Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2025 are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2024	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2024	(515,498)		(515,498)
Balance at December 31, 2024	$	157,380	$	157,380

Goodwill at March 31, 2025	$	672,878	$	672,878
Accumulated impairment charges as of March 31, 2025	(515,498)		(515,498)
Balance at March 31, 2025	$	157,380	$	157,380

Carrying value of intangible assets and liabilities at March 31, 2025 and December 31, 2024 are as follows:


(Thousands)	March 31, 2025				December 31, 2024
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(180,022)	$	416,104	$	(174,326)
Contracts	52,536		(29,552)		52,536		(27,910)
Underlying Rights	10,497		(1,575)		10,497		(1,487)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(211,149)				(203,723)
Total intangible assets, net	$	267,988			$	275,414

Finite life intangible liabilities:
Below-market leases	$	191,154	$	(48,124)	$	191,154	$	(45,451)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(48,124)				(45,451)
Total intangible liabilities, net	$	143,030			$	145,703

As of March 31, 2025, the remaining weighted average amortization period of the Company’s intangible assets was 13.0 years, 3.5 years, and 25.5 years for customer lists, contracts, and underlying rights, respectively. As of March 31, 2025, the total remaining weighted average amortization period for total intangible assets was 12.6 years.

Amortization expense for the three months ended March 31, 2025 and 2024 was $7.4 million and $7.4 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2025, $29.7 million in 2026, $29.7 million in 2027, $28.1 million in 2028, and $23.1 million in 2029.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three months ended March 31, 2025 and 2024 was $2.7 million and $2.7 million, respectively. As of March 31, 2025, the remaining weighted average amortization period of the Company’s intangible liabilities was 14.9 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2025, $10.7 million in 2026, $10.7 million in 2027, $10.2 million in 2028, and $8.8 million in 2029.