Property, Plant and Equipment and Leasehold Intangibles, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Leasehold Intangibles, Net

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

As of March 31, 2025 and December 31, 2024, net property, plant and equipment and leasehold intangibles consisted of the following.

(in thousands)	March 31, 2025		December 31, 2024
Land	$	559,133	$	532,719
Buildings and improvements	5,979,733		5,667,855
Furniture and equipment	1,236,867		1,182,026
Resident in-place lease intangibles	281,041		281,041
Construction in progress	26,339		32,965
Assets under financing leases and leasehold improvements	901,643		1,245,791
Property, plant and equipment and leasehold intangibles	8,984,756		8,942,397
Accumulated depreciation and amortization	(4,438,929)		(4,347,996)
Property, plant and equipment and leasehold intangibles, net	$	4,545,827	$	4,594,401

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. The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $91.0 million and $86.1 million for the three months ended March 31, 2025 and 2024, respectively. The Company recognized $1.8 million and $1.7 million for the three months ended March 31, 2025 and 2024, respectively, of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets.