Intangible and Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible 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):

	March 31, 2025		December 31, 2024
Assets:
Gross acquired lease intangibles	$	2,688,181	$	2,548,766
Accumulated amortization	(1,994,876)		(1,882,822)
Net book value	$	693,305	$	665,944
Liabilities:
Below market tenant leases	$	78,271	$	70,364
Accumulated amortization	(53,394)		(52,397)
Net book value	$	24,877	$	17,967

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

	Three Months Ended March 31,
	2025		2024
Rental income related to (above)/below market tenant leases, net	$	(162)	$	(31)
Amortization related to in-place lease intangibles and lease commissions	(108,983)		(46,791)

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, 2024	$	80,904	$	68,321	$	149,225
Acquisition measurement period adjustment	$	48,572	$	—	$	48,572
Effect of foreign currency translation	2,404		—		2,404
Balance at March 31, 2025	$	131,880	$	68,321	$	200,201