Acquired Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2026

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

8. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:


	Balance as of
	September 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	$	3,180,031	$	(1,390,861)	$	1,789,170	$	2,921,841	$	(1,271,137)	$	1,650,704
Acquired in-place lease value		1,297,130		(894,774)		402,356		987,495		(853,333)		134,162
Existing investment management contracts		150,012		(3,657)		146,355		—		—		—
Other		115,848		(62,774)		53,074		114,397		(61,403)		52,994
Acquired above-market leases		110,464		(110,020)		444		111,036		(109,352)		1,684
Acquired below-market leases		(724,891)		198,058		(526,833)		(241,779)		209,607		(32,172)
Total	$	4,128,594	$	(2,264,028)	$	1,864,566	$	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 $65.3 million and $58.8 million for the three months ended September 30, 2026 and 2025, respectively, and approximately $185.5 million and $172.6 million for the nine months ended September 30, 2026 and 2025, respectively.

In connection with the Columbia Capital Acquisition, we recognized intangible assets related to customer relationship value, existing investment management contracts and trade names. Amortization expense related to these intangible assets was approximately $4.4 million from the acquisition date through September 30, 2026.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $2.5 million and $1.3 million for the three months ended September 30, 2026 and 2025, respectively, and approximately $5.3 million and $3.8 million for the nine months ended September 30, 2026 and 2025, respectively.

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


(Amounts in thousands)	Customer relationship value		Acquired in-place lease value		Existing investment management contracts		Other		Acquired above-market leases		Acquired below-market leases
2026	$	49,511	$	19,499	$	7,793	$	1,605	$	3	$	(3,451)
2027		194,514		60,982		30,918		6,717		49		(26,144)
2028		172,888		35,797		30,755		6,736		12		(38,634)
2029		140,122		29,008		27,050		6,789		189		(39,379)
2030		140,122		25,992		21,447		6,789		191		(39,564)
Thereafter		1,092,013		231,078		28,392		24,438		—		(379,661)
Total	$	1,789,170	$	402,356	$	146,355	$	53,074	$	444	$	(526,833)