INTANGIBLE ASSETS AND LIABILITIES, NET

6 Months Ended

Jun. 30, 2017

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

INTANGIBLE ASSETS AND LIABILITIES, NET

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

	June 30, 2017
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,793		$	—		$	—		$	26,793
Less: Accumulated amortization	(17,633		)	—			—			(17,633		)
Acquired favorable lease intangibles, net	9,160			—			—			9,160
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(10,048		)	(143		)	(10,191		)
Acquired customer relationships, net	—			25,465			82			25,547
Total intangible assets, net	$	9,160		$	25,465		$	82		$	34,707
Intangible liabilities
Acquired unfavorable lease intangibles	$	2,440		$	—		$	—		$	2,440
Less: Accumulated amortization	(923		)	—			—			(923		)
Acquired unfavorable lease intangibles, net	$	1,517		$	—		$	—		$	1,517

	December 31, 2016
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,605		$	—		$	—		$	26,605
Less: Accumulated amortization	(14,998		)	—			—			(14,998		)
Acquired favorable lease intangibles, net	11,607			—			—			11,607
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(8,271		)	(120		)	(8,391		)
Acquired customer relationships, net	—			27,242			105			27,347
Total intangible assets, net	$	11,607		$	27,242		$	105		$	38,954
Intangible liabilities
Acquired unfavorable lease intangibles	$	1,506		$	—		$	—		$	1,506
Less: Accumulated amortization	(627		)	—			—			(627		)
Acquired unfavorable lease intangibles, net	$	879		$	—		$	—		$	879

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:

	Classification in Consolidated Statements of Operations	Three Months Ended June 30,				Six Months Ended June 30,
		2017		2016		2017		2016
Lease intangibles	Equipment leasing revenues	$	1,065	$	1,576	$	2,347	$	3,154
Customer relationships	Depreciation and amortization	899		900		1,799		1,799
Total		$	1,964	$	2,476	$	4,146	$	4,953

As of June 30, 2017, estimated net annual amortization of intangibles is as follows:

	Total
2017	$	3,761
2018	6,957
2019	5,351
2020	4,055
2021	3,591
Thereafter	9,475
Total	$	33,190