XML 51 R36.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents resident revenue, community operating expense and community net operating income by reportable segment (in thousands):
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Resident revenue |  | $ | 81,845 |  |  | $ | 63,108 |  |  | $ | 161,100 |  |  | $ | 123,845 |
Community operating expense: |  |  |  |  |  |  |  |
Labor |  | 39,331 |  |  | 28,913 |  |  | 77,630 |  |  | 58,030 |
Food |  | 3,839 |  |  | 3,301 |  |  | 7,267 |  |  | 6,400 |
Utilities |  | 3,525 |  |  | 2,624 |  |  | 7,526 |  |  | 5,934 |
Other community operating expense (1) |  | 13,914 |  |  | 10,654 |  |  | 27,300 |  |  | 20,950 |
Total community operating expense |  | 60,609 |  |  | 45,492 |  |  | 119,723 |  |  | 91,314 |
Community net operating income |  | $ | 21,236 |  |  | $ | 17,616 |  |  | $ | 41,377 |  |  | $ | 32,531 |
__________ (1) Includes community maintenance, software expense, supplies, insurance, real estate taxes, marketing expense, and other overhead expense.
Reconciliation of Revenue from Segments to Consolidated | A reconciliation of segment revenues to consolidated total revenues is as follows (in thousands):
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment resident revenue |  | $ | 81,845 |  |  | $ | 63,108 |  |  | $ | 161,100 |  |  | $ | 123,845 |
All other non-segment revenue: |  |  |  |  |  |  |  |
Management fees |  | 1,134 |  |  | 720 |  |  | 2,195 |  |  | 1,314 |
Managed community reimbursement revenue |  | 10,546 |  |  | 6,379 |  |  | 22,153 |  |  | 12,486 |
Total revenues |  | $ | 93,525 |  |  | $ | 70,207 |  |  | $ | 185,448 |  |  | $ | 137,645 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment net operating income to the Company’s condensed consolidated statements of operations is as follows (in thousands):
|  | Three months ended June, |  | Six months ended June,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment net operating income |  | $ | 21,236 |  |  | $ | 17,616 |  |  | $ | 41,377 |  |  | $ | 32,531 |
Management fees |  | 1,134 |  |  | 720 |  |  | 2,195 |  |  | 1,314 |
Other operating expenses |  | (811) |  |  | (489) |  |  | (2,111) |  |  | (984) |
General and administrative expense |  | (9,729) |  |  | (8,713) |  |  | (18,201) |  |  | (15,525) |
Transaction, transition and restructuring costs |  | (461) |  |  | (465) |  |  | (1,071) |  |  | (864) |
Depreciation and amortization expense |  | (13,646) |  |  | (10,067) |  |  | (27,332) |  |  | (20,002) |
Interest income |  | 986 |  |  | 387 |  |  | 1,228 |  |  | 526 |
Interest expense |  | (9,271) |  |  | (8,964) |  |  | (18,717) |  |  | (17,555) |
Gain on extinguishment of debt, net |  | — |  |  | — |  |  | — |  |  | 38,148 |
Loss from equity method investment |  | (383) |  |  | (35) |  |  | (713) |  |  | (35) |
Other income (expense), net |  | 9,063 |  |  | 253 |  |  | 8,513 |  |  | (226) |
Provision for income taxes |  | (91) |  |  | (59) |  |  | (166) |  |  | (125) |
Net income (loss) |  | $ | (1,973) |  |  | $ | (9,816) |  |  | $ | (14,998) |  |  | $ | 17,203 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration