Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenues [Abstract]

Schedule of Deferred Revenue

The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands):

	December 31,
	2024		2023
Non-refundable entrance fees(1)	$	615,723	$	562,026
Other deferred revenue(2)	324,413		343,607
Deferred revenue	$	940,136	$	905,633

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(1)During the years ended December 31, 2024 and 2023, the Company collected non-refundable entrance fees of $143 million and $127 million, respectively. During the years ended December 31, 2024, 2023, and 2022, the Company recognized amortization of $89 million, $83 million, and $79 million, respectively, which is included within resident fees and services on the Consolidated Statements of Operations.

(2)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the years ended December 31, 2024, 2023, and 2022, the Company recognized amortization related to other deferred revenue of $53 million, $68 million, and $44 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.