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Acquired Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2025

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, 2025						December 31, 2024
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,762,907	$	(1,104,529)	$	1,658,378	$	2,783,428	$	(1,080,547)	$	1,702,881
Acquired in-place lease value		1,010,690		(842,938)		167,752		1,043,706		(863,021)		180,685
Other		133,096		(38,223)		94,873		122,638		(36,038)		86,600
Acquired above-market leases		112,256		(109,331)		2,925		126,322		(122,714)		3,608
Acquired below-market leases		(259,211)		222,055		(37,156)		(258,243)		219,672		(38,571)
Total	$	3,759,738	$	(1,872,966)	$	1,886,772	$	3,817,851	$	(1,882,648)	$	1,935,203

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $57.1 million and $59 million for the three months ended March 31, 2025 and 2024, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.2 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 1, 2025 is as follows:


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other ⁽¹⁾		Acquired above-market leases		Acquired below-market leases
2025	$	176,782	$	35,976	$	2,097	$	463	$	(4,713)
2026		206,319		46,740		2,796		431		(6,522)
2027		206,094		37,987		2,796		431		(5,934)
2028		185,165		20,827		2,814		431		(5,861)
2029		153,224		11,972		2,868		398		(5,861)
Thereafter		730,794		14,250		3,566		771		(8,265)
Total	$	1,658,378	$	167,752	$	16,937	$	2,925	$	(37,156)

(1)	Excludes power grid rights in the amount of approximately $77.9 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.