Intangible Assets

Our intangible assets are in-place leases from acquisitions, franchise fees, and other intangible assets. These intangible assets are recorded within Other assets, net on the Consolidated Balance Sheets. The gross carrying amounts and accumulated amortization are as follows (in thousands):



		December 31, 2015					December 31, 2014
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	62,981	$	(20,245	)	$	41,511	$	(12,107	)
Franchise fees	15 years	1,864		(622		)	764		(106		)
Total		$	64,845	$	(20,867	)	$	42,275	$	(12,213	)

During 2015, in connection with our acquisitions, we purchased in-place leases and other intangible assets valued at approximately $22.9 million with useful lives ranging from seven to 15 years.

The aggregate net amortization expenses related to the intangible assets are as follows (in thousands):



	Year Ended December 31,
Intangible Asset	2015		2014		2013
In-place leases	$	8,299	$	3,867	$	3,297
Franchise fees	516		77		60
Total	$	8,815	$	3,944	$	3,357

We anticipate the amortization expense for the existing intangible assets to be as follows for the next five years (in thousands):



	Year
	2016		2017		2018		2019		2020
Estimated expense	$	9,127	$	8,903	$	8,025	$	7,109	$	5,381