| 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 | |
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