Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2017

The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of September 30, 2017 and December 31, 2016 (amounts in thousands):


	As of September 30, 2017						As of December 31, 2016
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Value		Amortization		Value		Value		Amortization		Value
Domestic servicing rights, at fair value	$	33,781	$	—	$	33,781	$	55,082	$	—	$	55,082
In-place lease intangible assets		181,636		(59,308)		122,328		175,409		(38,532)		136,877
Favorable lease intangible assets		32,070		(6,314)		25,756		30,459		(3,170)		27,289
Total net intangible assets	$	247,487	$	(65,622)	$	181,865	$	260,950	$	(41,702)	$	219,248

Summary of activity within intangible assets

The following table summarizes the activity within intangible assets for the nine months ended September 30, 2017 (amounts in thousands):


	Domestic		In-place Lease		Favorable Lease
	Servicing		Intangible		Intangible
	Rights		Assets		Assets		Total
Balance as of January 1, 2017	$	55,082	$	136,877	$	27,289	$	219,248
Acquisition of additional REIS Equity Portfolio properties		—		3,810		462		4,272
Amortization		—		(20,098)		(2,940)		(23,038)
Sales		—		(367)		(109)		(476)
Foreign exchange gain		—		3,908		1,044		4,952
Impairment (1)		—		(981)		(9)		(990)
Changes in fair value due to changes in inputs and assumptions		(21,301)		—		—		(21,301)
Measurement period adjustments		—		(821)		19		(802)
Balance as of September 30, 2017	$	33,781	$	122,328	$	25,756	$	181,865

(1)

Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statements of operations.

Schedule of future amortization expense

The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands):


2017 (remainder of)	$	7,556
2018		27,711
2019		21,288
2020		15,908
2021		13,623
Thereafter		61,998
Total	$	148,084