Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

10. Acquired Intangible Assets and Liabilities

The following summarizes our acquired intangible assets and intangible liabilities as of December 31, 2022 and 2021.

	Balance as of
	December 31, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	3,327,765	$	(888,105)	$	2,439,660	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,369,526		(1,041,631)		327,895		1,278,012		(995,883)		282,129
Other		94,829		(26,788)		68,041		101,869		(14,688)		87,181
Acquired above-market leases		264,071		(253,693)		10,378		268,724	$	(247,135)		21,589
Acquired below-market leases		(344,256)		255,821		(88,435)		(351,052)		247,877		(103,175)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $253.3 million, $262.9 million and $266.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $2.9 million for the year ended December 31, 2022 and a decrease of $(3.6) million and $(10.5) million for the years ended December 31, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing January 1, 2023 is as follows:

(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
2023	$	199,837	$	65,309	$	4,488	$	4,758	$	(12,496)
2024		199,257		59,705		3,084		2,584		(11,203)
2025		198,755		56,680		3,084		1,452		(10,215)
2026		198,320		52,625		3,084		684		(8,659)
2027		197,943		41,843		3,084		214		(8,010)
Thereafter		1,445,548		51,733		13,818		686		(37,852)
Total	$	2,439,660	$	327,895	$	30,642	$	10,378	$	(88,435)
Remaining Contractual Life (in years)		14.9		5.0				1.8		7.3

(1) Excludes power grid rights in the amount of approximately $37.4 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.