INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	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

Schedule of amortization of intangible assets and liabilities

	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

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
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