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Segment Information
 9 Months Ended
Sep. 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 September 30,
Nine Months Ended September 30,
2025202420252024
Resident revenue$84,597 $66,951 $245,697 $190,796 
Community operating expense:
Labor41,407 31,727 119,037 89,757 
Food4,046 3,442 11,313 9,841 
Utilities4,119 3,322 11,645 9,255 
Other community operating expense (1)
14,261 11,371 41,561 32,323 
Total community operating expense63,833 49,862 183,556 141,176 
Community net operating income$20,764 $17,089 $62,141 $49,620 
__________
(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 September 30,
Nine Months Ended September 30,
2025202420252024
Segment resident revenue$84,597 $66,951 $245,697 $190,796 
All other non-segment revenue:
Management fees1,146 1,151 3,341 2,465 
Managed community reimbursement revenue12,295 6,648 34,448 19,134 
Total revenues$98,038 $74,750 $283,486 $212,395 
A reconciliation of segment net operating income to the Company’s condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Segment net operating income$20,764 $17,089 $62,141 $49,620 
Management fees1,146 1,151 3,341 2,465 
Other operating expenses (1,315)(630)(3,426)(1,614)
General and administrative expense(10,529)(9,695)(28,730)(25,220)
Transaction, transition and restructuring costs(6,174)(2,098)(7,245)(2,962)
Depreciation and amortization expense(14,627)(10,729)(41,959)(30,731)
Impairment of assets held for sale(4,733)— (4,733)— 
Interest income394 853 1,622 1,379 
Interest expense(9,910)(9,839)(28,627)(27,394)
Gain on extinguishment of debt, net— — — 38,148 
Loss from equity method investment(374)(146)(1,087)(181)
Other income (expense), net(1,902)(153)6,611 (379)
Provision for income taxes(88)(68)(254)(193)
Net income (loss)$(27,348)$(14,265)$(42,346)$2,938