Acquired Intangible Assets And Liabilities

9 Months Ended

Sep. 30, 2013

Acquired Intangible Assets And Liabilities

5. Acquired Intangible Assets and Liabilities

The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of September 30, 2013 and December 31, 2012.  

	Balance as of
(Amounts in thousands)	September 30, 2013	December 31, 2012
Acquired in place lease value:
Gross amount	$            717,158	$           720,373
Accumulated amortization	(405,993)	(367,088)
Net	$            311,165	$           353,285
Acquired above market leases:
Gross amount	$            131,585	$           134,480
Accumulated amortization	(77,139)	(69,425)
Net	$               54,446	$             65,055
Acquired below market leases:
Gross amount	$            288,658	$           285,509
Accumulated amortization	(155,033)	(137,276)
Net	$            133,625	$           148,233

Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in an increase to rental revenues of $2.7 million and $2.3 million for the three months ended September 30, 2013 and 2012, respectively, and $8.8 million and $7.4 million for the nine months ended September 30, 2013 and 2012, respectively. The expected average remaining lives for acquired below market leases and acquired above market leases is 6.7 years and 4.7 years, respectively, as of September 30, 2013. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years, commencing January 1, 2014 is as follows:

(Amounts in thousands)
2014	$         10,203
2015	9,222
2016	8,002
2017	6,518
2018	3,353

Amortization of acquired in place lease value (a component of depreciation and amortization expense) was $15.7 million and $14.5 million for the threemonths ended September 30, 2013 and 2012, respectively, and $46.0 million and $38.9 million for the nine months ended September 30, 2013 and 2012, respectively. The expected average amortization period for acquired in place lease value is 6.7 years as of September 30, 2013. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 5.3 years as of September 30, 2013. Estimated annual amortization of acquired in place lease value for each of the five succeeding years, commencing January 1, 2014 is as follows:

(Amounts in thousands)
2014	$         54,656
2015	45,370
2016	42,298
2017	29,304
2018	26,380

Digital Realty Trust, L.P. [Member]

Acquired Intangible Assets And Liabilities

5. Acquired Intangible Assets and Liabilities

The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of September 30, 2013 and December 31, 2012.  

	Balance as of
(Amounts in thousands)	September 30, 2013	December 31, 2012
Acquired in place lease value:
Gross amount	$            717,158	$           720,373
Accumulated amortization	(405,993)	(367,088)
Net	$            311,165	$           353,285
Acquired above market leases:
Gross amount	$            131,585	$           134,480
Accumulated amortization	(77,139)	(69,425)
Net	$               54,446	$             65,055
Acquired below market leases:
Gross amount	$            288,658	$           285,509
Accumulated amortization	(155,033)	(137,276)
Net	$            133,625	$           148,233

Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in an increase to rental revenues of $2.7 million and $2.3 million for the three months ended September 30, 2013 and 2012, respectively, and $8.8 million and $7.4 million for the nine months ended September 30, 2013 and 2012, respectively. The expected average remaining lives for acquired below market leases and acquired above market leases is 6.7 years and 4.7 years, respectively, as of September 30, 2013. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years, commencing January 1, 2014 is as follows:

(Amounts in thousands)
2014	$         10,203
2015	9,222
2016	8,002
2017	6,518
2018	3,353

Amortization of acquired in place lease value (a component of depreciation and amortization expense) was $15.7 million and $14.5 million for the threemonths ended September 30, 2013 and 2012, respectively, and $46.0 million and $38.9 million for the nine months ended September 30, 2013 and 2012, respectively. The expected average amortization period for acquired in place lease value is 6.7 years as of September 30, 2013. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 5.3 years as of September 30, 2013. Estimated annual amortization of acquired in place lease value for each of the five succeeding years, commencing January 1, 2014 is as follows:

(Amounts in thousands)
2014	$         54,656
2015	45,370
2016	42,298
2017	29,304
2018	26,380