Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Real Estate Intangibles Excluding those Classified as Held For Sale

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

Summary of Real Estate Intangible Amortization Income (Expense)

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)

Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities

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

Schedule of 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