Deferred Revenue

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Nonrefundable entrance fees(1)	$	527,476	$	518,573
Other deferred revenue(2)	350,968		325,503
Deferred revenue	$	878,444	$	844,076

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(1)During the three months ended March 31, 2023 and 2022, the Company collected nonrefundable entrance fees of $29 million and $21 million, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized amortization of $20 million and $19 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 three months ended March 31, 2023 and 2022, the Company recognized amortization related to other deferred revenue of $13 million and $9 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.