Acquired Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities.

(Amounts in thousands)
	Balance as of
	March 31, 2021						December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,982,331	$	(612,300)	$	2,370,031	$	2,993,093	$	(570,886)	$	2,422,207
Acquired in-place lease value		1,344,868		(991,366)		353,502		1,382,563		(1,004,421)		378,142
Other		60,213		(8,907)		51,306		57,370		(7,107)		50,263
Acquired above-market leases		275,715		(238,193)		37,522		280,216		(236,923)		43,293
Acquired below-market leases		(383,007)		261,052		(121,955)		(401,539)		270,649		(130,890)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $67.7 million and $56.3 million for the three months ended March 31, 2021 and 2020, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.4) million and $(3.3) million for the three months ended March 31, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 1, 2021 is as follows:

(Amounts in thousands)
		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
Remainder of 2021	$	133,361	$	57,624	$	6,246	$	15,746	$	(13,652)
2022		176,071		59,174		8,328		11,301		(15,968)
2023		175,402		48,134		1,504		4,851		(14,283)
2024		174,823		41,014		—		2,587		(12,671)
2025		174,320		35,761		—		1,452		(10,774)
Thereafter		1,536,054		111,795		—		1,585		(54,607)
Total	$	2,370,031	$	353,502	$	16,078	$	37,522	$	(121,955)

(1) Excludes power grid rights in the amount of approximately $35.2 million that are currently not being amortized.  Amortization will begin once a data center associated with the power grid right is placed into service.