NOTE 9. 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 December 31, 2018 and 2017:


	As of
	December 31, 2018		December 31, 2017
Intangible Lease Assets:
Value of In-Place Leases	$	39,189,008	$	36,827,226
Value of Above Market In-Place Leases		4,114,715		2,966,322
Value of Intangible Leasing Costs		14,791,111		10,405,135
Sub-total Intangible Lease Assets		58,094,834		50,198,683
Accumulated Amortization		(14,539,389)		(11,440,624)
Sub-total Intangible Lease Assets—Net		43,555,445		38,758,059
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(35,321,234)		(35,312,017)
Sub-total Intangible Lease Liabilities		(35,321,234)		(35,312,017)
Accumulated Amortization		7,930,884		5,541,576
Sub-total Intangible Lease Liabilities—Net		(27,390,350)		(29,770,441)
Total Intangible Assets and Liabilities—Net	$	16,165,095	$	8,987,618

During the year ended December 31, 2018, the value of in-place leases increased by approximately $6.7 million, the value of above-market in-place leases increased by approximately $2.9 million, the value of intangible leasing costs increased by approximately $6.0 million, and the value of below-market in-place leases increased by approximately $1.3 million due to the acquisition of eleven single-tenant income properties, offset by the net amortization of approximately $3.5 million and the reclassification of approximately $3.6 million of intangible lease assets and liabilities to held for sale for related to four multi-tenant income properties, for a net increase during 2018 of approximately $7.2 million.

As of December 31, 2018 and 2017, approximately $24.4 and $26.7 million, respectively, of the total below market in-place lease value is related to the Wells Fargo property located in Raleigh, North Carolina which was acquired on November 18, 2015.

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2018, 2017, and 2016:


	Year Ended
	December 31, 2018		December 31, 2017		December 31, 2016
	($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	5,872	$	4,776	$	2,696
Increase to Income Properties Revenue		(2,339)		(2,194)		(2,240)
Net Amortization of Intangible Assets and Liabilities	$	3,533	$	2,582	$	456

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
2019	$	5,312,683	$	(2,506,086)	$	2,806,597
2020		4,882,863		(2,434,424)		2,448,439
2021		3,492,913		(2,410,706)		1,082,207
2022		3,177,980		(2,379,065)		798,915
2023		3,085,976		(2,353,003)		732,973
Thereafter		20,241,440		(11,945,476)		8,295,964
Total	$	40,193,855	$	(24,028,760)	$	16,165,095

As of December 31, 2018, the weighted average amortization period of both the total intangible assets and liabilities was approximately 14 years.