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):


	March 31,		December 31,		Weighted Average Life Remaining
	2025		2024		(in years)
In-place leases, gross	$	28,960	$	28,960
Accumulated amortization	(6,837)		(4,434)
Intangibles, net	$	22,123	$	24,526	2.5

Amortization expense for intangible assets was $2.4 million and $0.1 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Expected future amortization expense of intangible assets as of March 31, 2025 is as follows (in thousands):


Future amortization:
2025, remaining	$	6,726
2026	9,080
2027	6,317
2028	—
2029	—
Total Amortization	$	22,123