v3.26.1
Property, Plant and Equipment and Leasehold Intangibles, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant and Equipment and Leasehold Intangibles, Net
4. Property, Plant and Equipment and Leasehold Intangibles, Net

As of June 30, 2026 and December 31, 2025, net property, plant and equipment and leasehold intangibles consisted of the following.

(in thousands)June 30, 2026December 31, 2025
Land$540,109 $544,824 
Buildings and improvements5,775,982 5,799,937 
Furniture and equipment1,277,004 1,259,410 
Resident in-place lease intangibles258,497 260,389 
Construction in progress38,334 35,788 
Assets under financing leases and leasehold improvements604,556 586,496 
Property, plant and equipment and leasehold intangibles8,494,482 8,486,844 
Accumulated depreciation and amortization(4,289,949)(4,214,147)
Property, plant and equipment and leasehold intangibles, net$4,204,533 $4,272,697 
Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $71.1 million and $92.9 million for the three months ended June 30, 2026 and 2025, respectively, and $144.6 million and $183.8 million for the six months ended June 30, 2026, and 2025, respectively.

The Company recognized $3.9 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively, and $10.0 million and $2.4 million for the six months ended June 30, 2026 and 2025, respectively, of non-cash impairment charges in its operating results for its property, plant and equipment and leasehold intangibles assets.
As of June 30, 2026, 10 communities in the Assisted Living and Memory Care segment were classified as held for sale, resulting in $24.1 million of net property, plant and equipment and leasehold intangibles assets being recognized as assets held for sale within the condensed consolidated balance sheet. Subsequent to June 30, 2026, the Company completed the sale of three owned communities for proceeds of $2.5 million, net of transaction costs. The closings of the sales of the additional communities are subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals. There can be no assurance that the additional transactions will close or, if they do, when the actual closings will occur.