The following charts detail the Company’s real estate acquisitions during 2019 and 2018 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives.

(a)	In 2019, the Company obtained new mortgage debt aggregating $50,310 which bears interest at rates ranging from 3.68% to 4.90% and mature between April 2024 and December 2033.

(b)	In 2018, the Company obtained new mortgage debt aggregating $15,563 which bears interest at rates ranging from 4.46% to 4.65% and mature between December 2028 and October 2033.

NOTE 4—REAL ESTATE INVESTMENTS (Continued)

The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2019 and 2018 (amounts in thousands):


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Zwanenberg Food Group/Metro Carpets industrial facility,
Nashville, Tennessee	$	1,058	$	6,350	$	750	$	(81)	$	8,077
Echo, Inc. industrial facility,
Wauconda, Illinois		67		3,424		339		(4)		3,826
Betz Mechanical Supply/Steve Davis Sales industrial facility,
Bensalem, Pennsylvania		1,602		4,322		664		(220)		6,368
International Flora Technologies industrial facility,
Chandler, Arizona		1,335		7,379		—		—		8,714
Nissan North America industrial facility,
LaGrange, Georgia		297		4,499		627		(151)		5,272
Continental Hydraulics industrial facility,
Shakopee, Minnesota		1,877		5,462		944		(221)		8,062
Cosentino industrial facility,
Rincon, Georgia		61		5,969		667		(176)		6,521
The Door Mill industrial facility,
Chandler, Arizona		1,164		1,691		254		(62)		3,047
Totals for 2019	$	7,461	$	39,096	$	4,245	$	(915)	$	49,887

			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Campania International/U.S. Tape industrial facility,
Pennsburg, Pennsylvania	$	1,776	$	11,125	$	—	$	—	$	12,901
Plymouth Industries industrial facility,
Plymouth, Minnesota		1,121		4,429		—		—		5,550
Applied Control industrial facility,
Englewood, Colorado		1,562		11,300		—		—		12,862
Xerimis industrial facility,
Moorestown, New Jersey		1,822		5,056		707		(88)		7,497
Multi-tenant industrial facility,
Moorestown, New Jersey		1,443		10,898		1,469		(202)		13,608
Men’s Warehouse industrial facility,
Bakersfield, California		1,988		9,996		1,127		(2,198)		10,913
Dufresne Spencer Group industrial facility,
Green Park, Missouri		1,420		7,833		810		—		10,063
Transcendia industrial facility,
Greenville, South Carolina		186		6,407		322		(19)		6,896
Totals for 2018	$	11,318	$	67,044	$	4,435	$	(2,507)	$	80,290

As of December 31, 2019, the weighted average amortization period for the 2019 acquisitions is 7.6 years and 9.8 years for the intangible lease assets and intangible lease liabilities, respectively. As of December 31, 2018, the weighted average amortization period for the 2018 acquisitions is 6.8 years and 11.4 years for the intangible lease assets and intangible lease liabilities, respectively. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 2) in the fair value hierarchy.

At December 31, 2019 and 2018, accumulated amortization of intangible lease assets was $19,904,000 and $16,503,000, respectively, and accumulated amortization of intangible lease liabilities was $7,502,000 and $7,378,000, respectively.

NOTE 4—REAL ESTATE INVESTMENTS (Continued)

During 2019, 2018 and 2017, the Company recognized net rental income of $914,000, $1,849,000 and $897,000, respectively, for the amortization of the above/below market leases. During 2019, 2018 and 2017, the Company recognized amortization expense of $4,039,000, $7,175,000 and $4,984,000, respectively, relating to the amortization of the origination costs associated with in place leases, which is included in Depreciation and amortization expense. Included in Depreciation and amortization expense during 2018 and 2017 are write-offs of origination costs of $2,743,000 and $884,000, respectively, related to four properties at which the tenant filed Chapter 11 bankruptcy.

The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2019 will be deducted from rental income through 2032 as follows (amounts in thousands):


2020	$	654
2021		647
2022		481
2023		288
2024		218
Thereafter		741
Total	$	3,029

The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2019 will be added to rental income through 2055 as follows (amounts in thousands):


2020	$	1,385
2021		1,335
2022		1,224
2023		984
2024		709
Thereafter		6,784
Total	$	12,421

The unamortized balance of origination costs associated with in-place leases at December 31, 2019 will be charged to amortization expense through 2055 as follows (amounts in thousands):


2020	$	4,157
2021		4,035
2022		3,577
2023		2,937
2024		1,845
Thereafter		6,488
Total	$	23,039

Property Acquisitions Subsequent to December 31, 2019

On February 20, 2020, the Company acquired an industrial property located in Ashland, Virginia for $9,100,000. The initial term of the lease expires in 2034.

On February 24, 2020, the Company acquired an industrial property located in Lowell, Arkansas for $19,150,000. The initial term of the lease expires in 2027.