NOTE 10. 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 March 31, 2020 and December 31, 2019:


	As of
	March 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	55,385,645	$	42,584,264
Value of Above Market In-Place Leases		11,008,163		7,119,316
Value of Intangible Leasing Costs		16,735,742		14,645,780
Sub-total Intangible Lease Assets		83,129,550		64,349,360
Accumulated Amortization		(17,491,516)		(15,327,182)
Sub-total Intangible Lease Assets—Net		65,638,034		49,022,178
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(38,274,456)		(36,507,336)
Sub-total Intangible Lease Liabilities		(38,274,456)		(36,507,336)
Accumulated Amortization		11,066,862		10,309,088
Sub-total Intangible Lease Liabilities—Net		(27,207,594)		(26,198,248)
Total Intangible Assets and Liabilities—Net	$	38,430,440	$	22,823,930

During the three months ended March 31, 2020, the value of in-place leases increased by approximately $12.8 million, the value of above-market in-place leases increased by approximately $3.9 million, the value of intangible leasing costs increased by approximately $2.1 million, and the value of below-market in-place leases increased by approximately $1.8 million due to the acquisition of two multi-tenant income properties, offset by the net amortization of approximately $1.4 million, for a net increase during the three months ended March 31, 2020 of approximately $15.6 million.

As of March 31, 2020 and December 31, 2019, approximately $21.6 and $22.2 million, respectively, of the total below market in-place lease value is related to Wells Fargo Raleigh which was acquired on November 18, 2015.

The following table reflects the amortization of intangible assets and liabilities during the three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31, 2020		March 31, 2019
	($000's)		($000's)
Depreciation and Amortization Expense	$	1,881	$	1,127
Increase to Income Properties Revenue		(474)		(581)
Net Amortization of Intangible Assets and Liabilities	$	1,407	$	546

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
Remainder of 2020	$	6,412,707	$	(1,326,826)	$	5,085,881
2021		7,155,562		(1,840,694)		5,314,868
2022		6,748,245		(1,975,136)		4,773,109
2023		6,623,218		(1,885,793)		4,737,425
2024		6,579,755		(1,668,901)		4,910,854
2025 and thereafter		22,615,244		(9,006,941)		13,608,303
Total	$	56,134,731	$	(17,704,291)	$	38,430,440