Identified intangible assets, net and identified intangible liabilities, net consisted of the following as of June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026		December 31, 2025
Amortized intangible assets:
In-place leases, net of accumulated amortization of $85,988 and $44,498 as of June 30, 2026 and December 31, 2025, respectively (with a weighted average remaining life of 2.0 years and 2.3 years as of June 30, 2026 and December 31, 2025, respectively)	$	105,211	$	118,080
Above-market leases, net of accumulated amortization of $7,842 and $7,859 as of June 30, 2026 and December 31, 2025, respectively (with a weighted average remaining life of 5.6 years and 6.3 years as of June 30, 2026 and December 31, 2025, respectively)		7,577		9,965
Unamortized intangible assets:
Certificates of need		104,180		104,924
Trade names		20,267		20,267
Total identified intangible assets, net	$	237,235	$	253,236

Amortized intangible liabilities:
Below-market leases, net of accumulated amortization of $2,484 and $2,336 as of June 30, 2026 and December 31, 2025, respectively (with a weighted average remaining life of 4.0 years and 4.4 years as of June 30, 2026 and December 31, 2025, respectively)	$	1,848	$	2,110
Total identified intangible liabilities, net	$	1,848	$	2,110

Amortization expense on identified intangible assets for the three months ended June 30, 2026 and 2025 was $25,217,000 and $4,463,000, respectively, which included $430,000 and $547,000, respectively, of amortization recorded as a decrease to real estate revenue for above-market leases in our accompanying condensed consolidated statement of operations and comprehensive income. Amortization expense on identified intangible assets for the six months ended June 30, 2026 and 2025 was $47,247,000 and $8,890,000, respectively, which included $892,000 and $1,151,000, respectively, of amortization recorded as a decrease to real estate revenue for above-market leases in our accompanying condensed consolidated statements of operations and comprehensive income.

Amortization expense on below-market leases for the three months ended June 30, 2026 and 2025 was $130,000 and $192,000, respectively, and for the six months ended June 30, 2026 and 2025 was $262,000 and $383,000, respectively, which is recorded as an increase to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income.

The aggregate weighted average remaining life of the identified intangible assets was 2.2 years and 2.6 years as of June 30, 2026 and December 31, 2025, respectively. The aggregate weighted average remaining life of the identified intangible liabilities was 4.0 years and 4.4 years as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, estimated amortization expense on the identified intangible assets and liabilities for the remaining six months ending December 31, 2026 and for each of the next four years ending December 31, and thereafter was as follows (in thousands):


	Amortization Expense
Year	Intangible Assets		Intangible Liabilities
2026	$	46,582	$	(262	)
2027		49,850		(514	)
2028		5,176		(478	)
2029		3,599		(338	)
2030		2,992		(121	)
Thereafter		4,589		(135	)
Total	$	112,788	$	(1,848	)