Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (dollars in thousands):

	December 31, 2024		December 31, 2023
Assets:
Gross acquired lease intangibles	$	2,548,766	$	2,166,470
Accumulated amortization	(1,882,822)		(1,651,656)
Net book value	$	665,944	$	514,814
Weighted average amortization period in years	5.1		6.7
Liabilities:
Below market tenant leases	$	70,364	$	70,364
Accumulated amortization	(52,397)		(47,939)
Net book value	$	17,967	$	22,425
Weighted average amortization period in years	8.5		8.4

The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):

	Year Ended December 31,
	2024		2023		2022
Rental income related to (above)/below market tenant leases, net	$	(463)	$	384	$	1,551
Amortization related to in-place lease intangibles and lease commissions	(286,666)		(226,663)		(217,187)

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):

	Assets		Liabilities
2025	$	308,280	$	3,521
2026	156,861		2,875
2027	40,961		2,272
2028	31,035		1,869
2029	24,323		1,430
Thereafter	104,484		6,000
Totals	$	665,944	$	17,967

Goodwill

The change in the carrying amount of goodwill by reportable segment is as follows (in thousands):

	Seniors Housing Operating		Outpatient Medical		Total
Balance at December 31, 2022	$	—	$	68,321	$	68,321
Balance at December 31, 2023	$	—	$	68,321	$	68,321
Goodwill acquired	$	87,192	$	—	$	87,192
Impact of foreign currency translation	(6,288)		—		(6,288)
Balance at December 31, 2024	$	80,904	$	68,321	$	149,225