The amortization of acquired above-market and/or below-market leases is recorded as an adjustment to Rental revenue on the consolidated statements of operations. For the six months ended June 30, 2020 and June 30, 2019, the net amount of such amortization was included as an increase to rental income of $408,798 and $139,284, respectively. For the three months ended June 30, 2020 and June 30, 2019, the net amount of such amortization was included as an increase to rental income of $204,400 and $74,873, respectively.

The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For the six months ended June 30, 2020 and June 30, 2019, the net amount of such amortization was $1,101,661 and $592,212, respectively, and for the three months ended June 30, 2020 and June 30, 2019, the amount of such amortization was $550,830 and $329,832, respectively.

As of June 30, 2020 and December 31, 2019, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:

	June 30, 2020			December 31, 2019
Intangible assets:
In-place lease intangibles	$	22,234,766		$	22,234,766
Above-market lease intangibles		451,899			451,899
Total intangible assets		22,686,665			22,686,665
Accumulated amortization:
In-place lease amortization		(2,904,116	)		(1,802,455	)
Above-market lease amortization		(89,623	)		(74,475	)
Total accumulated amortization		(2,993,739	)		(1,876,930	)
Intangible assets, net	$	19,692,926		$	20,809,735

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2020 is as follows:

Year	In-place Lease Intangibles		Above-market Lease Intangibles		Total
2020 (remaining)	$	1,101,661	$	15,147	$	1,116,808
2021		2,203,322		30,295		2,233,617
2022		1,757,989		30,295		1,788,284
2023		1,757,989		30,295		1,788,284
2024		1,757,989		30,295		1,788,284
Thereafter		10,751,700		225,949		10,977,649
	$	19,330,650	$	362,276	$	19,692,926

As of June 30, 2020 and December 31, 2019, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:

	June 30, 2020			December 31, 2019
Intangible liabilities:
Below-market lease intangibles	$	9,065,316		$	9,065,316
Accumulated amortization:
Below-market lease amortization		(840,519	)		(416,574	)
Intangible liabilities, net	$	8,224,797		$	8,648,742

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of June 30, 2020 is as follows:

Year	Below-market Lease Intangibles
2020 (remaining)	$	423,942
2021		847,890
2022		687,001
2023		687,001
2024		687,001
Thereafter		4,891,962
	$	8,224,797