Deferred Costs, Acquired Lease Intangibles and Goodwill

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



	2014					2013
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Leasing costs	$	100,653	$	(33,439	)	$	90,198	$	(27,459	)
Financing costs	17,334		(4,336		)	27,416		(11,217		)
Total deferred costs	$	117,987	$	(37,775	)	$	117,614	$	(38,676	)

Amortization expense related to deferred leasing costs was $9.7 million, $10.6 million, and $7.4 million and deferred financing costs was $7.6 million, $12.7 million, and $4.9 million, for the years ended December 31, 2014, 2013, and 2012, respectively.

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



	2014						2013
	Gross Amount			Accumulated Amortization			Gross Amount			Accumulated Amortization
Acquired below-market ground lease	$	396,916		$	(5,029	)	$	62,738		(426	)
Acquired in-place lease value and deferred leasing costs	304,916			(83,540		)	186,415			(5,697	)
Acquired above-market leases	84,633			(15,761		)	72,123			(2,858	)
Acquired below-market leases	(169,805		)	30,946			(134,651		)	4,769

Amortization expense related to acquired lease intangibles was $33.7 million and $5.3 million for the years ended December 31, 2014 and 2013. There were no acquired lease intangibles in 2012. Rental revenue related to the amortization of below market leases, net of above market leases was $14.1 million and $1.9 million for the years ended December 31, 2014 and 2013. There were no acquired above or below-market leases in 2012. The remaining weighted-average amortization period as of December 31, 2014 is 26.4 years, 4.9 years, 4.2 years and 4.4 years for below-market ground leases, 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 and liabilities as follows (amounts in thousands):



For the year ending:	Future Ground Rent Amortization		Future Amortization Expense		Future Rental Revenue
2015	$	7,831	$	47,217	$	19,687
2016	7,831		33,131		9,166
2017	7,831		25,576		5,656
2018	7,831		19,539		6,337
2019	7,831		16,736		6,591
Thereafter	352,732		79,177		22,551
	$	391,887	$	221,376	$	69,988

As of December 31, 2014, 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, 2014 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.