Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

10. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:

	Balance as of
	December 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	$	2,926,808	$	(952,943)	$	1,973,865	$	3,327,765	$	(888,105)	$	2,439,660
Acquired in-place lease value		1,089,743		(859,167)		230,576		1,369,526		(1,041,631)		327,895
Other		108,744		(33,483)		75,261		94,829		(26,788)		68,041
Acquired above-market leases		153,205		(150,344)		2,861		264,071	$	(253,693)		10,378
Acquired below-market leases		(273,951)		226,840		(47,111)		(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 $252.0 million, $253.3 million and $262.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $6.5 million and $2.9 million for the years ended December 31, 2023 and 2022, respectively, and a decrease of $3.6 million for the year ended December 31, 2021. Estimated annual amortization for each of the five succeeding years and thereafter, commencing January 1, 2024 is as follows:

(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
2024	$	176,848	$	51,381	$	2,802	$	1,327	$	(6,712)
2025		176,622		49,839		2,802		1,070		(6,560)
2026		175,981		48,012		2,802		357		(5,798)
2027		175,588		38,482		2,802		48		(5,182)
2028		153,143		18,563		2,817		46		(4,979)
Thereafter		1,115,683		24,299		7,916		13		(17,880)
Total	$	1,973,865	$	230,576	$	21,941	$	2,861	$	(47,111)
Remaining Contractual Life (in years)		14.3		4.5				2.1		6.9

(1) Excludes power grid rights in the amount of approximately $53.3 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.