Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Real Estate Intangibles Excluding Those Related to Ground Lease or 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 (in thousands):

	March 31, 2026		December 31, 2025
Assets:
Gross acquired lease intangibles	$	2,853,696	$	2,845,686
Accumulated amortization	(2,069,546)		(1,936,939)
Net book value	$	784,150	$	908,747
Liabilities:
Below market tenant leases	$	16,366	$	25,546
Accumulated amortization	(10,323)		(18,825)
Net book value	$	6,043	$	6,721

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):

	Three Months Ended March 31,
	2026		2025
Rental income related to (above)/below market tenant leases, net	$	125	$	(162)
Amortization related to in-place lease intangibles and lease commissions	(161,539)		(108,983)

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, 2025	$	277,995	$	68,321	$	346,316
Acquisition measurement period adjustments	$	2,117	$	—	$	2,117
Effect of foreign currency translation	(5,526)		—		(5,526)
Balance at March 31, 2026	$	274,586	$	68,321	$	342,907