Property, Plant and Equipment and Leasehold Intangibles, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Leasehold Intangibles, Net

6. Property, Plant and Equipment and Leasehold Intangibles, Net

As of December 31, 2023 and 2022, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following.

	As of December 31,
(in thousands)	2023		2022
Land	$	500,649	$	506,968
Buildings and improvements	5,348,133		5,323,736
Furniture and equipment	1,111,408		1,055,304
Resident in-place lease intangibles	282,411		286,122
Construction in progress	33,905		41,778
Assets under financing leases and leasehold improvements	1,070,900		1,375,521
Property, plant and equipment and leasehold intangibles	8,347,406		8,589,429
Accumulated depreciation and amortization	(4,016,777)		(4,053,727)
Property, plant and equipment and leasehold intangibles, net	$	4,330,629	$	4,535,702

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. Refer to Note 4 for information on impairment expense for property, plant and equipment and leasehold intangibles.

For the years ended December 31, 2023, 2022, and 2021, the Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $342.7 million, $347.4 million, and $337.6 million, respectively.