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


	September 30, 2026		December 31, 2025
Non-refundable entrance fees	$	712,221	$	669,528
Other deferred revenue(1)	326,945		315,779
Deferred revenue	$	1,039,166	$	985,307

(1)Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and nine months ended September 30, 2026, the Company recognized amortization related to other deferred revenue of $12 million and $34 million, respectively. During the three and nine months ended September 30, 2025, the Company recognized amortization related to other deferred revenue of $13 million and $37 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.