INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	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

Schedule of amortization of intangible assets and liabilities

	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

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
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