INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2018

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	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

Schedule of amortization of intangible assets and liabilities

	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

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,	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