5.	Intangibles, net

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of December 31, 2016 and 2015 are as follows (in thousands):

	December 31,
	2016			2015
In-place lease intangibles	$	225,246		$	220,917
Above-market lease intangibles		13,974			13,960
Below-market ground lease intangibles		12,470			12,470
Less: accumulated amortization		(120,188	)		(74,895	)
Intangible assets, net	$	131,502		$	172,452
Below-market lease intangibles	$	(12,060	)	$	(12,095	)
Above-market ground lease intangibles		(3,488	)		(3,488	)
Less: accumulated amortization		4,247			2,581
Intangible liabilities, net ⁽¹⁾	$	(11,301	)	$	(13,002	)

FOOTNOTE:

⁽¹⁾

Intangible liabilities, net are included in other liabilities in the accompanying consolidated balance sheets.

Amortization on the Company’s intangible assets was approximately $45.3 million for the year ended December 31, 2016, of which approximately $2.0 million was treated as a reduction of rental income from operating leases, approximately $0.3 million was treated as an increase of property operating expenses and approximately $43.0 million was included in depreciation and amortization. Amortization on the Company’s intangible assets was approximately $44.6 million for the year ended December 31, 2015, of which approximately $2.0 million was treated as a reduction of rental income from operating leases, approximately $0.3 million was treated as an increase of property operating expenses and $42.3 million was included in depreciation and amortization. Amortization expense on the Company’s intangible assets was approximately $25.1 million for the year ended December 31, 2014, of which approximately $1.0 million was treated as a reduction of rental income from operating leases, approximately $0.1 million was treated as an increase of property operating expenses and approximately $24.0 million was included in depreciation and amortization.

Amortization on the Company’s intangible liabilities was approximately $1.7 million for the year ended December 31, 2016, of which approximately $1.6 million was treated as an increase of rental income from operating leases and approximately $0.1 million was treated as a reduction of property operating expenses. Amortization on the Company’s intangible liabilities was approximately $1.6 million for the year ended December 31, 2015, of which approximately $1.5 million was treated as an increase of rental income from operating leases and approximately $0.08 million was treated as a reduction of property operating expenses. For the year ended December 31, 2014, amortization on the Company’s intangible liabilities was approximately $0.8 million, which was treated as an increase of rental income from operating leases and approximately eight thousand dollars was treated as a reduction of property operating expenses.

During the year ended December 31, 2016, as a result of the bankruptcy reorganization of an anchor tenant at two of our medical office buildings, the Company recorded a loss on lease termination of approximately $0.8 million related to the lease intangibles as it was determined that the carrying value of certain deferred rent and other lease-related assets would not be recoverable.

During the year ended December 31, 2015, as a result of a tenant default at two of the Company’s specialty hospitals, the Company recorded an impairment provision of approximately $4.7 million related to the lease intangibles as it was determined that the carrying value of these assets would more than likely not be recoverable.

5.	Intangibles, net (continued)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2016 is as follows (in thousands):

	In-place Lease Intangibles		Above- market Leases		Below- market Ground Leases		Total Assets		Below- market Leases		Above- market Ground Leases		Total Liabilities
2017	$	29,222		1,741		320	$	31,283	$	1,396		89	$	1,485
2018		17,749		1,569		320		19,638		1,254		89		1,343
2019		12,499		1,269		320		14,088		1,094		89		1,183
2020		10,481		1,059		320		11,860		866		89		955
2021		9,312		976		320		10,608		750		89		839
Thereafter		31,755		2,194		10,076		44,025		2,633		2,863		5,496
	$	111,018		8,808		11,676	$	131,502	$	7,993		3,308	$	11,301

Weighted average remaining useful life as of December 31, 2016 (in years):

In-place

Lease

Intangibles

Above-

market

Leases

Below-

market

Ground

Leases

Below-

market

Leases

Above-

market

Ground

Leases

4.3

5.2

36.6

4.9

37.1