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Real Estate Investments
 9 Months Ended
Sep. 30, 2020
Real Estate Investments, Net [Abstract]  
Real Estate Investments Real Estate InvestmentsThere were no real estate assets acquired or liabilities assumed during the three or nine months ended September 30, 2020. In July 2019, the Company acquired the property commonly known as “196 Orchard Street.” The following table presents allocation of real estate assets acquired and liabilities assumed during the nine months ended September 30, 2019.
(Dollar amounts in thousands)Nine Months Ended September 30, 2019
Real Estate investments, at cost:
Land$55,548 
Buildings and improvements24,324 
Total tangible assets79,872 
Acquired intangible assets (1) :
In-place leases and other intangible assets7,852 
Market lease intangibles1,541 
Total intangible assets9,393 
Total assets acquired89,265 
Mortgage note payable used to acquire real estate investment(51,000)
Cash paid for acquired real estate investment$38,265 
(1) Weighted-average remaining amortization periods for in-place leases and market lease and other intangible assets acquired during the nine months ended September 30, 2019 were 13.4 years and 13.4 years, respectively, as of the acquisition date.
Included in other income for the nine month period ended September 30, 2020, is approximately $0.6 million in income related to the retention of a deposit forfeited by the buyer in the potential sale of the property commonly known as the “HIT Factory” under a purchase agreement which expired in April 2020.
Significant Tenants
As of September 30, 2020 and December 31, 2019, there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis.
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
In-place leases (1)
$2,569 $2,288 $6,567 $6,761 
Other intangibles291 291 874 874 
Total included in depreciation and amortization
$2,860 $2,579 $7,441 $7,635 
Above-market lease intangibles (1)
$369 $344 $939 $1,016 
Below-market lease liabilities (1)
(936)(922)(3,783)(2,511)
Total included in revenue from tenants
$(567)$(578)$(2,844)$(1,495)
Below-market ground lease, included in property operating expenses$12 $12 $37 $36 
(1)During the three months ended September 30, 2020, in connection with three leases that were terminated during the third quarter of 2020, the Company wrote off approximately $3.2 million of in-place lease intangibles, which was included in depreciation and amortization expense in the consolidated statement of operations. Additionally, in connection with the same lease terminations, the Company wrote off approximately $1.9 million of below-market lease intangibles and $0.2 million of above-market lease intangibles during the three months ended September 30, 2020, which was included in revenue from tenants in the consolidated statement of operations. During the nine months ended September 30, 2020, in connection with a lease that was terminated during the second quarter of 2020, the Company also wrote off approximately $0.6 million of in-place lease intangibles, which was included in depreciation and
amortization expense in the consolidated statement of operations, and $2.3 million of below-market lease intangibles, which was included in revenue from tenants in the consolidated statement of operations.

The following table provides the projected amortization expense and adjustments to revenues for the next five years as of September 30, 2020:
(In thousands)2020 (remainder)2021202220232024
In-place leases$1,722 $5,867 $4,751 $3,513 $2,762 
Other intangibles291 937 708 708 708 
Total to be included in depreciation and amortization
$2,013 $6,804 $5,459 $4,221 $3,470 
Above-market lease assets$285 $1,079 $991 $842 $512 
Below-market lease liabilities(605)(2,168)(1,677)(1,452)(1,422)
Total to be included in revenue from tenants$(320)$(1,089)$(686)$(610)$(910)