Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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, 2021 and 2020, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following.

	As of December 31,
(in thousands)	2021		2020
Land	$	502,610	$	505,298
Buildings and improvements	5,262,136		5,215,460
Furniture and equipment	990,006		945,783
Resident and leasehold operating intangibles	303,737		307,071
Construction in progress	51,037		61,491
Assets under financing leases and leasehold improvements	1,609,217		1,523,055
Property, plant and equipment and leasehold intangibles	8,718,743		8,558,158
Accumulated depreciation and amortization	(3,814,451)		(3,490,098)
Property, plant and equipment and leasehold intangibles, net	$	4,904,292	$	5,068,060

Balance Sheet Adoption Effect

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
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	(6)
Total assets	$	1,305
Liabilities and Equity
Operating lease obligations	$	1,618
Deferred liabilities	(257)
Total liabilities	1,361
Total equity	(56)
Total liabilities and equity	$	1,305