Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2024

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):

	March 31, 2024		December 31, 2023
Nonrefundable entrance fees(1)	$	569,412	$	562,026
Other deferred revenue(2)	354,264		343,607
Deferred revenue	$	923,676	$	905,633

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(1)During each of the three months ended March 31, 2024 and 2023, the Company collected nonrefundable entrance fees of $29 million. During the three months ended March 31, 2024 and 2023, the Company recognized amortization of $22 million and $20 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, 2024 and 2023, the Company recognized amortization related to other deferred revenue of $15 million and $13 million, respectively, which is included in rental and related revenues on the Consolidated Statements of Operations.