NOTE 8. 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 September 30, 2018 and December 31, 2017:


	As of
	September 30, 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		(15,904,937)		(11,440,624)
Sub-total Intangible Lease Assets—Net		37,112,279		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		7,694,199		5,541,576
Sub-total Intangible Lease Liabilities—Net		(28,415,319)		(29,770,441)
Total Intangible Assets and Liabilities—Net	$	8,696,960	$	8,987,618

The following table reflects the amortization of intangible assets and liabilities during the three and nine months ended September 30, 2018 and 2017:


	Three Months Ended				Nine Months Ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,369	$	1,201	$	4,091	$	3,479
Increase to Income Properties Revenue		(600)		(552)		(1,779)		(1,633)
Net Amortization of Intangible Assets and Liabilities	$	769	$	649	$	2,312	$	1,846

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	$	1,370,307	$	(555,430)	$	814,877
2019		5,452,670		(2,389,051)		3,063,619
2020		5,011,249		(2,322,323)		2,688,926
2021		3,320,813		(2,473,177)		847,636
2022		2,702,885		(2,519,076)		183,809
2023		2,359,734		(2,538,288)		(178,554)
Thereafter		15,162,176		(13,885,529)		1,276,647
Total	$	35,379,834	$	(26,682,874)	$	8,696,960