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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Property, plant and equipment, useful lives | Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:
Asset Category |  | Estimated Useful Life (in years)
Buildings and improvements |  | 40
Furniture and equipment |  | 3 – 10
Resident lease intangibles |  | 1 – 3
As of December 31, 2020 and 2019, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following:
| As of December 31,
(in thousands) | 2020 |  | 2019
Land | $ | 505,298 |  |  | $ | 450,894 |
Buildings and improvements | 5,215,460 |  |  | 4,790,769 |
Furniture and equipment | 945,783 |  |  | 859,849 |
Resident and leasehold operating intangibles | 307,071 |  |  | 317,111 |
Construction in progress | 61,491 |  |  | 80,729 |
Assets under financing leases and leasehold improvements | 1,523,055 |  |  | 1,847,493 |
Property, plant and equipment and leasehold intangibles | 8,558,158 |  |  | 8,346,845 |
Accumulated depreciation and amortization | (3,490,098) |  |  | (3,237,011) |
Property, plant and equipment and leasehold intangibles, net | $ | 5,068,060 |  |  | $ | 5,109,834 |
Balance Sheet Adoption Effect | The adoption of the new accounting standards resulted in the following adjustments to the Company's consolidated balance sheet as of January 1, 2019:
(in millions) |  |
Assets |  |
Prepaid expenses and other current assets, net | $ | 67 |  |  |  |
Property, plant and equipment and leasehold intangibles, net | (11) |  |  |
Operating lease right-of-use assets | 1,329 |  |  |
Investment in unconsolidated ventures | (2) |  |  |
Other intangible assets, net | (5) |  |  |
Other assets, net | (73) |  |  |
Total assets | $ | 1,305 |  |  |  |
Liabilities and Equity |  |
Refundable fees and deferred revenue | $ | 43 |  |  |  |
Operating lease obligations | 1,618 |  |  |
Deferred liabilities | (257) |  |  |
Other liabilities | (43) |  |  |
Total liabilities | 1,361 |  |  |
Total equity | (56) |  |  |
Total liabilities and equity | $ | 1,305 |  |  |  |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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