Acquired Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Acquired Intangible Assets and Liabilities

Summary of Acquired Intangible Assets and Liabilities

(Amounts in thousands)
	Balance as of
	June 30, 2021						December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,960,866	$	(657,293)	$	2,303,573	$	2,993,093	$	(570,886)	$	2,422,207
Acquired in-place lease value		1,341,381		(1,008,732)		332,649		1,382,563		(1,004,421)		378,142
Other		56,321		(11,109)		45,212		57,370		(7,107)		50,263
Acquired above-market leases		275,251		(243,700)		31,551		280,216		(236,923)		43,293
Acquired below-market leases		(383,127)		265,746		(117,381)		(401,539)		270,648		(130,891)

Schedule of Estimated Annual Amortization of Customer Relationship Value

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 is as follows:

Schedule of Estimated Annual Amortization of Acquired of Intangible Assets

(Amounts in thousands)
		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
Remainder of 2021	$	88,088	$	37,471	$	4,210	$	9,962	$	(9,055)
2022		175,004		58,817		8,419		11,209		(15,974)
2023		174,335		47,776		1,520		4,759		(14,289)
2024		173,755		41,010		—		2,584		(12,676)
2025		173,253		35,767		—		1,452		(10,779)
Thereafter		1,519,138		111,808		—		1,585		(54,608)
Total	$	2,303,573	$	332,649	$	14,149	$	31,551	$	(117,381)

(1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized.  Amortization will begin once a data center associated with the power grid right is placed into service