DEFERRED COSTS

As of June 30, 2012 and December 31, 2011, the Company’s deferred costs were comprised of the following (in thousands):



	June 30, 2012
	Total Cost		Accumulated Amortization			Deferred Costs, net
Leasing Costs	$	136,451	$	(53,224	)	$	83,227
Financing Costs	40,800		(9,107		)	31,693
Total	$	177,251	$	(62,331	)	$	114,920



	December 31, 2011
	Total Cost		Accumulated Amortization			Deferred Costs, net
Leasing Costs	$	140,772	$	(50,990	)	$	89,782
Financing Costs	38,929		(13,349		)	25,580
Total	$	179,701	$	(64,339	)	$	115,362

During the three and six-month periods ended June 30, 2012, the Company capitalized internal direct leasing costs of $1.4 million and $2.7 million, respectively, and $1.7 million and $3.2 million during the three and six-month periods ended June 30, 2011, respectively, in accordance with the accounting standard for the capitalization of leasing costs.