The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands):


	June 30, 2025		December 31, 2024
Non-refundable entrance fees(1)	$	639,462	$	615,723
Other deferred revenue(2)	326,338		324,413
Deferred revenue	$	965,800	$	940,136

(1)During the three and six months ended June 30, 2025, the Company collected non-refundable entrance fees of $43 million and $71 million, respectively, and recognized amortization of $24 million and $48 million, respectively. During the three and six months ended June 30, 2024, the Company collected non-refundable entrance fees of $34 million and $62 million, respectively, and recognized amortization of $21 million and $43 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 and six months ended June 30, 2025, the Company recognized amortization related to other deferred revenue of $13 million and $24 million, respectively. During the three and six months ended June 30, 2024, the Company recognized amortization related to other deferred revenue of $13 million and $27 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.