| Schedule of Intangible Assets and Liabilities |
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 and Liabilities |
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 |
) |
|