assisted Living and Memory Care533,379 510,872 
CCRCs86,958 84,421 
All Other36,410 38,590 
Total revenue$813,864 $782,831 
Community labor expenses:
Independent Living58,284 57,140 
Assisted Living and Memory Care252,710 246,574 
CCRCs46,293 46,054 
Other facility operating expenses:(2)
Independent Living44,601 43,165 
Assisted Living and Memory Care131,116 126,840 
CCRCs23,983 22,777 
Total facility operating expenses556,987 542,550 
Segment operating income:(3)
Independent Living$54,232 $48,643 
Assisted Living and Memory Care149,553 137,458 
CCRCs16,682 15,590 
All Other2,620 2,618 
Total segment operating income223,087 204,309 
General and administrative expense (including non-cash stock-based compensation expense)47,874 45,732 
Facility operating lease expense:
Independent Living9,820 9,431 
Assisted Living and Memory Care39,906 37,908 
CCRCs3,381 3,125 
Corporate and All Other(233)1,032 
Depreciation and amortization:
Independent Living25,837 22,043 
Assisted Living and Memory Care51,640 49,023 
CCRCs8,732 8,837 
Corporate and All Other4,767 6,224 
Asset impairment:
Assisted Living and Memory Care1,387 1,708 
CCRCs400 — 
Income (loss) from operations$29,576 $19,246 
Three Months Ended
March 31,
(in thousands)20252024
Interest expense:
Independent Living$15,588 $16,186 
Assisted Living and Memory Care37,671 36,002 
CCRCs5,357 5,804 
Corporate and All Other6,415 (305)
Total interest expense$65,031 $57,687 
Capital expenditures:
Independent Living$10,270 $12,720 
Assisted Living and Memory Care26,526 31,048 
CCRCs3,462 4,533 
Corporate and All Other2,891 2,757 
Total capital expenditures$43,149 $51,058 

As of
(in thousands)March 31, 2025December 31, 2024
Assets:
Independent Living(4)
$1,230,952 $1,252,736 
Assisted Living and Memory Care3,944,748 3,983,311 
CCRCs635,147 640,720 
Corporate and All Other394,844 458,795 
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.