XML 33 R15.htm IDEA: XBRL DOCUMENT

Acquired Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2025

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:


	Balance as of
	September 30, 2025						December 31, 2024
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,896,294	$	(1,222,451)	$	1,673,843	$	2,783,428	$	(1,080,547)	$	1,702,881
Acquired in-place lease value		982,586		(834,740)		147,846		1,043,706		(863,021)		180,685
Other		108,785		(42,748)		66,037		122,638		(36,038)		86,600
Acquired above-market leases		110,957		(108,828)		2,129		126,322		(122,714)		3,608
Acquired below-market leases		(241,707)		207,746		(33,961)		(258,243)		219,672		(38,571)
Total	$	3,856,915	$	(2,001,021)	$	1,855,894	$	3,817,851	$	(1,882,648)	$	1,935,203

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $58.8 million and $61.5 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $172.6 million and $178.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.3 million and $1.2 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $3.8 million and $4.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing October 1, 2025 is as follows:


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2025	$	87,403	$	13,290	$	18,779	$	119	$	(2,218)
2026		212,769		45,975		6,321		475		(6,372)
2027		212,730		36,717		6,321		475		(5,760)
2028		191,808		18,863		6,339		475		(5,686)
2029		159,859		10,008		6,393		442		(5,686)
Thereafter		809,274		22,993		21,884		143		(8,239)
Total	$	1,673,843	$	147,846	$	66,037	$	2,129	$	(33,961)