INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	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

Schedule of amortization of intangible assets and liabilities

	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

Schedule of estimated future amortization and accretion of intangible lease assets and liabilities

			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