v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangibles, net consist of the following (in thousands):
 December 31,Weighted Average Life Remaining
 20252024(in years)
In-place leases, gross$34,199 $28,960 
Accumulated amortization(14,456)(4,434)
Intangibles, net $19,743 $24,526 1.9

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. See “Note 4–Investments, Acquisitions and Assets Held for Sale” for in-place leases acquired during the years ended December 31, 2025 and 2024.
Amortization expense for intangible assets was $10.0 million and $3.3 million during the year ended December 31, 2025 and 2024, respectively. Expected future amortization expense of intangible assets as of December 31, 2025 is as follows (in thousands):
Year ended December 31,
202610,826 
20278,064 
2028853 
Total amortization$19,743