Intangible assets

December 31, 2018
	Gross carrying amount		Accumulated amortization		Net

Customer lists and relationships	$	290,667	$	95,011	$	195,656
Investment management contracts		270,600		12,145		258,455
Franchise rights		5,175		4,141		1,034
Trademarks and trade names:
Indefinite life		23,841		-		23,841
Finite life		12,851		2,853		9,998
Management contracts and other		16,533		7,907		8,626
Brokerage backlog		480		160		320
	$	620,147	$	122,217	$	497,930

December 31, 2017
	Gross carrying amount		Accumulated amortization		Net

Customer lists and relationships	$	219,986	$	74,897	$	145,089
Franchise rights		5,703		4,156		1,547
Trademarks and trade names:
Indefinite life		24,121		-		24,121
Finite life		2,776		1,865		911
Management contracts and other		17,733		6,572		11,161
Brokerage backlog		310		103		207
	$	270,629	$	87,593	$	183,036

During the year ended

December 31, 2018,

the Company acquired the following intangible assets:

	Amount		Estimated weighted average amortization period (years)

Customer lists and relationships	$	90,668		9.9
Investment management contracts		270,600		12.9
Trademarks and trade names - finite life		11,632		10.9
Brokerage backlog		4,722		0.5

	$	377,622		12.0

The investment management contracts relate to the acquisition of Harrison Street. The following is the estimated annual expense for amortization of the recorded intangible assets for each of the next

five

years ending

December 31:

2019	$	56,903
2020		53,419
2021		51,366
2022		50,690
2023		48,127