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Acquired Intangible Lease Assets
 12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
ACQUIRED INTANGIBLE LEASE ASSETS
ACQUIRED INTANGIBLE LEASE ASSETS
Acquired intangible lease assets consisted of the following:
 
 
 
As of December 31,
 
 
 
2012
 
2011
Acquired in-place leases, net of accumulated amortization of $237,325 and $9,259,
 
 
 
 
 
respectively (with a weighted average life of 16.9 and 18.0 years, respectively).
$
3,612,208

 
$
3,594,137

Acquired above market leases, net of accumulated amortization of $9,024 and $361,
 
 
 
 
 
 respectively (with a weighted average life of 10.4 and 11.5 years, respectively).
90,598

 
99,261

 
 
 
$
3,702,806

 
$
3,693,398



Amortization expense related to the acquired in-place lease assets for the years ended December 31, 2012 and 2011, was $228,000 and $9,000, respectively. Amortization expense related to the acquired above market lease assets for the years ended December 31, 2012 and 2011 was $9,000 and $1,000, respectively.
As of December 31, 2012, the estimated amortization expense relating to the intangible lease assets for each of the five succeeding fiscal years is as follows:
 
 
Amortization
Year ending December 31,
 
Leases In-Place
 
Above Market Leases
2013
 
$
243,376

 
$
8,663

2014
 
$
243,376

 
$
8,663

2015
 
$
243,376

 
$
8,663

2016
 
$
243,376

 
$
8,663

2017
 
$
234,779

 
$
8,663