Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2015 and 2014 consist of the following:



	2015			2014
Leasing	$	248,709		$	239,955
Financing	45,874			47,171
Intangible assets:
In-place lease values(1)	196,969			298,825
Leasing commissions and legal costs(1)	52,000			72,432
Above-market leases	220,847			250,810
Deferred tax assets	38,847			35,625
Deferred compensation plan assets	37,341			35,194
Other assets	70,070			66,246
	910,657			1,046,258
Less accumulated amortization(2)	(323,374		)	(287,197		)
	$	587,283		$	759,061

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(1)	The estimated amortization of these intangible assets for the next five years and thereafter is as follows:



Year Ending December 31,
2016	$	36,275
2017	23,415
2018	18,002
2019	14,874
2020	11,373
Thereafter	35,577
	$	139,516


(2)	Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460, $52,668 and $53,139 for the years ended December 31, 2015, 2014 and 2013, respectively.

The allocated values of above-market leases and below-market leases consist of the following:



	2015			2014
Above-Market Leases
Original allocated value	$	220,847		$	250,810
Less accumulated amortization	(73,520		)	(59,696		)
	$	147,327		$	191,114
Below-Market Leases(1)
Original allocated value	$	227,063		$	375,033
Less accumulated amortization	(101,872		)	(93,511		)
	$	125,191		$	281,522

_______________________________


(1)	Below‑market leases are included in other accrued liabilities.

The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The estimated amortization of these values for the next five years and thereafter is as follows:



Year Ending December 31,	Above Market		Below Market
2016	$	18,360	$	20,309
2017	15,456		16,838
2018	13,045		15,054
2019	10,708		13,380
2020	9,176		10,649
Thereafter	80,582		48,961
	$	147,327	$	125,191