| Deferred Charges, Goodwill And Other Assets |
5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS
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December 31,
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(dollars in thousands)
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2013
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2012
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Deferred leasing costs
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$
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258,648
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$
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267,197
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Deferred financing costs
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25,366
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20,447
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284,014
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287,644
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Accumulated amortization
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(131,669)
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(131,613)
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Deferred charges, net
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152,345
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156,031
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Notes receivable (1)
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21,986
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-
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In-place lease values, related intangibles and other assets, net (2) (3)
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13,659
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19,284
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Goodwill
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2,945
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2,945
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Prepaid expenses and other assets, net
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27,584
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26,614
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Total deferred charges, goodwill and other assets
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$
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218,519
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$
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204,874
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(1)Includes a mortgage receivable for $10.4 million and bearing interest at LIBOR plus six percent; includes a note receivable for $8 million bearing interest at eight percent; and includes an interest-free note receivable with a net present value of $3.6 million as of December 31, 2013.
(2)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market leases intangibles over the terms of the respective leases. The impact of amortization the acquired above and below-market lease intangibles increased revenue by approximately $1.5 million, $1.4 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The following table summarizes the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (in thousands).
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Acquired Above-
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Acquired Below-
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Market Lease
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Market Lease
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Total
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Year
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Intangibles
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Intangibles
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Amortization
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2014
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$
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(629)
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$
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1,272
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$
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643
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2015
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(338)
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564
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226
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2016
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(288)
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370
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82
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2017
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(261)
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364
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103
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2018
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(233)
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310
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77
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(3)
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In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $10.7 million, $10.2 million and $11.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The following table summarizes the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (in thousands).
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Year
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2014
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$
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5,891
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2015
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1,231
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2016
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1,224
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2017
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918
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2018
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-
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