v3.26.1
Intangible Assets, Net and Goodwill
 6 Months Ended
Jun. 30, 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 has 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):
June 30,
2026		December 31,
2025		Weighted Average Life Remaining
(in years)
In-place leases, gross$220,432 $34,199 
Accumulated amortization(38,722)(14,456)
Intangible assets, net$181,710 $19,743 2.6
Amortization expense for intangible assets was $18.3 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $24.3 million and $4.7 million for the six months ended June 30, 2026 and 2025, respectively. Expected future amortization expense of intangible assets as of June 30, 2026 is as follows (in thousands):
Future amortization:
2026, remaining$36,172 
202769,580 
202862,369 
202912,708 
2030579 
Thereafter302 
Total amortization$181,710 
Goodwill represents acquired goodwill from the Company’s CHP Merger. See “Note 2–CHP Merger.”
The change in the carrying amount of goodwill is as follows (in thousands):
Goodwill
Balance at December 31, 2025$— 
Goodwill acquired52,710 
Balance at June 30, 2026$52,710