Intangibles

12 Months Ended

Dec. 31, 2024

Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):


	December 31,
Intangible lease assets	2024		2023



Gross intangible lease assets(1)	$	1,468,985	$	739,228
Accumulated depreciation and amortization(2)	(651,731)		(425,072)
Intangible assets, net	$	817,254	$	314,156

Weighted average remaining amortization period in years	5		5

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(1)As of December 31, 2024 and 2023, includes $1.42 billion and $725 million, respectively, of gross lease-up intangibles and $45 million and $14 million, respectively, of gross above market lease intangibles.

(2)As of December 31, 2024 and 2023, includes $640 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $12 million and $7 million, respectively, of accumulated depreciation and amortization on above market lease intangibles.

Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):


	December 31,
Intangible lease liabilities	2024		2023


Gross intangible lease liabilities	$	351,602	$	228,105
Accumulated depreciation and amortization	(159,718)		(100,725)
Intangible liabilities, net	$	191,884	$	127,380

Weighted average remaining amortization period in years	9		7

The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):


	Year Ended December 31,
	2024		2023		2022
Depreciation and amortization expense related to amortization of lease-up intangibles	$	273,146	$	102,249	$	104,885
Rental and related revenues related to amortization of net below market lease liabilities	62,894		27,012		24,640

On the Closing Date of the Merger, the Company acquired intangible assets of $891 million, inclusive of $852 million of lease-up intangibles and $39 million of above market lease intangibles. Also on the Closing Date of the Merger, the Company assumed intangible liabilities of $150 million (see Note 3). The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 6 years and 9 years, respectively.

During the year ended December 31, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years.

The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):


	Rental and Related Revenues		Depreciation and Amortization
2025	$	32,618	$	256,925
2026	29,231		171,520
2027	23,304		107,925
2028	17,899		77,072
2029	13,168		53,829
Thereafter	42,816		117,135
	$	159,036	$	784,406

Goodwill

On the Closing Date of the Merger, inclusive of measurement period adjustments, the Company recognized goodwill of $51 million, which was allocated to the Company’s outpatient medical segment (see Note 3). Goodwill is included in other assets, net on the Consolidated Balance Sheets. At December 31, 2024 and 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands):


Segment	December 31, 2024		December 31, 2023
Outpatient medical	$	64,680	$	14,178
CCRC	1,998		1,998
Other non-reportable	1,851		1,851

	$	68,529	$	18,027

During the years ended December 31, 2024, 2023, and 2022, the fair value of the assets within each of the Company’s reporting units was greater than the respective carrying value of the assets and related goodwill, and as a result, no impairment charges were recognized.