The following table details the Company’s real estate acquisitions during 2020 and 2019. 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 2020, the Company obtained new mortgage debt aggregating $18,200 bearing interest rates from 3.54% to 3.63% and maturing from 2027 through 2035.

(b)	In 2019, the Company obtained new mortgage debt aggregating $50,310 bearing interest rates from 3.68% to 4.90% and maturing from 2024 through 2033.

NOTE 4—REAL ESTATE INVESTMENTS (Continued)

The following table details the allocation of the purchase price for the Company’s acquisitions of real estate during 2020 and 2019 (amounts in thousands):


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Creative Office Environments industrial facility,
Ashland, Virginia	$	391	$	7,901	$	927	$	—	$	9,219
Fed Ex industrial facility,
Lowell, Arkansas		1,687		15,188		2,978		(568)		19,285
Totals for 2020	$	2,078	$	23,089	$	3,905	$	(568)	$	28,504

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

As of December 31, 2020, the weighted average amortization period for the 2020 acquisitions is 8.3 years and 13.7 years for the intangible lease assets and intangible lease liabilities, respectively. 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. 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, 2020 and 2019, accumulated amortization of intangible lease assets was $24,530,000 and $19,904,000, respectively, and accumulated amortization of intangible lease liabilities was $8,539,000 and $7,502,000, respectively.

During 2020, 2019 and 2018, the Company recognized net rental income of $780,000, $914,000 and $1,849,000, respectively, for the amortization of the above/below market leases. During 2020, 2019 and 2018, the Company recognized amortization expense of $4,617,000, $4,039,000 and $7,175,000, 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 for 2018 is a $2,743,000 write-off of origination costs related to a property at which the tenant filed Chapter 11 bankruptcy.

NOTE 4—REAL ESTATE INVESTMENTS (Continued)

The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2020 will be deducted from rental income through 2032 as follows (amounts in thousands):


2021	$	647
2022		481
2023		288
2024		218
2025		195
Thereafter		546
Total	$	2,375

The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2020 will be added to rental income through 2055 as follows (amounts in thousands):


2021	$	1,402
2022		1,160
2023		922
2024		694
2025		488
Thereafter		6,523
Total	$	11,189

The unamortized balance of origination costs associated with in-place leases at December 31, 2020 will be charged to amortization expense through 2055 as follows (amounts in thousands):


2021	$	4,609
2022		3,961
2023		3,319
2024		2,303
2025		1,944
Thereafter		6,192
Total	$	22,328

Impairment due to Casualty Loss

In August 2020, a portion of a multi-tenanted building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura. During the year ended December 31, 2020, the Company recognized an impairment loss of $430,000 representing the carrying value of the damaged portion of the building based on its replacement cost (and net of accumulated depreciation of $352,000).

The Company submitted a claim to its insurance carrier to cover, subject to a $250,000 deductible, the (i) estimated $1,294,000 cost to rebuild the damaged portion of the building and (ii) $65,000 of losses in rental income. As a result, the Company recognized a $430,000 receivable for insurance recoveries which is recorded as Other income in the consolidated statements of income for the year ended December 31, 2020. The Company received a $150,000 advance from the insurance carrier for this claim during the year ended December 31, 2020. In January 2021, the Company received an additional $300,000 advance from the insurance carrier.