Intangibles (Tables)

3 Months Ended

Mar. 31, 2025

Intangibles [Abstract]

Schedule of Intangible Lease Assets

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):

Intangible lease assets	March 31, 2025		December 31, 2024
Gross intangible lease assets(1)	$	1,462,764	$	1,468,985
Accumulated depreciation and amortization(2)	(714,975)		(651,731)
Intangible assets, net	$	747,789	$	817,254
Weighted average remaining amortization period in years	5		5

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(1)At each of March 31, 2025 and December 31, 2024, includes $1.42 billion of gross lease-up intangibles and at March 31, 2025 and December 31, 2024, includes $44 million and $45 million, respectively, of gross above market lease intangibles.

(2)At March 31, 2025 and December 31, 2024, includes $702 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $13 million and $12 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):

Intangible lease liabilities	March 31, 2025		December 31, 2024
Gross intangible lease liabilities	$	316,196	$	351,602
Accumulated depreciation and amortization	(137,194)		(159,718)
Intangible liabilities, net	$	179,002	$	191,884
Weighted average remaining amortization period in years	9		9

Schedule of Goodwill Segments

At March 31, 2025 and December 31, 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):

Segment	March 31, 2025		December 31, 2024
Outpatient medical	$	64,680	$	64,680
CCRC	1,998		1,998
Other non-reportable	1,851		1,851
	$	68,529	$	68,529