OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

5. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2020 and 2019, is as follows:

	As of December 31,
	2020		2019
	(in thousands)
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $9,228 and $9,382, respectively, both with an average useful life of 8 years	$	3,316	$	4,271
Acquired above-market leases, net of accumulated amortization of $15 and $42, respectively, with an average useful life of 6 and 5 years, respectively	40		32
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,313	$	7,260
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,786 and $2,239, respectively, both with an average useful life of 4 years	$	587	$	1,282

Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations.

During the years ended December 31, 2020, 2019 and 2018, we recognized amortization related to our intangible assets and liabilities as follows:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Acquired above-market lease amortization	$	10	$	63	$	51
Acquired in-place lease amortization	$	1,364	$	2,112	$	3,691
Acquired below-market lease amortization	$	700	$	1,590	$	2,190

A schedule of future amortization and accretion of acquisition-related intangible assets and liabilities as of December 31, 2020, is as follows:

	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2021	$	12	$	1,049	$	(349)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	40	$	3,316	$	(587)