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, 2019 and December 31, 2018:


	As of
	September 30, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	45,978,647	$	39,189,008
Value of Above Market In-Place Leases		4,622,096		4,114,715
Value of Intangible Leasing Costs		17,779,581		14,791,111
Sub-total Intangible Lease Assets		68,380,324		58,094,834
Accumulated Amortization		(19,185,103)		(14,539,389)
Sub-total Intangible Lease Assets—Net		49,195,221		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		10,089,130		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,059,614)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	23,135,607	$	16,165,095

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


	Three Months Ended				Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,590	$	1,369	$	4,276	$	4,091
Increase to Income Properties Revenue		(607)		(600)		(1,810)		(1,779)
Net Amortization of Intangible Assets and Liabilities	$	983	$	769	$	2,466	$	2,312

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	$	1,627,169	$	(590,547)	$	1,036,622
2020		6,164,532		(2,310,372)		3,854,160
2021		4,702,115		(2,381,542)		2,320,573
2022		4,149,075		(2,452,703)		1,696,372
2023		4,024,048		(2,426,641)		1,597,407
2024		3,947,463		(2,210,045)		1,737,418
Thereafter		21,032,956		(10,139,900)		10,893,056
Total	$	45,647,358	$	(22,511,750)	$	23,135,608