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Identified Intangible Assets, Net
6 Months Ended
Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Identified Intangible Assets, Net

NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET

Identified intangible assets, net, consist of in-place rental leases. The net carrying value of the acquired in-place leases at June 30, 2019 and December 31, 2018 was $1.1 million and $707,825, respectively, net of the accumulated amortization of approximately $3.5 million and $2.4 million, respectively. At June 30, 2019, the weighted average remaining life of the rental leases was seven months.

Amortization for the three months ended June 30, 2019 and 2018 was $468,839 and $436,851 , respectively. Amortization for the six months ended June 30, 2019 and 2018 was $1.1 million and $716,284, respectively. At June 30, 2019, expected amortization for the in-place rental leases for the next 12 months is $1.1 million and none thereafter.