v3.26.1
Intangible Assets, Net and Goodwill
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Intangible Assets, Net and Goodwill Intangible Assets, Net and Goodwill
Intangible assets, net represents in-place leases purchased with acquired communities and businesses.

A portion of the purchase price for the Company’s 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):
March 31,
2026		December 31,
2025		Weighted Average Life Remaining at March 31, 2026 (in years)
In-place leases, gross$218,012 $34,199 
Accumulated amortization(20,457)(14,456)
Intangible assets, net$197,555 $19,743 2.8
Amortization expense for intangible assets was $6.0 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively. The weighted average life remaining for the acquired intangibles is 2.9 years. Expected future amortization expense of intangible assets as of March 31, 2026 is as follows (in thousands):
Future amortization:
2026, remaining$54,073 
202769,334 
202862,124 
202912,024 
Total amortization$197,555 
Goodwill represents acquired goodwill from the Company’s CHP Merger. See “Note 2–CHP Merger.”
The change in the carrying amount of goodwill is as follows (in thousands):
Goodwill
Balance at December 31, 2025$— 
Goodwill acquired63,950 
Balance at March 31, 2026$63,950