INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2021 and 2020 (in thousands):

	As of December 31,
	2021		2020
Lease Intangible Assets:
Above market leases	$	7,496	$	35,695
Tenant origination and absorption costs	61,414		60,413
Tenant relationship	22,823		23,289
Gross lease intangible assets	91,733		119,397
Accumulated amortization	(37,670)		(36,601)
Lease intangible assets, net	$	54,063	$	82,796
Lease Intangible Liabilities:
Below market leases	$	81,211	$	89,389
Accumulated amortization	(31,498)		(31,664)
Lease intangible liabilities, net	$	49,713	$	57,725

Schedule of Real Estate Intangible Amortization Income (Expense)

The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2021, 2020 and 2019 (in thousands): 

	Year Ended December 31,
	2021		2020		2019
(Decrease) increase to rental income related to above/below market leases, net (1)	$	(13,512)	$	849	$	508
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship	(8,694)		(10,620)		(17,674)

(1)    Balance for the year ended December 31, 2021 includes $18.6 million of accelerated amortization related to the above market lease intangible associated with the Company’s lease with Avamere. See Note 4, “Investment in Real Estate Properties,” for further discussion.

Schedule of Remaining Unamortized Balance for Outstanding Intangible Assets

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2021 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2022	$	9,000	$	7,269
2023	6,762		7,269
2024	6,266		7,168
2025	5,833		6,228
2026	5,489		4,956
Thereafter	20,713		16,823
	$	54,063	$	49,713
Weighted-average remaining amortization period	9.7 years		7.8 years

Schedule of Remaining Unamortized Balance for Outstanding Intangible Liabilities

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2021 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2022	$	9,000	$	7,269
2023	6,762		7,269
2024	6,266		7,168
2025	5,833		6,228
2026	5,489		4,956
Thereafter	20,713		16,823
	$	54,063	$	49,713
Weighted-average remaining amortization period	9.7 years		7.8 years