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 nine months ended September 30, 2021 and September 30, 2020, the net amount of such amortization was included as an increase to rental income of $585,964 and $613,196, respectively. For the three months ended September 30, 2021 and September 30, 2020, the net amount of such amortization was included as an increase to rental income of $197,927 and $204,398, 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 nine months ended September 30, 2021 and September 30, 2020, the net amount of such amortization was $4,133,108 and $1,652,492, respectively, and for the three months ended September 30, 2021 and September 30, 2020, the amount of such amortization was $2,027,021 and $550,831, respectively.

As of September 30, 2021 and December 31, 2020, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:

	September 30, 2021			December 31, 2020
Intangible assets:
In-place lease intangibles	$	52,730,750		$	22,234,766
Above-market lease intangibles		2,112,734			451,899
Total intangible assets		54,843,484			22,686,665
Accumulated amortization:
In-place lease amortization		(8,138,885	)		(4,005,777	)
Above-market lease amortization		(189,773	)		(104,770	)
Total accumulated amortization		(8,328,658	)		(4,110,547	)
Intangible assets, net	$	46,514,826		$	18,576,118

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of September 30, 2021 is as follows:

Year	In-place Lease Intangibles		Above-market Lease Intangibles		Total
2021 (remaining)		2,131,175		49,094		2,180,269
2022		5,726,243		196,378		5,922,621
2023		4,583,118		196,378		4,779,496
2024		4,583,118		196,378		4,779,496
2025		4,583,118		196,378		4,779,496
Thereafter		22,985,093		1,088,355		24,073,448
	$	44,591,865	$	1,922,961	$	46,514,826

As of September 30, 2021 and December 31, 2020, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:

	September 30, 2021			December 31, 2020
Intangible liabilities:
Below-market lease intangibles	$	11,487,000		$	9,065,316
Accumulated amortization:
Below-market lease amortization		(1,941,013	)		(1,264,464	)
Intangible liabilities, net	$	9,545,987		$	7,800,852

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of September 30, 2021 is as follows:

Year	Below-market Lease Intangibles
2021 (remaining)		260,727
2022		882,036
2023		882,036
2024		882,036
2025		882,036
Thereafter		5,757,116
	$	9,545,987