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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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 CategoryEstimated
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)20202019
Land$505,298 $450,894 
Buildings and improvements5,215,460 4,790,769 
Furniture and equipment945,783 859,849 
Resident and leasehold operating intangibles307,071 317,111 
Construction in progress61,491 80,729 
Assets under financing leases and leasehold improvements1,523,055 1,847,493 
Property, plant and equipment and leasehold intangibles8,558,158 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