Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Restricted cash consists principally of deposits required by certain lenders and lessors pursuant to the applicable agreement and consists of the following:



	December 31,
(in thousands)	2019		2018
Current:
Real estate tax and property insurance escrows	$	16,299	$	18,177
Replacement reserve escrows	9,071		8,273
Resident deposits	475		489
Other	1,011		744
Subtotal	26,856		27,683
Long term:
Insurance deposits	23,692		14,370
CCRCs escrows	10,641		9,618
Debt service reserve	281		280
Subtotal	34,614		24,268
Total	$	61,470	$	51,951

Property, plant and equipment, useful lives

Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:



Asset Category		Estimated Useful Life (in years)
Buildings and improvements		40
Furniture and equipment		3 – 10
Resident lease intangibles		1 – 3

As of December 31, 2019 and 2018, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following:



	As of December 31,
(in thousands)	2019			2018
Land	$	450,894		$	455,623
Buildings and improvements	4,790,769			4,749,877
Furniture and equipment	859,849			805,190
Resident and leasehold operating intangibles	317,111			477,827
Construction in progress	80,729			57,636
Assets under financing leases and leasehold improvements	1,847,493			1,776,649
Property, plant and equipment and leasehold intangibles	8,346,845			8,322,802
Accumulated depreciation and amortization	(3,237,011		)	(3,047,375		)
Property, plant and equipment and leasehold intangibles, net	$	5,109,834		$	5,275,427

Consolidated balance sheet

The adoption of the new accounting standards resulted in the following adjustments to the Company's consolidated balance sheet as of January 1, 2019:



(in millions)
Assets
Prepaid expenses and other current assets, net	$	67
Property, plant and equipment and leasehold intangibles, net	(11		)
Operating lease right-of-use assets	1,329
Investment in unconsolidated ventures	(2		)
Other intangible assets, net	(5		)
Other assets, net	(73		)
Total assets	$	1,305
Liabilities and Equity
Refundable fees and deferred revenue	$	43
Operating lease obligations	1,618
Deferred liabilities	(257		)
Other liabilities	(43		)
Total liabilities	1,361
Total equity	(56		)
Total liabilities and equity	$	1,305