Intangible Assets

Our intangible assets include ground leases and in-place leases from acquisitions, franchise fees, and other intangible assets. These intangible assets are recorded in Other assets, net on the Consolidated Balance Sheets.

During 2016, as part of the Carefree acquisition purchase price allocation, we recorded $33.3 million of intangible assets associated with ground leases. These ground leases relate to five communities where contractual base rents are below market rents and therefore give rise to future economic benefits over the remaining lease terms.

The gross carrying amounts and accumulated amortization are as follows (in thousands):



		December 31, 2016					December 31, 2015
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Ground leases	8-57 years	$	33,270	$	(600	)	$	—	$	—
In-place leases	7 years	98,235		(31,796		)	62,981		(20,245		)
Franchise fees and other intangible assets	15 years	1,880		(1,155		)	1,864		(622		)
Total		$	133,385	$	(33,551	)	$	64,845	$	(20,867	)

Total amortization expenses related to our intangible assets are as follows (in thousands):



	Year Ended December 31,
Intangible Asset	2016		2015		2014
Ground leases	$	600	$	—	$	—
In-place leases	11,559		8,299		3,867
Franchise fees and other intangible assets	535		516		77
Total	$	12,694	$	8,815	$	3,944

We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):



	Year
	2017		2018		2019		2020		2021
Estimated expense	$	15,203	$	14,325	$	13,409	$	11,681	$	11,289