4.	*Intangible Assets*

The amount of identified intangible assets, including the respective amounts of accumulated amortization, are as follows:


	December 31,
	2016			2015
Database	$	28,146,000		$	22,790,000
Accumulated amortization		(19,974,000	)		(17,121,000	)

Database, net		8,172,000			5,669,000

Customer relationships		14,100,000			14,100,000
Accumulated amortization		(9,263,000	)		(8,328,000	)

Customer relationships, net		4,837,000			5,772,000

Website		17,538,000			14,735,000
Accumulated amortization		(12,624,000	)		(10,669,000	)

Website, net		4,914,000			4,066,000

Acquired below market lease		—			2,800,000
Accumulated amortization		—			(2,620,000	)

Acquired below market lease, net		—			180,000

Intangibles, net	$	17,923,000		$	15,687,000

With respect to the database intangible asset, the Company capitalized approximately $5,356,000 and $3,355,000 during the years ended December 31, 2016 and 2015, respectively. Separately, for the website intangible asset, the Company capitalized approximately $2,803,000 and $2,799,000 during the years ended December 31, 2016 and 2015, respectively. In September 2015, the Company entered into an agreement to purchase the intellectual property owned by a third party for the Reis Portfolio CRE product for $700,000. Such purchase is included in the costs capitalized to the website intangible asset in 2015.

Amortization expense for intangible assets aggregated approximately $5,923,000 for the year ended December 31, 2016, of which approximately $2,853,000 related to the database, which was charged to cost of sales, approximately $935,000 related to customer relationships, which was charged to sales and marketing expense, approximately $1,955,000 related to website development, which was charged to product development expense, and approximately $180,000 related to the value ascribed to the below market terms of the office lease, which was charged to general and administrative expense, all in the Reis Services segment. The lease value intangible asset was fully amortized in 2016. Amortization expense for intangible assets aggregated approximately $5,148,000 for the year ended December 31, 2015, of which approximately $2,103,000 related to the database, approximately $949,000 related to customer relationships, approximately $1,793,000 related to website development, and approximately $303,000 related to the value ascribed to the below market terms of the office lease. Amortization expense for intangible assets aggregated approximately $4,829,000 for the year ended December 31, 2014, of which approximately $1,780,000 related to the database, approximately $962,000 related to customer relationships, approximately $1,784,000 related to website development, and approximately $303,000 related to the value ascribed to the below market terms of the office lease.

The Company’s future amortization expense related to the net intangible asset balance at December 31, 2016 follows:


For the Year Ended December 31,	Amount
2017	$	6,216,000
2018		5,033,000
2019		3,239,000
2020		1,737,000
2021		1,176,000
Thereafter		522,000

Total	$	17,923,000