Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets and Liabilities [Abstract]

Schedule of 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	)

Schedule of future amortization

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	)