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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue:(1) |  |  |  |  |  |  |
Independent Living | $ | 158,135 |  |  | $ | 149,542 |  |  | $ | 315,252 |  |  | $ | 298,490 |
Assisted Living and Memory Care | 531,318 |  |  | 507,191 |  |  | 1,064,697 |  |  | 1,018,063 |
CCRCs | 86,161 |  |  | 82,976 |  |  | 173,119 |  |  | 167,397 |
All Other | 37,330 |  |  | 37,832 |  |  | 73,740 |  |  | 76,422 |
Total revenue | $ | 812,944 |  |  | $ | 777,541 |  |  | $ | 1,626,808 |  |  | $ | 1,560,372 |
Community labor expenses: |  |  |  |  |  |  |
Independent Living | $ | 60,114 |  |  | $ | 56,627 |  |  | $ | 118,398 |  |  | $ | 113,767 |
Assisted Living and Memory Care | 259,234 |  |  | 245,099 |  |  | 511,944 |  |  | 491,673 |
CCRCs | 46,231 |  |  | 45,529 |  |  | 92,524 |  |  | 91,583 |
Other facility operating expenses:(2) |  |  |  |  |  |  |
Independent Living | 44,423 |  |  | 42,581 |  |  | 89,024 |  |  | 85,746 |
Assisted Living and Memory Care | 129,377 |  |  | 125,937 |  |  | 260,493 |  |  | 252,777 |
CCRCs | 22,938 |  |  | 21,734 |  |  | 46,921 |  |  | 44,511 |
Total facility operating expenses | $ | 562,317 |  |  | $ | 537,507 |  |  | $ | 1,119,304 |  |  | $ | 1,080,057 |
Segment operating income:(3) |  |  |  |  |  |  |
Independent Living | $ | 53,598 |  |  | $ | 50,334 |  |  | $ | 107,830 |  |  | $ | 98,977 |
Assisted Living and Memory Care | 142,707 |  |  | 136,155 |  |  | 292,260 |  |  | 273,613 |
CCRCs | 16,992 |  |  | 15,713 |  |  | 33,674 |  |  | 31,303 |
All Other | 2,623 |  |  | 2,616 |  |  | 5,243 |  |  | 5,234 |
Total segment operating income | 215,920 |  |  | 204,818 |  |  | 439,007 |  |  | 409,127 |
General and administrative expense (including non-cash stock-based compensation expense) | 54,973 |  |  | 46,664 |  |  | 102,847 |  |  | 92,396 |
Facility operating lease expense: |  |  |  |  |  |  |
Independent Living | 9,692 |  |  | 9,346 |  |  | 19,423 |  |  | 18,777 |
Assisted Living and Memory Care | 39,424 |  |  | 37,787 |  |  | 79,006 |  |  | 75,695 |
CCRCs | 3,248 |  |  | 3,090 |  |  | 6,520 |  |  | 6,215 |
Corporate and All Other | 289 |  |  | 741 |  |  | 578 |  |  | 1,773 |
Depreciation and amortization: |  |  |  |  |  |  |
Independent Living | 26,494 |  |  | 22,861 |  |  | 52,331 |  |  | 44,904 |
Assisted Living and Memory Care | 52,855 |  |  | 49,956 |  |  | 104,495 |  |  | 98,979 |
CCRCs | 8,831 |  |  | 8,889 |  |  | 17,563 |  |  | 17,726 |
Corporate and All Other | 4,673 |  |  | 6,322 |  |  | 9,440 |  |  | 12,546 |
Asset impairment: |  |  |  |  |  |  |
Assisted Living and Memory Care | 377 |  |  | — |  |  | 1,764 |  |  | 1,708 |
CCRCs | 200 |  |  | — |  |  | 600 |  |  | — |
Loss (gain) on sale of communities, net | (43) |  |  | — |  |  | (43) |  |  | — |
Income (loss) from operations | $ | 14,907 |  |  | $ | 19,162 |  |  | $ | 44,483 |  |  | $ | 38,408 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense: |  |  |  |  |  |  |
Independent Living | $ | 15,614 |  |  | $ | 16,179 |  |  | $ | 31,202 |  |  | $ | 32,365 |
Assisted Living and Memory Care | 37,181 |  |  | 36,376 |  |  | 74,852 |  |  | 72,378 |
CCRCs | 5,012 |  |  | 5,955 |  |  | 10,369 |  |  | 11,759 |
Corporate and All Other | 5,274 |  |  | 3,057 |  |  | 11,689 |  |  | 2,752 |
Total interest expense | $ | 63,081 |  |  | $ | 61,567 |  |  | $ | 128,112 |  |  | $ | 119,254 |
Capital expenditures: |  |  |  |  |  |  |
Independent Living | $ | 12,571 |  |  | $ | 12,251 |  |  | $ | 22,841 |  |  | $ | 24,971 |
Assisted Living and Memory Care | 32,134 |  |  | 33,192 |  |  | 58,660 |  |  | 64,240 |
CCRCs | 4,844 |  |  | 4,815 |  |  | 8,306 |  |  | 9,348 |
Corporate and All Other | 8,592 |  |  | 3,333 |  |  | 11,483 |  |  | 6,090 |
Total capital expenditures | $ | 58,141 |  |  | $ | 53,591 |  |  | $ | 101,290 |  |  | $ | 104,649 |
| As of
(in thousands) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |
Independent Living(4) | $ | 1,210,872 |  |  | $ | 1,252,736 |
Assisted Living and Memory Care | 3,904,546 |  |  | 3,983,311 |
CCRCs | 629,304 |  |  | 640,720 |
Corporate and All Other | 396,744 |  |  | 458,795 |
Total assets | $ | 6,141,466 |  |  | $ | 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 June 30, 2025 and December 31, 2024.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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