NOTE 10. 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, 2019 and 2018:


	As of
	December 31, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	42,584,264	$	39,189,008
Value of Above Market In-Place Leases		7,119,316		4,114,715
Value of Intangible Leasing Costs		14,645,780		14,791,111
Sub-total Intangible Lease Assets		64,349,360		58,094,834
Accumulated Amortization		(15,327,182)		(14,539,389)
Sub-total Intangible Lease Assets—Net		49,022,178		43,555,445
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,507,336)		(35,321,234)
Sub-total Intangible Lease Liabilities		(36,507,336)		(35,321,234)
Accumulated Amortization		10,309,088		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,198,248)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	22,823,930	$	16,165,095

During the year ended December 31, 2019, the value of in-place leases increased by approximately $16.1 million, the value of above-market in-place leases increased by approximately $3.2 million, the value of intangible leasing costs increased by approximately $5.7 million, and the value of below-market in-place leases increased by approximately $3.7 million due to the acquisition of ten single-tenant and one multi-tenant income properties, offset by the net amortization of approximately $3.5 million, the reclass to accumulated amortization from assets held for sale for the Westcliff property of approximately $10.5 million, and the disposition of approximately $10.7 million of intangible lease assets and liabilities related to the 2019 Multi-Tenant Dispositions, the PINE Income Property Sale Transactions, the Wawa Disposition, for a net increase during 2019 of approximately $6.6 million.

As of December 31, 2019 and 2018, approximately $22.2 and $24.4 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, 2019, 2018, and 2017:


	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
	($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	5,854	$	5,872	$	4,776
Increase to Income Properties Revenue		(2,383)		(2,339)		(2,194)
Net Amortization of Intangible Assets and Liabilities	$	3,471	$	3,533	$	2,582

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
2020	$	5,812,069	$	(1,932,881)	$	3,879,188
2021		4,383,899		(2,004,052)		2,379,847
2022		3,976,582		(2,075,213)		1,901,369
2023		3,851,554		(2,070,019)		1,781,535
2024		3,808,092		(1,972,289)		1,835,803
Thereafter		21,294,453		(10,248,265)		11,046,188
Total	$	43,126,649	$	(20,302,719)	$	22,823,930

As of December 31, 2019, the weighted average amortization period of both the total intangible assets and liabilities was approximately 13 years.