Deferred Financing and Leasing Costs

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013 (in thousands):

	December 31,
	2014		2013
Deferred financing costs	$	38,445	$	36,883
Deferred leasing costs	215,714		192,194
Intangible - market rent	18,082		19,366
Intangible - origination value	103,512		117,905
	375,753		366,348
Accumulated amortization:
Deferred financing costs	20,284		17,536
Deferred leasing costs	100,702		91,989
Intangible - market rent	8,266		4,180
Intangible - origination value	40,215		26,576
	169,467		140,281
Deferred financing and leasing costs, net	$	206,286	$	226,067

Amortization of deferred financing costs was $4.8 million, $4.1 million and $4.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization of deferred leasing costs and intangible - origination value was $51.3 million, $39.2 million and $24.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014, the remaining weighted-average amortization period was 3.2 years for intangible - market rent and 4.4 years for intangible - origination value.

The table above includes intangible - market rent assets. There were also $7.5 million and $9.1 million of unamortized market rent - intangible liabilities as of December 31, 2014 and 2013, 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 intangible - market rent was expense of $2.8 million and $290,000 for the years ended December 31, 2014 and 2013, respectively, and was income of $491,000 for the year ended December 31, 2012. These amounts were included as a decrease or increase in rental revenue in the accompanying consolidated statements of comprehensive income as appropriate.

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

2015	$	2,047
2016	1,426
2017	586
2018	80
2019	3
Thereafter	(1,779		)
Total	$	2,363

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

2015	$	21,292
2016	16,273
2017	10,614
2018	6,249
2019	3,081
Thereafter	5,788
Total	$	63,297