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OTHER INTANGIBLE ASSETS AND LIABILITIES | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
OTHER INTANGIBLE ASSETS AND LIABILITIES | 6. OTHER INTANGIBLE ASSETS AND LIABILITIES A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2022 and December 31, 2021 is as follows (in thousands):
| June 30, 2022 |  | December 31, 2021
Intangible assets: |  |  |
Acquired in-place leases, net of accumulated amortization of $8,657 and $9,030, respectively, both with an average useful life of 9 years | $ | 1,833 |  |  | $ | 2,266 |
Acquired above-market leases, net of accumulated amortization of $33 and $27, respectively, both with an average useful life of 6 years | 22 |  |  | 28 |
Trade name and license | 2,957 |  |  | 2,957 |
Total intangible lease assets, net | $ | 4,812 |  |  | $ | 5,251 |
Intangible lease liabilities: |  |  |
Acquired below-market leases, net of accumulated amortization of $1,056 and $1,134, respectively, both with an average useful life of 5 years | $ | 108 |  |  | $ | 237 |
Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2022 and 2021, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Acquired above-market lease amortization |  | $ | 3 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 6 |
Acquired in-place lease amortization |  | $ | 195 |  |  | $ | 257 |  |  | $ | 433 |  |  | $ | 553 |
Acquired below-market lease amortization |  | $ | 60 |  |  | $ | 84 |  |  | $ | 129 |  |  | $ | 199 |
A schedule of future amortization and accretion of acquired intangible assets and liabilities as of June 30, 2022, is as follows (in thousands):
|  | Assets |  | Liabilities
Years Ending December 31, |  | Acquired Above-Market Leases |  | Acquired In-Place Leases |  | Acquired Below-Market Leases
2022 (Six months ending December 31, 2022) |  | $ | 6 |  |  | $ | 379 |  |  | $ | (106) |
2023 |  | 9 |  |  | 469 |  |  | (2) |
2024 |  | 5 |  |  | 374 |  |  | — |
2025 |  | 2 |  |  | 171 |  |  | — |
2026 |  | — |  |  | 123 |  |  | — |
Thereafter |  | — |  |  | 317 |  |  | — |
|  | $ | 22 |  |  | $ | 1,833 |  |  | $ | (108) |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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