Acquired Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2023

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

8. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:

	Balance as of
	March 31, 2023						December 31, 2022
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	3,320,752	$	(939,935)	$	2,380,817	$	3,327,765	$	(888,105)	$	2,439,660
Acquired in-place lease value		1,366,645		(1,059,555)		307,090		1,369,526		(1,041,631)		327,895
Other		102,463		(29,616)		72,847		94,829		(26,788)		68,041
Acquired above-market leases		264,701		(255,832)		8,869		264,071	$	(253,693)		10,378
Acquired below-market leases		(344,842)		259,572		(85,270)		(344,256)		255,821		(88,435)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $68.5 million and $61.6 million for the three months ended March 31, 2023 and 2022, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.7 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 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	$	149,594	$	47,726	$	3,529	$	3,249	$	(9,263)
2024		198,879		58,810		4,705		2,584		(11,232)
2025		198,336		55,773		4,665		1,452		(10,242)
2026		197,698		51,704		4,462		684		(8,671)
2027		197,306		41,308		4,447		214		(8,010)
Thereafter		1,439,004		51,769		4,820		686		(37,852)
Total	$	2,380,817	$	307,090	$	26,628	$	8,869	$	(85,270)

(1) Excludes power grid rights in the amount of approximately $46.2 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.