Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Liabilities

Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following (in thousands):

	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Assets:
In-place leases	$	116,368	$	(13,408)	$	102,960	$	69,470	$	(4,146)	$	65,324
Above-market leases	17,348		(1,516)		15,832		9,607		(481)		9,126
Assembled workforce	873		(592)		281		873		(299)		574
Lease incentives	5,821		(122)		5,699		—		—		—
Total Intangible assets	$	140,410	$	(15,638)	$	124,772	$	79,950	$	(4,926)	$	75,024
Liabilities:
Below-market leases	$	26,185	$	(2,869)	$	23,316	$	17,951	$	(1,021)	$	16,930

The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of December 31, 2021 and 2020 by category were as follows:

	Years Remaining
	December 31,
	2021	2020
In-place leases	9.7	11.1
Above-market leases	12.8	12.6
Below-market leases	12.3	13.4
Assembled workforce	1.0	2.0
Lease incentives	12.7	—

The Company records amortization of in-place lease assets and assembled workforce intangible assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. The following amounts in the accompanying consolidated statements of operations and comprehensive income (loss) related to the amortization of intangibles assets and liabilities for all property and ground leases (in thousands):

	Successor						Predecessor
	Year Ended December 31,				For the Period from December 23 to December 31,		For the Period from January 1 to December 22,
	2021		2020		2019
Amortization:
Amortization of in-place leases	$	9,411	$	4,437	$	56	$	2,032
Amortization of assembled workforce	293		292		7		—
	$	9,704	$	4,729	$	63	$	2,032
Net adjustment to rental revenue:
Above-market lease assets	(1,050)		(560)		(13)		(966)
Below-market lease liabilities	1,858		1,064		11		403
Lease incentives	(122)		—		—		—
	$	686	$	504	$	(2)	$	(563)

The following table provides the projected amortization of in-place lease assets and assembled workforce intangible assets to amortization expense, and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of December 31, 2021, for the next five years and thereafter (in thousands):

	2022		2023		2024		2025		2026		Thereafter		Total
In-place leases	$	13,421	$	12,542	$	11,831	$	11,552	$	10,459	$	43,155	$	102,960
Assembled workforce	281		—		—		—		—		—		281
Amortization expense	$	13,702	$	12,542	$	11,831	$	11,552	$	10,459	$	43,155	$	103,241
Above-market lease assets	$	(1,316)	$	(1,316)	$	(1,312)	$	(1,311)	$	(1,310)	$	(9,267)	$	(15,832)
Below-market lease liabilities	2,220		2,213		2,193		2,169		2,049		12,472		23,316
Lease incentives	(473)		(473)		(473)		(473)		(473)		(3,334)		(5,699)
Net adjustment to rental revenue	$	431	$	424	$	408	$	385	$	266	$	(129)	$	1,785