Deferred Costs, Acquired Lease Intangibles and Goodwill

Deferred costs, net consisted of the following at December 31, (amounts in thousands):



	2013					2012
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Leasing costs	$	90,198	$	(27,459	)	$	78,865	$	(24,939	)
Financing costs	27,416		(11,217		)	23,609		(13,098		)
Offering costs	—		—			27,789		—
Total deferred costs	$	117,614	$	(38,676	)	$	130,263	$	(38,037	)

Amortization expense related to deferred leasing costs was $10.6 million, $7.4 million, and $6.4 million and deferred financing costs was $12.7 million, $4.9 million, and $3.2 million, for the years ended December 31, 2013, 2012, and 2011, respectively.

Offering costs for work done by employees of the supervisor on behalf of the non-controlled entities of $1.1 million, $1.3 million, and $1.2 million for the years ended December 31, 2013, 2012, and 2011, respectively, were incurred and advanced by our supervisor and have been reimbursed to our supervisor by the non-controlled entities. In addition, offering costs for work done by employees of the supervisor of approximately $0.4 million, $0.6 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively, were incurred and advanced by our supervisor on behalf of the entities that own the option properties and have been reimbursed to our supervisor by the entities that own the option properties.

Amortizing acquired intangible assets and liabilities consisted of the following at December 31, (amounts in thousands):



	2013
	Gross Amount			Accumulated Amortization
Acquired below-market ground lease	$	62,738		(426	)
Acquired in-place lease value and deferred leasing costs	186,415			(5,697	)
Acquired above-market leases	72,123			(2,858	)
Acquired below-market leases	(134,651		)	4,769

Amortization expense related to acquired lease intangibles for the year ended December 31, 2013 was $5.3 million and $0.0 million for the years ended December 31, 2012 and 2011. Rental revenue related to the amortization of below market leases, net of above market leases for the year ended December 31, 2013 was $1.9 million and $0.0 million for the years ended December 31, 2012 and 2011. The remaining weighted-average amortization period as of December 31, 2013, is 5.6 years, 4.7 years and 5.2 years for in-place leases and deferred leasing costs, above-market leases and below-market leases, respectively. We expect to recognize amortization expense and rental revenue from the acquired intangible assets as follows (amounts in thousands):



For the year ending:	Future Amortization Expense		Future Rental Revenue
2014	$	30,466	$	7,484
2015	24,737		6,665
2016	20,873		5,997
2017	19,237		6,384
2018	16,363		6,086
Thereafter	131,354		28,001
	$	243,030	$	60,617

As of December 31, 2013, we had goodwill of $491.5 million. In 2013, we acquired the interests in Empire State Building Company, L.L.C. and 501 Seventh Avenue Associates, L.L.C. for an amount in excess of their net tangible and identified intangible assets and liabilities and as a result we recorded goodwill related to the transaction (see also Note 3). Goodwill was allocated $227.5 million to the observatory operations of the Empire State Building, $250.8 million to Empire State Building Company, L.L.C., and $13.2 million to 501 Seventh Avenue Associates, L.L.C.

We performed an annual review of goodwill for impairment as of December 31, 2013 and concluded there was no impairment of goodwill. Our methodology to review goodwill impairment, which includes a significant amount of judgment and estimates, provides a reasonable basis to determine whether impairment has occurred. However, many of the factors employed in determining whether or not goodwill is impaired are outside of our control and it is reasonably likely that assumptions and estimates will change in future periods.