Investment in Real Estate

3 Months Ended

Mar. 31, 2020

Land for future development

During the three months ended March 31, 2019, the Company purchased approximately 30 acres of land for $40.1 million in San Antonio and Santa Clara. The Company did not purchase any land during the three months ended March 31, 2020.

Real Estate Investments and Intangible Assets and Related Depreciation and Amortization

As of March 31, 2020 and December 31, 2019, major components of our real estate investments and intangibles and related accumulated depreciation and amortization are as follows (in millions):



As of:	March 31, 2020							December 31, 2019
	Cost		Accumulated Depreciation and Amortization			Net book value		Cost		Accumulated Depreciation and Amortization			Net book value
Investment in real estate
Building and improvements	$	1,786.3	$	(567.1	)	$	1,219.2	$	1,761.4	$	(545.1	)	$	1,216.3
Equipment	3,106.4		(902.4		)	2,204.0		3,028.2		(834.1		)	2,194.1

Intangible assets
Customer relationships	$	247.1	$	(154.1	)	$	93.0	$	247.1	$	(151.1	)	$	96.0
In-place leases	134.2		(51.9		)	82.3		137.1		(46.7		)	90.4
Other contractual	19.2		(10.0		)	9.2		19.4		(9.7		)	9.7
Total intangible assets	$	400.5	$	(216.0	)	$	184.5	$	403.6	$	(207.5	)	$	196.1

Depreciation and amortization are calculated using the straight-line method over the useful lives of the assets. The typical life of owned assets are as follows:



Buildings	30 years
Building improvements	30 years
Equipment	20 years

Leased real estate and leasehold improvements are depreciated over the shorter of the asset's useful life or the remaining lease term. Depreciation expense was $94.9 million and $88.9 million for the three months ended March 31, 2020 and 2019, respectively.

Other contract intangible assets include tradename, favorable leasehold interests and above market leases. Amortization expense related to intangibles was $13.2 million and $13.2 million for the three months ended March 31, 2020 and 2019, respectively.