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OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2014
OTHER INTANGIBLE ASSETS  
OTHER INTANGIBLE ASSETS

7. OTHER INTANGIBLE ASSETS

        A schedule of the intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2014, and December 31, 2013, is as follows:

 
   Assets   Liabilities  
June 30, 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   $ 80,732   $ 4,273   $ 8,329   $ 3,936   $ 11,685   $ 2,957   $ (63,093 )

Accumulated amortization

     (7,487 )   (74,662 )   (1,496 )   (8,273 )   (2,785 )   (1,212 )   —     53,868  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 530   $ 6,070   $ 2,777   $ 56   $ 1,151   $ 10,473   $ 2,957   $ (9,225 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Average useful life (in years)

     4     6     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 which decreased rental and other property income were $98,000 and $196,000 for the three months ended June 30, 2014 and 2013, respectively and $435,000 and $396,000 for the six months ended June 30, 2014 and 2013, respectively. The amortization of the below-market leases included in rental and other property income were $697,000 and $796,000 for the three months ended June 30, 2014 and 2013, respectively and $1,345,000 and $1,592,000 for the six months ended June 30, 2014 and 2013, respectively. The amortization of in-place leases included in depreciation and amortization expense was $587,000 and $927,000 for the three months ended June 30, 2014 and 2013, respectively and $1,199,000 and $1,874,000 for the six months ended June 30, 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 June 30, 2014 and 2013, and $198,000 for each of the six months ended June 30, 2014 and 2013, respectively. The amortization of advance bookings included in depreciation and amortization expense was $67,000 and $0 for the three months ended June 30, 2014 and 2013, respectively and $134,000 and $0 for the six months ended June 30, 2014 and 2013, respectively. Tax abatement amortization of $138,000 for each of the three months ended June 30, 2014 and 2013 and $276,000 for each of the six months ended June 30, 2014 and 2013 are included in rental and other property operating expenses. Amortization of below-market ground lease obligation of $35,000 for each of the three months ended June 30, 2014 and 2013 and $70,000 for each of the six months ended June 30, 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 June 30, 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 (Six months ending December 31, 2014)

   $ 167   $ 1,084   $ 275   $ 56   $ 196   $ 70   $ (1,246 )

2015

     241     1,606     551     —     394     140     (2,435 )

2016

     88     1,111     551     —     394     140     (2,368 )

2017

     26     665     551     —     167     140     (2,261 )

2018

     8     415     551     —     —     140     (824 )

Thereafter

     —     1,189     298     —     —     9,843     (91 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 530   $ 6,070   $ 2,777   $ 56   $ 1,151   $ 10,473   $ (9,225 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​