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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Each of our communities are identified as individual operating segments and we combine them into a single reportable segment for reporting purposes under ASC 280. We measure the segment based on resident revenue less community operating expense, (adjusted for various non-recurring non-operating community expenses), which we define as community net operating income (“NOI”), as well as some key performance indicators such as weighted average occupancy and a measurement of average rent per available unit. Our Chief Executive Officer is our chief operating decision maker (“CODM”), who organizes our company, manages resource allocations and measures performance among our one reportable segment. The CODM uses community NOI by property to allocate operating and capital resources and assesses performance of the segment by comparing actual NOI results to historical results and previously forecasted financial information. Our CODM manages our business by reviewing annual forecasts and segment results on a monthly basis. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The total investment in equity method investments and capital expenditures are presented on the consolidated financial statements. 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. 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 |
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 |

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