Segment Information

The Company has five reportable segments: Independent Living; Assisted Living and Memory Care; CCRCs; Health Care Services; and Management Services. 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 an upscale residential environment providing the highest quality of service. 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 continuum of senior independent and assisted living services.

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 life to mid-acuity frail and elderly residents. Assisted living and memory care communities include both freestanding, multi-story communities and 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 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 all levels of physical ability and health. Most of the Company's CCRCs have independent living, assisted living and skilled nursing available on one campus or within the immediate market, and some also include memory care and Alzheimer's services.

Health Care Services. The Company's Health Care Services segment includes the home health, hospice, and outpatient therapy services, as well as education and wellness programs, provided to residents of many of the Company's communities and to seniors living outside of the Company's communities. The Health Care Services segment does not include the skilled nursing and inpatient healthcare services provided in the Company's skilled nursing units, which are included in the Company's CCRCs segment.

Management Services. The Company's Management Services segment includes communities operated by the Company pursuant to management agreements. In some of the cases, the controlling financial interest in the community is held by third parties and, in other cases, the community is owned in a venture structure in which the Company has an ownership interest. Under the management agreements for these communities, the Company receives management fees as well as reimbursed expenses, which represent the reimbursement of expenses it incurs on behalf of the owners.

The accounting policies of the Company's reportable segments are the same as those described in the summary of significant accounting policies in Note 2.

The following table sets forth selected segment financial and operating data:



	Three Months Ended March 31,
(in thousands)	2019		2018
Revenue:
Independent Living ⁽¹⁾	$	135,694	$	158,397
Assisted Living and Memory Care ⁽¹⁾	458,526		532,280
CCRCs ⁽¹⁾	103,727		105,069
Health Care Services ⁽¹⁾	111,532		110,520
Management Services ⁽²⁾	232,565		280,968
	$	1,042,044	$	1,187,234
Segment Operating Income: ⁽³⁾
Independent Living	$	52,876	$	64,422
Assisted Living and Memory Care	140,699		176,538
CCRCs	21,637		24,663
Health Care Services	8,173		8,318
Management Services	15,743		18,681
	239,128		292,622
General and administrative expense (including non-cash stock-based compensation expense)	56,311		81,435
Facility operating lease expense	68,668		80,400
Depreciation and amortization	96,888		114,255
Goodwill and asset impairment	391		430,363
Loss on facility lease termination and modification, net	209		—
Income (loss) from operations	$	16,661	$	(413,831	)



	As of
(in thousands)	March 31, 2019		December 31, 2018
Total assets:
Independent Living	$	1,486,073	$	1,104,774
Assisted Living and Memory Care	4,359,760		3,684,170
CCRCs	801,120		707,819
Health Care Services	275,130		254,950
Corporate and Management Services	708,690		715,547
	$	7,630,773	$	6,467,260


(1)	All revenue is earned from external third parties in the United States.


(2)	Management services segment revenue includes management fees and reimbursements of costs incurred on behalf of managed communities.


(3)	Segment operating income is defined as segment revenues less segment facility operating expenses (excluding depreciation and amortization) and costs incurred on behalf of managed communities.