OTHER INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

6. 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, 2022 and December 31, 2021 is as follows (in thousands):

	March 31, 2022		December 31, 2021
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $8,463 and $9,030, respectively, both with an average useful life of 9 years	$	2,028	$	2,266
Acquired above-market leases, net of accumulated amortization of $30 and $27, respectively, both with an average useful life of 6 years	25		28
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	5,010	$	5,251
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $996 and $1,134, respectively, both with an average useful life of 5 years	$	168	$	237

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, 2022 and 2021, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Acquired above-market lease amortization	$	3	$	3
Acquired in-place lease amortization	$	238	$	296
Acquired below-market lease amortization	$	69	$	115

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of March 31, 2022, is as follows (in thousands):

	Assets				Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
2022 (Nine months ending December 31, 2022)	$	9	$	574	$	(166)
2023	9		469		(2)
2024	5		374		—
2025	2		171		—
2026	—		123		—
Thereafter	—		317		—
	$	25	$	2,028	$	(168)