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Deferred Revenue (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
Non-refundable entrance fees(1) | $ | 620,420 |  |  | $ | 615,723 |
Other deferred revenue(2) | 319,435 |  |  | 324,413 |
Deferred revenue | $ | 939,855 |  |  | $ | 940,136 |
_______________________________________ (1)During each of the three months ended March 31, 2025 and 2024, the Company collected non-refundable entrance fees of $29 million. During the three months ended March 31, 2025 and 2024, the Company recognized amortization of $24 million and $22 million, respectively. The amortization of non-refundable 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 months ended March 31, 2025 and 2024, the Company recognized amortization related to other deferred revenue of $11 million and $15 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.

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