Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the periods presented below (in thousands):


	Three Months Ended June 30,
	2026						2025
	ISHC		SHOP(1)		Total		ISHC		SHOP(1)		Total
Over time	$	439,528	$	117,620	$	557,148	$	356,771	$	69,864	$	426,635
Point in time		73,350		4,021		77,371		72,579		2,071		74,650
Total resident fees and services	$	512,878	$	121,641	$	634,519	$	429,350	$	71,935	$	501,285


	Six Months Ended June 30,
	2026						2025
	ISHC		SHOP(1)		Total		ISHC		SHOP(1)		Total
Over time	$	879,426	$	221,359	$	1,100,785	$	715,167	$	136,363	$	851,530
Point in time		136,195		7,306		143,501		142,875		4,056		146,931
Total resident fees and services	$	1,015,621	$	228,665	$	1,244,286	$	858,042	$	140,419	$	998,461

The following tables disaggregate our resident fees and services revenue by payor class for the periods presented below (in thousands):


	Three Months Ended June 30,
	2026						2025
	ISHC		SHOP(1)		Total		ISHC		SHOP(1)		Total
Private and other payors	$	199,487	$	112,168	$	311,655	$	162,179	$	62,791	$	224,970
Medicare		142,877		—		142,877		128,183		—		128,183
Medicaid		106,606		9,473		116,079		97,419		9,144		106,563
Medicare Advantage		63,908		—		63,908		41,569		—		41,569
Total resident fees and services	$	512,878	$	121,641	$	634,519	$	429,350	$	71,935	$	501,285


	Six Months Ended June 30,
	2026						2025
	ISHC		SHOP(1)		Total		ISHC		SHOP(1)		Total
Private and other payors	$	393,540	$	209,465	$	603,005	$	326,740	$	121,973	$	448,713
Medicare		285,626		—		285,626		258,813		—		258,813
Medicaid		211,937		19,200		231,137		192,574		18,446		211,020
Medicare Advantage		124,518		—		124,518		79,915		—		79,915
Total resident fees and services	$	1,015,621	$	228,665	$	1,244,286	$	858,042	$	140,419	$	998,461

(1)

Includes fees for basic housing, as well as fees for assisted living care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For residents under reimbursement arrangements with third-party payors, including Medicaid, Medicare, Medicare Advantage and private insurers, revenue is recorded based on contractually agreed-upon amounts or rates on a daily, per resident basis or as services are performed.

Receivables and Deferred Revenue - Resident Fees and Services

The beginning and ending balances of accounts receivable, net — resident fees and services are as follows (in thousands):


	Medicare		Private and Other Payors		Medicaid		Medicare Advantage			Total
Beginning balance — January 1, 2026	$	28,300	$	59,630	$	44,888	$	47,724		$	180,542
Ending balance — June 30, 2026		36,426		59,790		62,607		43,784			202,607
Increase (decrease)	$	8,126	$	160	$	17,719	$	(3,940	)	$	22,065

The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows (in thousands):


	Total
Beginning balance — January 1, 2026	$	34,464
Ending balance — June 30, 2026		35,231
Increase	$	767

Summary of Adjustments to Allowance for Credit Loss

The following is a summary of our adjustments to allowances for the periods presented below (in thousands):


	Six Months Ended June 30,
	2026			2025
Beginning balance	$	25,336		$	22,582
Additional allowances		23,509			16,153
Write-offs		(13,148	)		(6,132	)
Recoveries collected or adjustments		(11,108	)		(4,817	)
Ending balance	$	24,589		$	27,786