Acquired Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2024

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:

	Balance as of
	March 31, 2024						December 31, 2023
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,822,165	$	(966,840)	$	1,855,325	$	2,926,808	$	(952,943)	$	1,973,865
Acquired in-place lease value		1,049,877		(840,176)		209,701		1,089,743		(859,167)		230,576
Other		118,165		(33,886)		84,279		108,744		(33,483)		75,261
Acquired above-market leases		130,299		(129,417)		882		153,205		(150,344)		2,861
Acquired below-market leases		(260,302)		220,901		(39,401)		(273,951)		226,840		(47,111)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $59.0 million and $68.5 million for the three months ended March 31, 2024 and 2023, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.4 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 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	$	128,749	$	36,667	$	2,034	$	288	$	(4,361)
2025		171,123		47,737		2,712		302		(5,730)
2026		170,486		46,616		2,712		184		(4,974)
2027		170,094		37,506		2,712		48		(4,363)
2028		147,514		17,885		2,730		46		(4,160)
Thereafter		1,067,359		23,290		7,231		14		(15,813)
Total	$	1,855,325	$	209,701	$	20,131	$	882	$	(39,401)

(1) Excludes power grid rights in the amount of approximately $64.1 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.