Item 2. Properties
Item 2. Properties
Communities
As of December 31, 2025, we operated and managed 584 communities across 41 states, with the capacity to serve approximately 51,000 residents. As of December 31, 2025, we owned 370 communities, leased 178 communities, and managed 36 communities on behalf of others. As of December 31, 2025, 89% of our owned communities are subject to mortgages. The following table sets forth certain information regarding our owned, leased, and managed communities as of December 31, 2025, or, for occupancy, represents the weighted average occupancy for the month of December 2025.
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Number of Communities
State Units Owned Leased Managed Total
Texas 7,516 52 16 11 79
Florida 4,921 44 16 — 60
California 3,829 31 4 1 36
Colorado 3,238 15 7 5 27
North Carolina 3,193 9 43 — 52
Ohio 2,585 14 13 4 31
Washington 2,514 19 11 — 30
Arizona 1,818 18 6 — 24
Tennessee 1,518 19 3 1 23
Michigan 1,398 12 8 1 21
New York 1,396 11 8 1 20
Oregon 1,197 11 7 — 18
Kansas 1,121 10 8 — 18
Illinois 1,117 3 3 1 7
New Jersey 1,024 7 5 — 12
Virginia 891 7 2 — 9
Alabama 760 4 — — 4
Pennsylvania 742 8 1 — 9
Georgia 656 8 — — 8
Massachusetts 618 3 2 — 5
Louisiana 606 6 — 1 7
Missouri 479 2 — 1 3
Idaho 478 6 — — 6
Oklahoma 436 4 7 — 11
Wisconsin 431 5 3 3 11
Connecticut 422 2 2 — 4
Rhode Island 398 3 — — 3
Mississippi 386 5 — — 5
Maryland 359 3 — 1 4
Arkansas 332 4 — — 4
South Carolina 292 5 1 — 6
New Mexico 283 2 — — 2
Nevada 257 4 — — 4
Indiana 226 3 2 — 5
Minnesota 179 3 — 5 8
Kentucky 163 2 — — 2
Delaware 105 2 — — 2
Vermont 101 1 — — 1
West Virginia 93 1 — — 1
New Hampshire 90 1 — — 1
Montana 76 1 — — 1
Total 48,244 370 178 36 584
December 2025 weighted average occupancy
82.2 % 83.1 % 81.9 % 82.4 %
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Community Support Centers
Our main community support centers are leased, including our 52,755 square foot support center in Brentwood, Tennessee and our 5,391 square foot support center in Milwaukee, Wisconsin.
Item 3. Legal Proceedings
The information contained in Note 11 to the consolidated financial statements contained in "Item 8. Financial Statements and Supplementary Data" is incorporated herein by reference.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.