Intangibles

6 Months Ended

Jun. 30, 2026

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	June 30, 2026		December 31, 2025
Gross intangible lease assets(1)	$	1,274,879	$	1,377,039
Accumulated depreciation and amortization(2)	(557,385)		(722,523)
Intangible assets	$	717,494	$	654,516

Weighted average remaining amortization period in years	5		5

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(1)As of June 30, 2026 and December 31, 2025, includes $1.24 billion and $1.33 billion, respectively, of gross lease-up intangibles and $38 million and $43 million, respectively, of gross above market lease intangibles.

(2)As of June 30, 2026 and December 31, 2025, includes $541 million and $705 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $17 million and $17 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):


Intangible lease liabilities	June 30, 2026		December 31, 2025
Gross intangible lease liabilities	$	280,118	$	316,197
Accumulated depreciation and amortization	(124,652)		(142,500)
Intangible liabilities	$	155,466	$	173,697

Weighted average remaining amortization period in years	9		9

During the six months ended June 30, 2026, in conjunction with the Company’s acquisitions of real estate, the Company acquired $219 million of intangible assets with a weighted average amortization period at acquisition of three years. Other activity during the six months ended June 30, 2026 includes the write-off of fully depreciated assets.

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.

Goodwill

At June 30, 2026 and December 31, 2025, goodwill was allocated to the Company’s segment assets as follows (in thousands):


Segment	June 30, 2026		December 31, 2025
Outpatient medical	$	64,680	$	64,680
Senior housing	3,849		3,849


	$	68,529	$	68,529