Deferred Revenue

6 Months Ended

Jun. 30, 2026

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):

	June 30, 2026		December 31, 2025
Non-refundable entrance fees	$	695,511	$	669,528
Other deferred revenue(1)	330,968		315,779
Deferred revenue	$	1,026,479	$	985,307

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(1)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and six months ended June 30, 2026, the Company recognized amortization related to other deferred revenue of $11 million and $22 million, respectively. During the three and six months ended June 30, 2025, the Company recognized amortization related to other deferred revenue of $13 million and $24 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.

Life Plan Entrance Fees

During the three and six months ended June 30, 2026, the Company collected non-refundable entrance fees of $41 million and $76 million, respectively, and recognized amortization of $28 million and $55 million, respectively. Also during the three and six months ended June 30, 2026, the Company acquired a property which had $5 million of non-refundable entrance fees. During the three and six months ended June 30, 2025, the Company collected non-refundable entrance fees of $43 million and $71 million, respectively, and recognized amortization of $24 million and $48 million, respectively. The amortization of non-refundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations.

For certain qualified residents of the life plan communities in the Company’s senior housing segment, the Company may offer to provide a deferral of the upfront cash entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. These entrance fee receivables are due upon sale of the resident’s previous home. At June 30, 2026 and December 31, 2025, the Company had $71 million and $73 million, respectively, of entrance fee receivables, which are recognized in other assets on the Consolidated Balance Sheets.