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OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2015
OTHER INTANGIBLE ASSETS |
OTHER INTANGIBLE ASSETS | 5. OTHER INTANGIBLE ASSETS A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2015 and December 31, 2014 is as follows:
|  | Assets |  | Liabilities |
June 30, 2015 |  | Acquired Above-Market Leases |  | Acquired In-Place Leases |  | Tax Abatement |  | Franchise Affiliation Fee |  | Acquired Below-Market Ground Lease |  | Acquired Below-Market Leases |
|  | (in thousands) |
Gross balance |  | $ | 1,072 |  | $ | 21,431 |  | $ | 4,273 |  | $ | 3,936 |  | $ | 11,685 |  | $ | (19,750 | )
Accumulated amortization |  |  | (867 | ) |  | (16,269 | ) |  | (2,047 | ) |  | (3,179 | ) |  | (1,352 | ) |  | 12,403 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 205 |  | $ | 5,162 |  | $ | 2,226 |  | $ | 757 |  | $ | 10,333 |  | $ | (7,347 | )
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Average useful life (in years) |  |  | 6 |  |  | 8 |  |  | 8 |  |  | 10 |  |  | 84 |  |  | 8 |
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|  | Assets |  | Liabilities |
December 31, 2014 |  | Acquired Above-Market Leases |  | Acquired In-Place Leases |  | Tax Abatement |  | Franchise Affiliation Fee |  | Acquired Below-Market Ground Lease |  | Acquired Below-Market Leases |
|  | (in thousands) |
Gross balance |  | $ | 2,402 |  | $ | 22,680 |  | $ | 4,273 |  | $ | 3,936 |  | $ | 11,685 |  | $ | (20,333 | )
Accumulated amortization |  |  | (2,039 | ) |  | (16,470 | ) |  | (1,771 | ) |  | (2,981 | ) |  | (1,282 | ) |  | 11,676 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 363 |  | $ | 6,210 |  | $ | 2,502 |  | $ | 955 |  | $ | 10,403 |  | $ | (8,657 | )
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Average useful life (in years) |  |  | 7 |  |  | 8 |  |  | 8 |  |  | 10 |  |  | 84 |  |  | 8 |
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The amortization of the above-market leases which decreased rental and other property income was $79,000 and $98,000 for the three months ended June 30, 2015 and 2014, respectively, and $158,000 and $435,000 for the six months ended June 30, 2015 and 2014, respectively. The amortization of the below-market leases included in rental and other property income was $655,000 and $697,000 for the three months ended June 30, 2015 and 2014, respectively, and $1,310,000 and $1,345,000 for the six months ended June 30, 2015 and 2014, respectively. The amortization of in-place leases included in depreciation and amortization expense was $519,000 and $587,000 for the three months ended June 30, 2015 and 2014, respectively, and $1,048,000 and $1,199,000 for the six months ended June 30, 2015 and 2014, respectively. Included in depreciation and amortization expense is franchise affiliation fee amortization of $99,000 for each of the three months ended June 30, 2015 and 2014, and $198,000 for each of the six months ended June 30, 2015 and 2014. The amortization of advance bookings included in depreciation and amortization expense was $0 and $67,000 for the three months ended June 30, 2015 and 2014, respectively, and $0 and $134,000 for the six months ended June 30, 2015 and 2014, respectively. Tax abatement amortization of $138,000 for each of the three months ended June 30, 2015 and 2014, and $276,000 for each of the six months ended June 30, 2015 and 2014 is 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, 2015 and 2014, and $70,000 for each of the six months ended June 30, 2015 and 2014 is 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, 2015 is as follows:
|  | Assets |  | Liabilities |
Years Ending December 31, |  | Acquired Above-Market Leases |  | Acquired In-Place Leases |  | Tax Abatement |  | Franchise Affiliation Fee |  | Acquired Below-Market Ground Lease |  | Acquired Below-Market Leases |
|  | (in thousands) |
2015 (Six months ending December 31, 2015) |  | $ | 83 |  | $ | 793 |  | $ | 275 |  | $ | 196 |  | $ | 70 |  | $ | (1,259 | )
2016 |  |  | 88 |  |  | 1,346 |  |  | 551 |  |  | 394 |  |  | 140 |  |  | (2,502 | )
2017 |  |  | 26 |  |  | 915 |  |  | 551 |  |  | 167 |  |  | 140 |  |  | (2,399 | )
2018 |  |  | 8 |  |  | 666 |  |  | 551 |  |  | — |  |  | 140 |  |  | (963 | )
2019 |  |  | — |  |  | 488 |  |  | 298 |  |  | — |  |  | 140 |  |  | (224 | )
Thereafter |  |  | — |  |  | 954 |  |  | — |  |  | — |  |  | 9,703 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 205 |  | $ | 5,162 |  | $ | 2,226 |  | $ | 757 |  | $ | 10,333 |  | $ | (7,347 | )
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