Intangible Assets

Our intangible assets include in-place leases from acquisitions, capitalized leasing costs and franchise fees. These intangible assets are recorded within Other assets on the consolidated balance sheets. The accumulated amortization and gross carrying amounts are as follows (in thousands):



		September 30, 2014					December 31, 2013
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	28,251	$	(10,913	)	$	26,961	$	(8,239	)
Capitalized leasing costs greater than 1 year	7 years	14,465		(6,192		)	13,359		(6,757		)
Franchise fees	15 years	764		(87		)	770		(29		)
Total		$	43,480	$	(17,192	)	$	41,090	$	(15,025	)

During 2014, in connection with our acquisitions, we purchased in-place leases valued at approximately $1.3 million with a useful life of seven years.

The aggregate net amortization expenses related to the intangible assets are as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
Intangible Asset	2014		2013		2014		2013
In-place leases	$	891	$	840	$	2,674	$	2,451
Capitalized leasing costs greater than 1 year	390		383		1,118		1,105
Franchise fees	19		10		58		16
Total	$	1,300	$	1,233	$	3,850	$	3,572