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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information
13. Segment Information

The Company has three reportable segments: Independent Living; Assisted Living and Memory Care; and CCRCs. 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 to live in a residential setting that feels like home, without the efforts of ownership. 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 broad continuum of senior independent and assisted living services to accommodate their changing needs.

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 living for the Company's residents. The
Company's assisted living and memory care communities include both freestanding, multi-story communities, as well as smaller, 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 disease 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 a broad spectrum of physical ability and healthcare needs. Most of the Company's CCRCs have independent living, assisted living, memory care, and skilled nursing available on one campus.

All Other. All Other includes communities operated by the Company pursuant to management agreements. Under the management agreements for these communities, the Company receives management fees as well as reimbursement of expenses it incurs on behalf of the owners.

The following tables set forth selected segment financial data.

Three Months Ended
March 31,
(in thousands)20242023
Revenue and other operating income:
Independent Living(1)
$148,948 $140,656 
Assisted Living and Memory Care(1)
510,872 488,804 
CCRCs(1)
84,421 86,272 
All Other38,590 37,531 
Total revenue and other operating income$782,831 $753,263 
Segment operating income:(2)
Independent Living$48,643 $46,833 
Assisted Living and Memory Care137,458 124,593 
CCRCs15,590 13,499 
All Other2,618 2,577 
Total segment operating income204,309 187,502 
General and administrative expense (including non-cash stock-based compensation expense)45,732 48,619 
Facility operating lease expense51,496 46,127 
Depreciation and amortization86,127 84,934 
Asset impairment1,708 — 
Income (loss) from operations$19,246 $7,822 

As of
(in thousands)March 31, 2024December 31, 2023
Total assets:
Independent Living(3)
$1,192,142 $1,206,021 
Assisted Living and Memory Care3,279,194 3,315,921 
CCRCs607,107 612,521 
Corporate and All Other463,881 438,972 
Total assets$5,542,324 $5,573,435 
(1)All revenue and other operating income is earned from external third parties in the United States.Segment operating income is defined as segment revenues and other operating income less segment facility operating expenses (excluding facility depreciation and amortization) and costs incurred on behalf of managed communities.
(3)The Company's total carrying amount of goodwill is included on the Independent Living segment and was $27.3 million as of both March 31, 2024 and December 31, 2023.