OTHER INTANGIBLE ASSETS

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2017 and December 31, 2016 is as follows:



	Assets								Liabilities
June 30, 2017	Acquired In-Place Leases			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	10,181		$	11,685		$	2,957	$	(5,722	)
Accumulated amortization	(7,581		)	(1,632		)	—		4,584
	$	2,600		$	10,053		$	2,957	$	(1,138	)
Average useful life (in years)	10			84			Indefinite		7



	Assets														Liabilities
December 31, 2016	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement (1)			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	215		$	11,551		$	4,273		$	11,685		$	2,957	$	(18,893	)
Accumulated amortization	(180		)	(8,443		)	(2,873		)	(1,562		)	—		15,317
	$	35		$	3,108		$	1,400		$	10,123		$	2,957	$	(3,576	)
Average useful life (in years)	8			10			8			84			Indefinite		8

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(1)	Tax abatement is associated with 47 E 34th Street, which is classified as held for sale on our consolidated balance sheet at June 30, 2017 (Note 3).

The amortization of the acquired above-market leases which decreased rental and other property income was $0 and $26,000 for the three months ended June 30, 2017 and 2016, respectively, and $3,000 and $64,000 for the six months ended June 30, 2017 and 2016, respectively. The amortization of the acquired in-place leases included in depreciation and amortization expense was $195,000 and $368,000 for the three months ended June 30, 2017 and 2016, respectively, and $411,000 and $748,000 for the six months ended June 30, 2017 and 2016, respectively. Included in depreciation and amortization expense was franchise affiliation fee amortization of $0 and $0 for the three months ended June 30, 2017 and 2016, respectively, and $0 and $33,000 for the six months ended June 30, 2017 and 2016, respectively. Tax abatement amortization of $138,000 for each of the three months ended June 30, 2017 and 2016, and $276,000 for each of the six months ended June 30, 2017 and 2016 was included in rental and other property operating expenses. The amortization of the acquired below-market ground lease of $35,000 for each of the three months ended June 30, 2017 and 2016, and $70,000 for each of the six months ended June 30, 2017 and 2016 was included in rental and other property operating expenses. The amortization of the acquired below-market leases included in rental and other property income was $219,000 and $631,000 for the three months ended June 30, 2017 and 2016, respectively, and $638,000 and $1,262,000 for the six months ended June 30, 2017 and 2016, respectively.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of June 30, 2017, is as follows:



	Assets				Liabilities
Years Ending December 31,	Acquired In-Place Leases		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
	(in thousands)
2017 (Six months ending December 31, 2017)	$	373	$	70	$	(428	)
2018	723		140		(510		)
2019	464		140		(200		)
2020	207		140		—
2021	207		140		—
Thereafter	626		9,423		—
	$	2,600	$	10,053	$	(1,138	)