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Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Intangibles, net represents in-place leases, purchased with acquired communities. A portion of purchase price for acquisitions have been allocated to in-place leases. The intangible assets are estimated to be amortized over the straight-line method over their estimated useful lives as of the date of acquisition. The intangibles, net balance is as follows (in thousands):
| June 30, 2025 |  | December 31, 2024 |  | Weighted Average Life Remaining (in years)
In-place leases, gross | $ | 32,699 |  |  | $ | 28,960 |  |  |
Accumulated amortization | (9,126) |  |  | (4,434) |  |  |
Intangibles, net | $ | 23,573 |  |  | $ | 24,526 |  |  | 2.3
Amortization expense for intangible assets was $2.3 million and $0.3 million for the three months ended June 30, 2025 and 2024, respectively, and $4.7 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. Expected future amortization expense of intangible assets as of June 30, 2025 is as follows (in thousands):
Future amortization: |  |
2025, remaining |  | $ | 5,163 |
2026 |  | 10,327 |
2027 |  | 7,564 |
2028 |  | 519 |
Total Amortization |  | $ | 23,573 |

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