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	2025		2024
Gross intangible lease assets(1)	$	1,377,039	$	1,468,985
Accumulated depreciation and amortization(2)	(722,523)		(651,731)
Intangible assets	$	654,516	$	817,254

Weighted average remaining amortization period in years	5		5

(1)As of December 31, 2025 and 2024, includes $1.33 billion and $1.42 billion, respectively, of gross lease-up intangibles and $43 million and $45 million, respectively, of gross above market lease intangibles.

(2)As of December 31, 2025 and 2024, includes $705 million and $640 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $17 million and $12 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	2025		2024
Gross intangible lease liabilities	$	316,197	$	351,602
Accumulated depreciation and amortization	(142,500)		(159,718)
Intangible liabilities	$	173,697	$	191,884

Weighted average remaining amortization period in years	9		9

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


	Year Ended December 31,
	2025		2024		2023
Depreciation and amortization expense related to amortization of lease-up intangibles	$	264,614	$	273,146	$	102,249
Rental and related revenues related to amortization of net below market lease liabilities	39,499		62,894		27,012

During the year ended December 31, 2025, in conjunction with the Company’s acquisitions of real estate, the Company acquired $137 million of intangible assets with a weighted average amortization period at acquisition of seven years and $31 million of intangible liabilities with a weighted average amortization period at acquisition of eight years.

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 six years and nine years, respectively.

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
2026	$	27,662	$	188,913
2027	23,939		121,227
2028	19,343		90,323
2029	15,375		66,330
2030	13,672		49,933
Thereafter	47,989		112,073
	$	147,980	$	628,799

In connection with the Merger, the Company recognized goodwill of $51 million, which was allocated to the Company’s outpatient medical segment (see Note 3). At December 31, 2025 and 2024, goodwill was allocated to the Company’s segment assets as follows (in thousands):


	December 31,
Segment	2025		2024(1)
Outpatient medical	$	64,680	$	64,680
Senior housing	3,849		3,849


	$	68,529	$	68,529

_______________________________________

(1)In connection with the segment changes as discussed in Note 16, goodwill previously attributable to other non-reportable segments has been recast to be attributable to senior housing.

During the years ended December 31, 2025, 2024, and 2023, the fair value of the assets within each of the Company’s reporting units was greater than the respective carrying value of the assets, including the related goodwill, and as a result, no impairment charges were recognized.