Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Intangible Assets and Liabilities [Abstract]

Intangible Assets and Liabilities

Note 5. Intangible Assets and Liabilities

The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting:

As of	Gross Asset (Liability)			Accumulated (Amortization)/ Accretion			Net Carrying Amount
December 31, 2019:
In-place lease intangibles	$	13,788,024		$	(6,472,157	)	$	7,315,867
Above-market leases		40,620			(18,496	)		22,124
Below-market leases		(8,672,301	)		2,071,182			(6,601,119	)
December 31, 2018:
In-place lease intangibles	$	7,124,626		$	(4,388,699	)	$	2,735,927
Above-market leases		19,602			(8,688	)		10,914
Below-market leases		(5,368,035	)		1,525,540			(3,842,495	)

Amortization of in-place lease intangibles was $2.1 million and $0.8 million for the years ended December 31, 2019 and 2018, respectively. This amortization is included in "Depreciation and amortization" on the Company's Consolidated and Combined Consolidated Statements of Operations.

Amortization of acquired above market leases was $9,807 and $8,688 for the years ended December 31, 2019 and 2018, respectively, and is included in "Rental income" on the Company's Consolidated and Combined Consolidated Statements of Operations. Amortization of acquired below market leases was $0.5 million and $0.3 million for the years ended December 31, 2019 and 2018, respectively, and is included in "Rental income" on the Company's Consolidated and Combined Consolidated Statements of Operations.

As of December 31, 2019, the weighted average amortization period for the Company's intangible assets was approximately 3.14 years, 3.46 years and 8.73 years for in-place lease intangibles, above-market leases and below-market leases, respectively.

Future amortization/accretion of these intangibles is below:

Year Ending December 31,	In-place lease intangibles		Above-market leases		Below-market leases
2020	$	3,164,685	$	8,197	$	(935,675	)
2021		2,187,916		5,270		(780,505	)
2022		974,207		4,447		(682,004	)
2023		499,403		3,139		(604,571	)
2024		211,968		1,071		(551,291	)
Thereafter		277,688		—		(3,047,073	)
Total	$	7,315,867	$	22,124	$	(6,601,119	)