Note 5. Deferred costs and other intangibles

Deferred costs and other intangibles, net, consists of the following as of March 31, 2015, and December 31, 2014 (in thousands):

	March 31, 2015			December 31, 2014
Deferred leasing costs	$	12,108		$	18,307
Deferred financing costs	66,424			53,013
Intangible assets:
Value of in-place leases	3,724			10,468
Trademark	3,100			3,100
Database	2,100			2,100
	87,456			86,988
Less: accumulated amortization	(22,189		)	(32,406		)
Total	$	65,267		$	54,582

Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $3.2 million and $4.1 million for the three months ended March 31, 2015 and 2014, respectively, which has been included in depreciation and amortization in the condensed consolidated statements of operations. Amortization of deferred financing costs was $2.0 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively, which has been included in gross interest, prior to interest capitalization (see Note 6).

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2015, for future periods (in thousands):

Year	Deferred Leasing Costs		Deferred Financing Costs		Value of In-place Leases		Trademark		Database
Remaining 2015	$	3,492	$	6,921	$	1,814	$	495	$	225
2016	284		9,258		7		660		300
2017	66		7,864		—		660		300
2018	—		7,387		—		91		300
2019	—		5,234		—		—		300
Thereafter	—		19,477		—		—		132
Total	$	3,842	$	56,141	$	1,821	$	1,906	$	1,557