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OTHER INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 is as follows (in thousands):
| March 31, 2024 |  | December 31, 2023
Intangible assets: |  |  |
Acquired in-place leases, net of accumulated amortization of $4,915 and $4,821, respectively, both with an average useful life of 6 years, respectively. | $ | 890 |  |  | $ | 984 |
Acquired above-market leases, net of accumulated amortization of $32 and $30, respectively, both with an average useful life of 7 years, respectively | 5 |  |  | 7 |
Trade name and license | 2,957 |  |  | 2,957 |
Total intangible assets, net | $ | 3,852 |  |  | $ | 3,948 |
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 months ended March 31, 2024 and 2023, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Acquired above-market lease amortization |  | $ | 2 |  |  | $ | 24 |  |  |  |  |
Acquired in-place lease amortization |  | $ | 94 |  |  | $ | 4,127 |  |  |  |  |
Acquired below-market lease amortization |  | $ | — |  |  | $ | 9 |  |  |  |  |
A schedule of future amortization and accretion of acquired intangible assets and liabilities as of March 31, 2024, is as follows (in thousands):
|  | Assets |  |
Years Ending December 31, |  | Acquired Above-Market Leases |  | Acquired In-Place Leases |  |
2024 (Nine months ended December 31, 2024) |  | $ | 4 |  |  | $ | 279 |  |  |
2025 |  | 1 |  |  | 171 |  |  |
2026 |  | — |  |  | 123 |  |  |
2027 |  | — |  |  | 123 |  |  |
2028 |  | — |  |  | 122 |  |  |
Thereafter |  | — |  |  | 72 |  |  |
|  | $ | 5 |  |  | $ | 890 |  |  |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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