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Segment Information
 9 Months Ended
Sep. 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
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Revenue:(1)
Independent Living$156,996 $150,380 $472,248 $448,870 
Assisted Living and Memory Care531,941 510,084 1,596,638 1,528,147 
CCRCs86,203 83,265 259,322 250,662 
All Other38,025 40,438 111,765 116,860 
Total revenue$813,165 $784,167 $2,439,973 $2,344,539 
Community labor expenses:
Independent Living$60,261 $57,706 $178,659 $171,473 
Assisted Living and Memory Care260,274 249,091 772,218 740,764 
CCRCs46,913 45,639 139,437 137,222 
Other facility operating expenses:(2)
Independent Living45,232 43,927 134,256 129,673 
Assisted Living and Memory Care130,982 129,225 391,475 382,002 
CCRCs23,323 22,694 70,244 67,205 
Total facility operating expenses$566,985 $548,282 $1,686,289 $1,628,339 
Segment operating income:(3)
Independent Living$51,503 $48,747 $159,333 $147,724 
Assisted Living and Memory Care140,685 131,768 432,945 405,381 
CCRCs15,967 14,932 49,641 46,235 
All Other2,698 2,676 7,941 7,910 
Total segment operating income210,853 198,123 649,860 607,250 
General and administrative expense (including non-cash stock-based compensation expense)50,866 44,929 153,713 137,325 
Facility operating lease expense:
Independent Living9,649 9,815 29,072 28,592 
Assisted Living and Memory Care38,827 38,543 117,834 114,238 
CCRCs3,227 3,369 9,748 9,584 
Corporate and All Other290 210 866 1,983 
Depreciation and amortization:
Independent Living28,097 23,526 80,427 68,430 
Assisted Living and Memory Care53,004 51,110 157,500 150,089 
CCRCs9,147 8,843 26,710 26,569 
Corporate and All Other4,544 6,585 13,984 19,131 
Asset impairment:
Independent Living14,624 233 14,624 233 
Assisted Living and Memory Care47,883 701 49,647 2,409 
CCRCs189 — 789 — 
Loss (gain) on sale of communities, net(139)— (182)— 
Loss (gain) on facility operating lease termination, net4,480 — 4,480 — 
Income (loss) from operations$(53,835)$10,259 $(9,352)$48,667 
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Interest expense:
Independent Living$15,750 $16,301 $46,952 $48,666 
Assisted Living and Memory Care37,438 36,617 112,290 108,995 
CCRCs5,056 5,997 15,425 17,756 
Corporate and All Other5,330 7,401 17,019 10,153 
Total interest expense$63,574 $66,316 $191,686 $185,570 
Capital expenditures:
Independent Living$10,599 $10,853 $33,441 $35,824 
Assisted Living and Memory Care28,547 29,158 87,207 93,398 
CCRCs3,690 4,402 11,995 13,750 
Corporate and All Other4,347 4,210 15,830 10,300 
Total capital expenditures$47,183 $48,623 $148,473 $153,272 

As of
(in thousands)September 30, 2025December 31, 2024
Assets:
Independent Living(4)
$1,165,714 $1,252,736 
Assisted Living and Memory Care3,810,548 3,983,311 
CCRCs631,390 640,720 
Corporate and All Other405,056 458,795 
Total assets$6,012,708 $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 September 30, 2025 and December 31, 2024.