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Segment Information
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Revenue:(1)
Independent Living$158,135 $149,542 $315,252 $298,490 
Assisted Living and Memory Care531,318 507,191 1,064,697 1,018,063 
CCRCs86,161 82,976 173,119 167,397 
All Other37,330 37,832 73,740 76,422 
Total revenue$812,944 $777,541 $1,626,808 $1,560,372 
Community labor expenses:
Independent Living$60,114 $56,627 $118,398 $113,767 
Assisted Living and Memory Care259,234 245,099 511,944 491,673 
CCRCs46,231 45,529 92,524 91,583 
Other facility operating expenses:(2)
Independent Living44,423 42,581 89,024 85,746 
Assisted Living and Memory Care129,377 125,937 260,493 252,777 
CCRCs22,938 21,734 46,921 44,511 
Total facility operating expenses$562,317 $537,507 $1,119,304 $1,080,057 
Segment operating income:(3)
Independent Living$53,598 $50,334 $107,830 $98,977 
Assisted Living and Memory Care142,707 136,155 292,260 273,613 
CCRCs16,992 15,713 33,674 31,303 
All Other2,623 2,616 5,243 5,234 
Total segment operating income215,920 204,818 439,007 409,127 
General and administrative expense (including non-cash stock-based compensation expense)54,973 46,664 102,847 92,396 
Facility operating lease expense:
Independent Living9,692 9,346 19,423 18,777 
Assisted Living and Memory Care39,424 37,787 79,006 75,695 
CCRCs3,248 3,090 6,520 6,215 
Corporate and All Other289 741 578 1,773 
Depreciation and amortization:
Independent Living26,494 22,861 52,331 44,904 
Assisted Living and Memory Care52,855 49,956 104,495 98,979 
CCRCs8,831 8,889 17,563 17,726 
Corporate and All Other4,673 6,322 9,440 12,546 
Asset impairment:
Assisted Living and Memory Care377 — 1,764 1,708 
CCRCs200 — 600 — 
Loss (gain) on sale of communities, net(43)— (43)— 
Income (loss) from operations$14,907 $19,162 $44,483 $38,408 
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Interest expense:
Independent Living$15,614 $16,179 $31,202 $32,365 
Assisted Living and Memory Care37,181 36,376 74,852 72,378 
CCRCs5,012 5,955 10,369 11,759 
Corporate and All Other5,274 3,057 11,689 2,752 
Total interest expense$63,081 $61,567 $128,112 $119,254 
Capital expenditures:
Independent Living$12,571 $12,251 $22,841 $24,971 
Assisted Living and Memory Care32,134 33,192 58,660 64,240 
CCRCs4,844 4,815 8,306 9,348 
Corporate and All Other8,592 3,333 11,483 6,090 
Total capital expenditures$58,141 $53,591 $101,290 $104,649 

As of
(in thousands)June 30, 2025December 31, 2024
Assets:
Independent Living(4)
$1,210,872 $1,252,736 
Assisted Living and Memory Care3,904,546 3,983,311 
CCRCs629,304 640,720 
Corporate and All Other396,744 458,795 
Total assets$6,141,466 $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 June 30, 2025 and December 31, 2024.