Property, Plant and Equipment and Leasehold Intangibles, Net

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following.

	As of December 31,
(in thousands)	2024		2023
Land	$	532,719	$	500,649
Buildings and improvements	5,667,855		5,348,133
Furniture and equipment	1,182,026		1,111,408
Resident in-place lease intangibles	281,041		282,411
Construction in progress	32,965		33,905
Assets under financing leases and leasehold improvements	1,245,791		1,070,900
Property, plant and equipment and leasehold intangibles	8,942,397		8,347,406
Accumulated depreciation and amortization	(4,347,996)		(4,016,777)
Property, plant and equipment and leasehold intangibles, net	$	4,594,401	$	4,330,629

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, 2024, 2023, and 2022, the Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $357.8 million, $342.7 million, and $347.4 million, respectively.