INTANGIBLE LEASE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 — INTANGIBLE LEASE ASSETS

The Company’s intangible lease assets consisted of the following as of December 31, 2019 and 2018:



	As of December 31,
	2019		2018
In-place leases, net of accumulated amortization of $1,406,599 and $943,541, respectively
(with a weighted average life remaining of 8.8 years and 9.8 years, respectively)	$	3,694,833	$	4,157,891

Amortization expense for the in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. The following table summarizes the amortization related to the in-place lease assets for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019		2018		2017
In-place lease amortization	$	463,058	$	463,058	$	374,832

The following table summarizes the estimated amortization relating to the intangible lease assets subsequent to December 31, 2019:



	Amortization
Year ending December 31,	In-Place Leases
2020	$	463,058
2021	463,058
2022	463,058
2023	463,058
2024	463,058
Thereafter	1,379,543
Total	$	3,694,833