Deferred Financing and Leasing Costs

12 Months Ended

Dec. 31, 2015

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

DEFERRED FINANCING AND LEASING COSTS

Deferred financing and leasing costs were comprised of the following as of December 31, 2015 and 2014 (in thousands):

	December 31,
	2015		2014
Deferred financing costs	$	11,917	$	11,917
Deferred leasing costs	229,798		215,714
Market value intangible	20,178		18,082
Origination value intangible	106,014		103,512
	367,907		349,225
Accumulated amortization:
Deferred financing costs	8,713		7,278
Deferred leasing costs	97,840		100,702
Market value intangible	10,358		8,266
Origination value intangible	58,887		40,215
	175,798		156,461
Deferred financing and leasing costs, net	$	192,109	$	192,764

Amortization of deferred financing costs was $4.4 million, $4.8 million and $4.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization of deferred leasing costs and origination value intangible was $44.2 million, $51.3 million and $39.2 million for the years ended December 31, 2015, 2014 and 2013, respectively.

As of December 31, 2015, the remaining weighted-average amortization period was 3.7 years for market value intangible and 4.4 years for origination value intangible.

The table above includes market value intangible assets. There were also $6.1 million and $7.5 million of unamortized market value intangible liabilities as of December 31, 2015 and 2014, respectively. These liabilities are included as other liabilities in the accompanying consolidated balance sheets of the Company. Amortization of the aggregate asset and liability for market value intangible was an expense of $1.9 million, $2.8 million and $290,000 for the years ended December 31, 2015, 2014, and 2013, respectively. These amounts were included as a decrease in rental revenue in the accompanying consolidated statements of comprehensive income.

The aggregate amortization of net market value intangible assets and liabilities is a decrease (increase) in rental revenue over the next five years and thereafter as follows (in thousands):

2016	$	1,804
2017	1,705
2018	1,222
2019	709
2020	(115		)
Thereafter	(1,641		)
Total	$	3,684

The aggregate amortization expense for origination value intangible asset for the next five years and thereafter is as follows (in thousands):

2016	$	16,378
2017	11,950
2018	7,640
2019	4,134
2020	2,119
Thereafter	4,906
Total	$	47,127

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