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Intangibles | 12 Months Ended
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Dec. 31, 2024
Intangibles [Abstract] |
Intangibles | Intangibles 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):
|  | December 31,
Intangible lease assets |  | 2024 |  | 2023
Gross intangible lease assets(1) |  | $ | 1,468,985 |  |  | $ | 739,228 |
Accumulated depreciation and amortization(2) |  | (651,731) |  |  | (425,072) |
Intangible assets, net |  | $ | 817,254 |  |  | $ | 314,156 |
Weighted average remaining amortization period in years |  | 5 |  | 5
_______________________________________ (1)As of December 31, 2024 and 2023, includes $1.42 billion and $725 million, respectively, of gross lease-up intangibles and $45 million and $14 million, respectively, of gross above market lease intangibles. (2)As of December 31, 2024 and 2023, includes $640 million and $418 million, respectively, of accumulated depreciation and amortization on lease-up intangibles and $12 million and $7 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):
|  | December 31,
Intangible lease liabilities |  | 2024 |  | 2023
Gross intangible lease liabilities |  | $ | 351,602 |  |  | $ | 228,105 |
Accumulated depreciation and amortization |  | (159,718) |  |  | (100,725) |
Intangible liabilities, net |  | $ | 191,884 |  |  | $ | 127,380 |
Weighted average remaining amortization period in years |  | 9 |  | 7
The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Depreciation and amortization expense related to amortization of lease-up intangibles |  | $ | 273,146 |  |  | $ | 102,249 |  |  | $ | 104,885 |
Rental and related revenues related to amortization of net below market lease liabilities |  | 62,894 |  |  | 27,012 |  |  | 24,640 |
On the Closing Date of the Merger, the Company acquired intangible assets of $891 million, inclusive of $852 million of lease-up intangibles and $39 million of above market lease intangibles. Also on the Closing Date of the Merger, the Company assumed intangible liabilities of $150 million (see Note 3). The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 6 years and 9 years, respectively. During the year ended December 31, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):
| Rental and Related Revenues |  | Depreciation and Amortization
2025 | $ | 32,618 |  |  | $ | 256,925 |
2026 | 29,231 |  |  | 171,520 |
2027 | 23,304 |  |  | 107,925 |
2028 | 17,899 |  |  | 77,072 |
2029 | 13,168 |  |  | 53,829 |
Thereafter | 42,816 |  |  | 117,135 |
| $ | 159,036 |  |  | $ | 784,406 |
Goodwill On the Closing Date of the Merger, inclusive of measurement period adjustments, the Company recognized goodwill of $51 million, which was allocated to the Company’s outpatient medical segment (see Note 3). Goodwill is included in other assets, net on the Consolidated Balance Sheets. At December 31, 2024 and 2023, goodwill was allocated to the Company’s segment assets as follows (in thousands):
Segment |  | December 31, 2024 |  | December 31, 2023
Outpatient medical |  | $ | 64,680 |  |  | $ | 14,178 |
CCRC |  | 1,998 |  |  | 1,998 |
Other non-reportable |  | 1,851 |  |  | 1,851 |
|  | $ | 68,529 |  |  | $ | 18,027 |
During the years ended December 31, 2024, 2023, and 2022, the fair value of the assets within each of the Company’s reporting units was greater than the respective carrying value of the assets and related goodwill, and as a result, no impairment charges were recognized.

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