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Intangible Assets and Liabilities | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following (in thousands):
| December 31, 2020 |  | December 31, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
In-place leases | $ | 69,470 |  |  | $ | (4,146) |  |  | $ | 65,324 |  |  | $ | 20,763 |  |  | $ | (56) |  |  | $ | 20,707 |
Above-market leases | 9,607 |  |  | (481) |  |  | 9,126 |  |  | 7,286 |  |  | (13) |  |  | 7,273 |
Assembled workforce | 873 |  |  | (299) |  |  | 574 |  |  | 873 |  |  | (7) |  |  | 866 |
Total Intangible assets | $ | 79,950 |  |  | $ | (4,926) |  |  | $ | 75,024 |  |  | $ | 28,922 |  |  | $ | (76) |  |  | $ | 28,846 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Below-market leases | $ | 17,951 |  |  | $ | (1,021) |  |  | $ | 16,930 |  |  | $ | 4,682 |  |  | $ | (10) |  |  | $ | 4,672 |
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of December 31, 2020 and 2019 by category and in total, were as follows:
| Years Remaining
| December 31,
| 2020 |  | 2019
In-place leases | 11.1 |  | 10.5
Above-market leases | 12.6 |  | 15.3
Below-market leases | 13.4 |  | 13.2
Assembled workforce | 2.0 |  | 3.0
The Company records amortization of in-place lease assets to amortization expense, and records net amortization of above-market and below-market lease intangibles to rental revenue. The following amounts in the accompanying consolidated statements of operations and comprehensive income (loss) related to the amortization of intangibles assets and liabilities for all property and ground leases (in thousands):
| Successor |  | Predecessor
| Year Ended December 31, |  | For the Period from December 23 to December 31, |  | For the Period from January 1 to December 22,
| 2020 |  | 2019
Amortization: |  |  |  |  |
Amortization of in-place leases | $ | 4,437 |  |  | $ | 56 |  |  | $ | 2,032 |
Amortization of assembled workforce | 292 |  |  | 7 |  |  | — |
| $ | 4,729 |  |  | $ | 63 |  |  | $ | 2,032 |
Net adjustment to rental revenue: |  |  |  |  |
Above-market lease assets | (560) |  |  | (13) |  |  | (966) |
Below-market lease liabilities | 1,064 |  |  | 11 |  |  | 403 |
| $ | 504 |  |  | $ | (2) |  |  | $ | (563) |
The following table provides the projected amortization of in-place lease assets and assembled workforce intangible assets to amortization expense, and the net amortization of above-market and below-market lease intangibles to rental revenue as of December 31, 2020, for the next five years and thereafter (in thousands):
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter |  | Total
In-place leases | $ | 6,839 |  |  | $ | 6,839 |  |  | $ | 6,808 |  |  | $ | 6,719 |  |  | $ | 6,572 |  |  | $ | 31,547 |  |  | $ | 65,324 |
Assembled workforce | 291 |  |  | 283 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 574 |
Amortization expense | $ | 7,130 |  |  | $ | 7,122 |  |  | $ | 6,808 |  |  | $ | 6,719 |  |  | $ | 6,572 |  |  | $ | 31,547 |  |  | $ | 65,898 |
Above-market lease assets | $ | (774) |  |  | $ | (774) |  |  | $ | (774) |  |  | $ | (769) |  |  | $ | (768) |  |  | $ | (5,267) |  |  | $ | (9,126) |
Below-market lease liabilities | 1,472 |  |  | 1,472 |  |  | 1,464 |  |  | 1,450 |  |  | 1,439 |  |  | 9,633 |  |  | 16,930 |
Net adjustment to rental revenue | $ | 698 |  |  | $ | 698 |  |  | $ | 690 |  |  | $ | 681 |  |  | $ | 671 |  |  | $ | 4,366 |  |  | $ | 7,804 |

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