Deferred Financing and Leasing Costs

12 Months Ended

Dec. 31, 2016

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Deferred Financing and Leasing Costs

DEFERRED FINANCING AND LEASING COSTS

Deferred financing and leasing costs were comprised of the following as of December 31, 2016 and 2015 (in thousands):

	December 31,
	2016		2015
Deferred financing costs	$	11,917	$	11,917
Deferred leasing costs	190,849		229,798
Market value intangible	19,451		20,178
Origination value intangible	83,485		106,014
	305,702		367,907
Accumulated amortization:
Deferred financing costs	10,152		8,713
Deferred leasing costs	76,174		97,840
Market value intangible	12,626		10,358
Origination value intangible	53,357		58,887
	152,309		175,798
Deferred financing and leasing costs, net	$	153,393	$	192,109

Amortization of deferred financing costs was $4.0 million, $4.4 million and $4.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. Amortization of deferred leasing costs and origination value intangible was $37.1 million, $44.2 million and $51.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

As of December 31, 2016, the remaining weighted-average amortization period was 3.7 years for market value intangible and 4.6 years for origination value intangible.

The table above includes market value intangible assets. There were also $4.4 million and $6.1 million of unamortized market value intangible liabilities as of December 31, 2016 and 2015, 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 $1.6 million, $1.9 million and $2.8 million for the years ended December 31, 2016, 2015, and 2014, 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):

2017	$	1,446
2018	1,425
2019	900
2020	5
2021	(142		)
Thereafter	(1,181		)
Total	$	2,453

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

2017	$	10,985
2018	7,310
2019	4,316
2020	2,164
2021	1,450
Thereafter	3,903
Total	$	30,128