Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables set forth selected segment financial data.

	Three Months Ended March 31,
(in thousands)	2025		2024
Revenue:(1)
Independent Living	$	157,117	$	148,948
Assisted Living and Memory Care	533,379		510,872
CCRCs	86,958		84,421
All Other	36,410		38,590
Total revenue	$	813,864	$	782,831
Community labor expenses:
Independent Living	58,284		57,140
Assisted Living and Memory Care	252,710		246,574
CCRCs	46,293		46,054
Other facility operating expenses:(2)
Independent Living	44,601		43,165
Assisted Living and Memory Care	131,116		126,840
CCRCs	23,983		22,777
Total facility operating expenses	556,987		542,550
Segment operating income:(3)
Independent Living	$	54,232	$	48,643
Assisted Living and Memory Care	149,553		137,458
CCRCs	16,682		15,590
All Other	2,620		2,618
Total segment operating income	223,087		204,309
General and administrative expense (including non-cash stock-based compensation expense)	47,874		45,732
Facility operating lease expense:
Independent Living	9,820		9,431
Assisted Living and Memory Care	39,906		37,908
CCRCs	3,381		3,125
Corporate and All Other	(233)		1,032
Depreciation and amortization:
Independent Living	25,837		22,043
Assisted Living and Memory Care	51,640		49,023
CCRCs	8,732		8,837
Corporate and All Other	4,767		6,224
Asset impairment:
Assisted Living and Memory Care	1,387		1,708
CCRCs	400		—
Income (loss) from operations	$	29,576	$	19,246

	Three Months Ended March 31,
(in thousands)	2025		2024
Interest expense:
Independent Living	$	15,588	$	16,186
Assisted Living and Memory Care	37,671		36,002
CCRCs	5,357		5,804
Corporate and All Other	6,415		(305)
Total interest expense	$	65,031	$	57,687
Capital expenditures:
Independent Living	$	10,270	$	12,720
Assisted Living and Memory Care	26,526		31,048
CCRCs	3,462		4,533
Corporate and All Other	2,891		2,757
Total capital expenditures	$	43,149	$	51,058

	As of
(in thousands)	March 31, 2025		December 31, 2024
Assets:
Independent Living(4)	$	1,230,952	$	1,252,736
Assisted Living and Memory Care	3,944,748		3,983,311
CCRCs	635,147		640,720
Corporate and All Other	394,844		458,795
Total assets	$	6,205,691	$	6,335,562

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

(2)Other facility operating expenses is primarily comprised of costs for food, utilities, maintenance, real estate taxes, insurance, marketing, paid referral fees, and other costs of operating the Company's communities.

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

(4)The Company's total carrying amount of goodwill is included within the Independent Living segment and was $27.3 million as of both March 31, 2025 and December 31, 2024.