Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2026

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):

	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.