Intangibles (Tables)

12 Months Ended

Dec. 31, 2024

Intangibles [Abstract]

Schedule of Intangible Lease Assets

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.

Schedule of Intangible Lease Liabilities

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

Schedule of Amortization of Deferred Lease Costs and Acquisition Related Intangibles

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

Schedule of Estimated Aggregate Amortization of Intangible Assets and Liabilities for Each of the Five Succeeding Fiscal Years and Thereafter

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

Schedule of Goodwill

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