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 June 30, 2019 and December 31, 2018:


	As of
	June 30, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	42,998,137	$	39,189,008
Value of Above Market In-Place Leases		4,142,965		4,114,715
Value of Intangible Leasing Costs		16,448,044		14,791,111
Sub-total Intangible Lease Assets		63,589,146		58,094,834
Accumulated Amortization		(17,455,931)		(14,539,389)
Sub-total Intangible Lease Assets—Net		46,133,215		43,555,445
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,148,744)		(35,321,234)
Sub-total Intangible Lease Liabilities		(36,148,744)		(35,321,234)
Accumulated Amortization		9,365,207		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,783,537)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	19,349,678	$	16,165,095

The following table reflects the amortization of intangible assets and liabilities during the three and six months ended June 30, 2019 and 2018:


	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,559	$	1,368	$	2,686	$	2,721
Increase to Income Properties Revenue		(623)		(600)		(1,204)		(1,179)
Net Amortization of Intangible Assets and Liabilities	$	936	$	768	$	1,482	$	1,542

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 2019	$	3,062,889	$	(1,210,788)	$	1,852,101
2020		5,724,517		(2,360,630)		3,363,887
2021		4,262,099		(2,456,419)		1,805,680
2022		3,709,060		(2,499,455)		1,209,605
2023		3,584,032		(2,473,393)		1,110,639
2024		3,532,639		(2,460,339)		1,072,300
Thereafter		19,071,883		(10,136,417)		8,935,466
Total	$	42,947,119	$	(23,597,441)	$	19,349,678