Deferred Revenue

3 Months Ended

Mar. 31, 2025

Revenues [Abstract]

Deferred Revenue

Deferred Revenue

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

	March 31, 2025		December 31, 2024
Non-refundable entrance fees(1)	$	620,420	$	615,723
Other deferred revenue(2)	319,435		324,413
Deferred revenue	$	939,855	$	940,136

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(1)During each of the three months ended March 31, 2025 and 2024, the Company collected non-refundable entrance fees of $29 million. During the three months ended March 31, 2025 and 2024, the Company recognized amortization of $24 million and $22 million, respectively. The amortization of non-refundable entrance fees 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 three months ended March 31, 2025 and 2024, the Company recognized amortization related to other deferred revenue of $11 million and $15 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.