Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following summarizes our acquired intangible assets and intangible liabilities as of December 31, 2020 and 2019.

	Balance as of
(Amounts in thousands)	December 31, 2020		December 31, 2019
Intangible Assets:
Customer relationship value:
Gross amount	$	2,993,093	$	1,845,949
Accumulated amortization		(570,886)		(400,570)
Net	$	2,422,207	$	1,445,379
Acquired in-place lease value:
Gross amount	$	1,382,563	$	1,357,190
Accumulated amortization		(1,004,421)		(899,071)
Net	$	378,142	$	458,119
Other (1):
Gross amount	$	57,370	$	—
Accumulated amortization		(7,107)		—
Net	$	50,263	$	—
Acquired above-market leases (2):
Gross amount	$	280,216	$	279,048
Accumulated amortization		(236,922)		(204,233)
Net	$	43,294	$	74,815
Acquired below-market leases (3):
Gross amount	$	401,539	$	396,509
Accumulated amortization		(270,649)		(247,735)
Net	$	130,890	$	148,774

(1) Included in customer relationship value, deferred leasing costs and other intangibles on the consolidated balance sheet.

(2) Included in other assets on the consolidated balance sheet.

(3) Included in accounts payable and other accrued liabilities on the consolidated balance sheet.

Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in a decrease in rental and other services revenue of $(10.5) million, $(17.1) million and $(27.3) million for the years ended December 31, 2020, 2019 and 2018, respectively. The expected average remaining lives for acquired below-market leases and acquired above-market leases was 7.2 years and 2.0 years, respectively, as of December 31, 2020. Estimated annual

amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2021 is as follows:

(Amounts in thousands)
2021	$	(2,865)
2022		4,977
2023		9,741
2024		10,393
2025		9,631
Thereafter		55,721
Total	$	87,598

Amortization of acquired in-place lease value (a component of depreciation and amortization expense) was $99.7 million, $143.0 million and $211.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The expected average amortization period for acquired in-place lease value was 5.7 years as of December 31, 2020. The weighted average remaining contractual life for acquired leases excluding renewals or extensions was 5.5 years as of December 31, 2020. Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing January 1, 2021 is as follows:

(Amounts in thousands)
2021	$	79,868
2022		60,129
2023		48,911
2024		41,604
2025		35,765
Thereafter		111,865
Total	$	378,142

Amortization of customer relationship value (a component of depreciation and amortization expense) was approximately $166.5 million, $128.4 million and $123.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the weighted average remaining contractual life for customer relationship value was 14.7 years. Estimated annual amortization of customer relationship value for each of the five succeeding years and thereafter, commencing January 1, 2021 is as follows:

(Amounts in thousands)
2021	$	177,383
2022		176,611
2023		175,943
2024		175,363
2025		174,861
Thereafter		1,542,046
Total	$	2,422,207