NOTE 5. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of March 31, 2020 and December 31, 2019:


	As of
	March 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	18,725,315	$	14,479,323
Value of Above Market In-Place Leases		1,929,258		1,625,325
Value of Intangible Leasing Costs		8,862,493		6,544,079
Sub-total Intangible Lease Assets		29,517,066		22,648,727
Accumulated Amortization		(1,106,956)		(291,094)
Sub-total Intangible Lease Assets—Net		28,410,110		22,357,633
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,000,355)		(1,933,416)
Sub-total Intangible Lease Liabilities		(3,000,355)		(1,933,416)
Accumulated Amortization		99,290		25,223
Sub-total Intangible Lease Liabilities—Net		(2,901,065)		(1,908,193)
Total Intangible Assets and Liabilities—Net	$	25,509,045	$	20,449,440

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company		Predecessor
Depreciation and Amortization Expense	$	760,519	$	400,392
Increase to Income Properties Revenue		(18,724)		(59,657)
Net Amortization of Intangible Assets and Liabilities	$	741,795	$	340,735

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Expense		Revenue		and Liabilities
Remainder of 2020	$	2,538,288	$	(90,179)	$	2,448,109
2021		3,384,384		(120,239)		3,264,145
2022		3,384,384		(120,239)		3,264,145
2023		3,384,384		(120,239)		3,264,145
2024		3,153,851		(108,908)		3,044,943
2025 and thereafter		10,711,248		(487,690)		10,223,558
Total	$	26,556,539	$	(1,047,494)	$	25,509,045

As of March 31, 2020, the weighted average amortization period of both the total intangible assets and liabilities was approximately 9.0 years.