Intangible Lease Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Lease Assets and Liabilities

Intangible assets and liabilities consisted of the following as of December 31, 2016 and 2015:

	As of
	December 31, 2016		December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	30,978,776	$	19,588,642
Value of Above Market In-Place Leases		2,905,624		1,469,143
Value of Intangible Leasing Costs		7,010,192		3,835,158
Sub-total Intangible Lease Assets		40,894,592		24,892,943
Accumulated Amortization		(6,168,770)		(4,805,792)
Sub-total Intangible Lease Assets—Net		34,725,822		20,087,151
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(33,370,217)		(32,315,741)
Sub-total Intangible Lease Liabilities		(33,370,217)		(32,315,741)
Accumulated Amortization		2,852,166		336,182
Sub-total Intangible Lease Liabilities—Net		(30,518,051)		(31,979,559)
Total Intangible Assets and Liabilities—Net	$	4,207,771	$	(11,892,408)

Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities

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,	Amount		Revenue		and Liabilities
2017	$	4,168,654	$	(2,048,941)	$	2,119,713
2018		4,165,055		(2,050,973)		2,114,082
2019		4,136,496		(2,045,849)		2,090,647
2020		3,695,075		(1,978,241)		1,716,834
2021		2,077,107		(2,121,186)		(44,079)
Thereafter		13,942,643		(17,732,069)		(3,789,426)
Total	$	32,185,030	$	(27,977,259)	$	4,207,771