INTANGIBLE LEASE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s intangible lease assets consisted of the following as of September 30, 2020 and December 31, 2019:



	September 30, 2020		December 31, 2019
In-place leases and other intangibles, net of accumulated amortization of $1,753,892 and $1,406,599, respectively (with a weighted average life remaining of 8.0 years and 8.8 years, respectively)	$	3,347,540	$	3,694,833

Amortization expense for the in-place leases is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization expense related to the in-place lease assets for the three and nine months ended September 30, 2020 and 2019:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
In-place lease amortization	$	115,764	$	115,764	$	347,293	$	347,293

As of September 30, 2020, the estimated amortization relating to the intangible lease assets is as follows:



	Amortization
	In-Place Lease
Remainder of 2020	$	115,765
2021	463,058
2022	463,058
2023	463,058
2024	463,058
Thereafter	1,379,543
Total	$	3,347,540