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OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2014
OTHER INTANGIBLE ASSETS  
OTHER INTANGIBLE ASSETS

6. OTHER INTANGIBLE ASSETS

        A schedule of the intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2014, and December 31, 2013, is as follows:

 
   Assets   Liabilities  
March 31, 2014
  Acquired
Above-Market
Leases		   Acquired
In-Place
Leases		   Tax
Abatement		   Advance
Bookings		   Franchise
Affiliation
Fee		   Acquired
Below-Market
Ground Lease		   Trade-name
and
License		   Acquired
Below-Market
Leases		  
 
   (in thousands)
  

Gross balance

   $ 8,017   $ 79,645   $ 4,273   $ 8,329   $ 3,936   $ 11,685   $ 2,957   $ (61,323 )

Accumulated amortization

     (7,389 )   (74,075 )   (1,358 )   (8,206 )   (2,686 )   (1,177 )   —     53,171  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 628   $ 5,570   $ 2,915   $ 123   $ 1,250   $ 10,508   $ 2,957   $ (8,152 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Average useful life (in years)

     4     5     8     3     10     84     Indefinite     6  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   


 

 
   Assets   Liabilities  
December 31, 2013
  Acquired
Above-Market
Leases		   Acquired
In-Place
Leases		   Tax
Abatement		   Advance
Bookings		   Franchise
Affiliation
Fee		   Acquired
Below-Market
Ground Lease		   Acquired
Below-Market
Leases		  
 
   (in thousands)
  

Gross balance

   $ 8,017   $ 79,645   $ 4,273   $ 8,329   $ 3,936   $ 11,685   $ (61,323 )

Accumulated amortization

     (7,052 )   (73,463 )   (1,220 )   (8,139 )   (2,587 )   (1,142 )   52,523  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 965   $ 6,182   $ 3,053   $ 190   $ 1,349   $ 10,543   $ (8,800 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Average useful life (in years)

     4     5     8     3     10     84     6  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

        The amortization of the above-market leases included in rental and other property income were $(337,000) and $(200,000) for the three months ended March 31, 2014 and 2013, respectively. The amortization of the below-market leases included in rental and other property income were $648,000 and $796,000 for the three months ended March 31, 2014 and 2013, respectively. The amortization of in-place leases included in depreciation and amortization expense was $612,000 and $947,000 for the three months ended March 31, 2014 and 2013, respectively. Included in depreciation and amortization expense are franchise affiliation fee amortization of $99,000 for each of the three months ended March 31, 2014 and 2013, respectively, and amortization of advance bookings of $67,000 and $0 for the three months ended March 31, 2014 and 2013, respectively. Tax abatement amortization of $138,000 for each of the three months ended March 31, 2014 and 2013, and amortization of below-market ground lease obligation of $35,000 for each of the three months ended March 31, 2014 and 2013, are included in rental and other property operating expenses.

        A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of March 31, 2014, is as follows:

 
   Assets   Liabilities  
Years Ending December 31
  Acquired
Above-Market
Leases		   Acquired
In-Place
Leases		   Tax
Abatement		   Advance
Bookings		   Franchise
Affiliation
Fee		   Acquired
Below-Market
Ground Lease		   Acquired
Below-Market
Leases		  
 
   (in thousands)
  

2014 (Nine months ending December 31, 2014)

   $ 265   $ 1,517   $ 413   $ 123   $ 295   $ 105   $ (1,679 )

2015

     241     1,388     551     —     394     140     (2,082 )

2016

     88     891     551     —     394     140     (2,015 )

2017

     26     445     551     —     167     140     (1,907 )

2018

     8     195     551     —     —     140     (469 )

Thereafter

     —     1,134     298     —     —     9,843     —  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 628   $ 5,570   $ 2,915   $ 123   $ 1,250   $ 10,508   $ (8,152 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​