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Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2024
Intangibles [Abstract] |
Schedule of Intangible Lease Assets | 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.
Schedule of Intangible Lease Liabilities | 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
Schedule of Amortization of Deferred Lease Costs and Acquisition Related Intangibles | 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 |
Schedule of Estimated Aggregate Amortization of Intangible Assets and Liabilities for Each of the Five Succeeding Fiscal Years and Thereafter | 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 |
Schedule of Goodwill | 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 |

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