Intangible Assets

9 Months Ended

Sep. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

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