INTANGIBLE ASSETS AND LIABILITIES, NET

The Company’s intangible assets and liabilities, net are summarized as follows:



	March 31, 2016
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	22,881		$	—		$	—		$	22,881
Accumulated amortization	(11,382		)	—			—			(11,382		)
Total acquired favorable lease intangibles, net	11,499			—			—			11,499

Customer relationships	—			35,513			225			35,738
Accumulated amortization	—			(5,606		)	(86		)	(5,692		)
Total acquired customer relationships, net	—			29,907			139			30,046

Total intangible assets, net	$	11,499		$	29,907		$	139		$	41,545

Intangible liabilities:
Acquired unfavorable lease intangibles	$	1,171		$	—		$	—		$	1,171
Accumulated amortization	(258		)	—			—			(258		)
Total acquired unfavorable lease intangibles, net	$	913		$	—		$	—		$	913



	December 31, 2015
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	22,881		$	—		$	—		$	22,881
Accumulated amortization	(9,697		)	—			—			(9,697		)
Total acquired favorable lease intangibles, net	13,184			—			—			13,184

Customer relationships	—			35,513			225			35,738
Accumulated amortization	—			(4,718		)	(75		)	(4,793		)
Total acquired customer relationships, net	—			30,795			150			30,945

Total intangible assets, net	$	13,184		$	30,795		$	150		$	44,129

Intangible liabilities:
Acquired unfavorable lease intangibles	$	1,171		$	—		$	—		$	1,171
Accumulated amortization	(151		)	—			—			(151		)
Total acquired unfavorable lease intangibles, net	$	1,020		$	—		$	—		$	1,020

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other liabilities in the accompanying Consolidated Balance Sheets. Amortization of intangible assets and liabilities is recorded in the Consolidated Statements of Operations as follows:



	Three Months Ended March 31,				Classification in Consolidated Statements of Operations
	2016		2015
Lease intangibles	$	1,578	$	2,096	Equipment leasing revenues
Customer relationships	899		895		Depreciation and amortization
Total	$	2,477	$	2,991

As of March 31, 2016, estimated net annual amortization of intangibles is as follows:



2016	$	6,796
2017	6,757
2018	5,941
2019	4,530
2020	3,580
Thereafter	13,028
Total	$	40,632