5. DEFERRED COSTS

As of December 31, 2015 and 2014, the Company’s deferred costs (assets) were comprised of the following (in thousands):

	December 31, 2015
	Total Cost		Amortization			Deferred Costs, net
Leasing costs	$	165,741	$	(67,342	)	$	98,399
Financing costs - Revolving Credit Facility (a)		3,578		(558	)		3,020
Total	$	169,319	$	(67,900	)	$	101,419

	December 31, 2014
	Total Cost		Accumulated Amortization			Deferred Costs, net
Leasing costs	$	164,081	$	(64,065	)	$	100,016
Financing costs - Revolving Credit Facility (a)		4,588		(3,343	)		1,245
Total	$	168,669	$	(67,408	)	$	101,261

(a)

During the fourth quarter of 2015, the Company adopted accounting guidance related to the presentation of deferred financing costs on the balance sheet and reclassified amounts from the deferred costs line to net against the debt liability for all periods presented. Only deferred financing costs associated with our credit facility remain in deferred costs (assets) on the consolidated balance sheets. See Note 2, “Summary of Significant Accounting Policies,” for revisions to the accounting guidance for deferred financing costs.

During the years ended December 31, 2015, 2014 and 2013, the Company capitalized internal direct leasing costs of $6.6 million, $7.1 million and $7.5 million, respectively, in accordance with the accounting standard for the capitalization of leasing costs.