6. Other Assets

Other assets, net consisted of the following (in thousands):



	June 30,		December 31,
	2015		2014
	(unaudited)
Property and equipment, net	$	2,018	$	2,127
Land held for development		188		188
Intangibles, net		6,378		6,677
Deferred expense on straightlined third-party tenant leases		3,002		1,426
Other receivables		2,836		2,094
Other		1,907		1,973
Total other assets	$	16,329	$	14,485

Property and equipment, net consisted of the following (in thousands):



	June 30,		December 31,
	2015		2014
	(unaudited)
Cost basis	$	11,958	$	11,573
Accumulated depreciation		(9,940)		(9,446)
Property and equipment, net	$	2,018	$	2,127

The Company’s other assets, net as of June 30, 2015 and December 31, 2014, include BuyEfficient’s intangible assets totaling $6.4 million and $6.7 million, respectively, net of accumulated amortization related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straight-line method over their useful lives ranging between seven and 20 years. Accumulated amortization totaled $2.7 million and $2.4 million at June 30, 2015 and December 31, 2014, respectively. Amortization expense totaled $0.1 million for both the three months ended June 30, 2015 and 2014, and $0.3 million for both the six months ended June 30, 2015 and 2014.

Upon sale of the Rochester Hotels in January 2013, the Company retained a $25.0 million preferred equity investment (the “Preferred Equity Investment”) in the Rochester Hotels that yields an 11% dividend, resulting in a deferred gain on the sale of $25.0 million. The $25.0 million gain will be deferred until the Preferred Equity Investment is redeemed or sold (see Note 12). The Preferred Equity Investment is recorded at face value on the Company’s consolidated balance sheets net of the deferred gain, resulting in a net book value of zero on the Company’s consolidated balance sheets as of both June 30, 2015 and December 31, 2014. During both the three and six months ended June 30, 2015 and 2014, the Company recognized $0.7 million and $1.4 million, respectively, in dividends on the Preferred Equity Investment.