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Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Intangible assets, net represent 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 amortized on a straight-line basis over their estimated useful lives from the date of acquisition. The intangible assets, net balance is as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  | Weighted Average Life Remaining (in years)
In-place leases, gross | $ | 34,199 |  |  | $ | 28,960 |  |  |
Accumulated amortization | (11,750) |  |  | (4,434) |  |  |
Intangible assets, net | $ | 22,449 |  |  | $ | 24,526 |  |  | 2.1
Amortization expense for intangible assets was $2.6 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $7.3 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively. Expected future amortization expense of intangible assets as of September 30, 2025 is as follows (in thousands):
Future amortization: |  |
2025 |  | $ | 2,706 |
2026 |  | 10,826 |
2027 |  | 8,064 |
2028 |  | 853 |
Total amortization |  | $ | 22,449 |

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