OTHER INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

5. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2021 and December 31, 2020 is as follows (in thousands):

	March 31, 2021		December 31, 2020
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $8,487 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	3,020	$	3,316
Acquired above-market leases, net of accumulated amortization of $18 and $15, respectively, both with an average useful life of 6 years	37		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,014	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,090 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	472	$	587

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 three months ended March 31, 2021 and 2020, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Acquired above-market lease amortization	$	3	$	6
Acquired in-place lease amortization	$	296	$	441
Acquired below-market lease amortization	$	115	$	254

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of March 31, 2021, is as follows (in thousands):

	Assets				Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
2021 (Nine months ending December 31, 2021)	$	9	$	753	$	(234)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	37	$	3,020	$	(472)