Deferred Revenue

12 Months Ended

Dec. 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):

	December 31,
	2025		2024
Non-refundable entrance fees(1)	$	669,528	$	615,723
Other deferred revenue(2)	315,779		324,413
Deferred revenue	$	985,307	$	940,136

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(1)During the years ended December 31, 2025 and 2024, the Company collected non-refundable entrance fees of $153 million and $143 million, respectively. During the years ended December 31, 2025, 2024, and 2023, the Company recognized amortization of $99 million, $89 million, and $83 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, 2025, 2024, and 2023, the Company recognized amortization related to other deferred revenue of $48 million, $53 million, and $68 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.