Acquired Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2026

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
	June 30, 2026						December 31, 2025
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	3,149,616	$	(1,346,988)	$	1,802,628	$	2,921,841	$	(1,271,137)	$	1,650,704
Acquired in-place lease value		1,294,158		(877,905)		416,253		987,495		(853,333)		134,162
Other		114,892		(62,216)		52,676		114,397		(61,403)		52,994
Acquired above-market leases		110,456		(109,614)		842		111,036		(109,352)		1,684
Acquired below-market leases		(724,897)		195,206		(529,691)		(241,779)		209,607		(32,172)
Total	$	3,944,225	$	(2,201,517)	$	1,742,708	$	3,892,990	$	(2,085,618)	$	1,807,372

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $60.9 million and $56.7 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $120.2 million and $113.8 million for the six months ended June 30, 2026 and 2025, 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 for the three months ended June 30, 2026 and 2025, and approximately $2.8 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2026 is as follows:


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2026	$	191,092	$	34,567	$	4,177	$	78	$	(6,139)
2027		381,987		60,136		5,775		20		(26,286)
2028		337,740		36,758		6,615		299		(38,776)
2029		267,637		29,017		6,687		266		(39,521)
2030		267,637		26,056		6,687		179		(39,521)
Thereafter		356,535		229,719		22,735		—		(379,448)
Total	$	1,802,628	$	416,253	$	52,676	$	842	$	(529,691)