NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible lease 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 lease assets and liabilities consisted of the following as of March 31, 2018 and December 31, 2017:


	As of
	March 31, 2018		December 31, 2017
Intangible Lease Assets:
Value of In-Place Leases	$	38,046,241	$	36,827,226
Value of Above Market In-Place Leases		2,966,322		2,966,322
Value of Intangible Leasing Costs		12,004,653		10,405,135
Sub-total Intangible Lease Assets		53,017,216		50,198,683
Accumulated Amortization		(12,918,170)		(11,440,624)
Sub-total Intangible Lease Assets—Net		40,099,046		38,758,059
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,109,518)		(35,312,017)
Sub-total Intangible Lease Liabilities		(36,109,518)		(35,312,017)
Accumulated Amortization		6,245,766		5,541,576
Sub-total Intangible Lease Liabilities—Net		(29,863,752)		(29,770,441)
Total Intangible Assets and Liabilities—Net	$	10,235,294	$	8,987,618

The following table reflects the amortization of intangible assets and liabilities during the three months ended March 31, 2018 and 2017:


	Three Months		Three Months
	Ended		Ended
	3/31/2018		3/31/2017
	($000's)		($000's)
Depreciation and Amortization Expense	$	1,353	$	1,089
Increase to Income Properties Revenue		(580)		(532)
Net Amortization of Intangible Assets and Liabilities	$	773	$	557

The estimated future amortization and accretion of intangible lease 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
Remainder of 2018	$	4,110,921	$	(1,735,020)	$	2,375,901
2019		5,452,670		(2,299,476)		3,153,194
2020		5,011,249		(2,232,748)		2,778,501
2021		3,320,813		(2,383,602)		937,211
2022		2,702,885		(2,454,763)		248,122
2023		2,359,734		(2,463,234)		(103,500)
Thereafter		15,159,268		(14,313,403)		845,865
Total	$	38,117,540	$	(27,882,246)	$	10,235,294