Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2023

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):

	September 30, 2023		December 31, 2022
Nonrefundable entrance fees(1)	$	553,114	$	518,573
Other deferred revenue(2)	326,060		325,503
Deferred revenue	$	879,174	$	844,076

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(1)During the three and nine months ended September 30, 2023, the Company collected nonrefundable entrance fees of $36 million and $96 million, respectively, and recognized amortization of $21 million and $61 million, respectively. During the three and nine months ended September 30, 2022, the Company collected nonrefundable entrance fees of $24 million and $74 million, respectively, and recognized amortization of $20 million and $58 million, respectively. The amortization of nonrefundable 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 and nine months ended September 30, 2023, the Company recognized amortization related to other deferred revenue of $19 million and $50 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized amortization related to other deferred revenue of $12 million and $32 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.