INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	As of
	June 30, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	43,898,967	$	42,584,264
Value of Above Market In-Place Leases		10,588,409		7,119,316
Value of Intangible Leasing Costs		14,577,445		14,645,780
Sub-total Intangible Lease Assets		69,064,821		64,349,360
Accumulated Amortization		(14,328,878)		(15,327,182)
Sub-total Intangible Lease Assets—Net		54,735,943		49,022,178
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(37,675,639)		(36,507,336)
Sub-total Intangible Lease Liabilities		(37,675,639)		(36,507,336)
Accumulated Amortization		11,499,468		10,309,088
Sub-total Intangible Lease Liabilities—Net		(26,176,171)		(26,198,248)
Total Intangible Assets and Liabilities—Net	$	28,559,772	$	22,823,930

Schedule of amortization of intangible assets and liabilities

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	2,136	$	1,559	$	4,017	$	2,686
Increase to Income Properties Revenue		(444)		(623)		(918)		(1,204)
Net Amortization of Intangible Assets and Liabilities	$	1,692	$	936	$	3,099	$	1,482

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	$	3,651,725	$	(873,687)	$	2,778,038
2021		6,769,579		(1,841,373)		4,928,206
2022		6,362,262		(1,912,533)		4,449,729
2023		6,238,903		(1,889,287)		4,349,616
2024		6,203,350		(1,685,744)		4,517,606
2025 and thereafter		16,731,349		(9,194,772)		7,536,577
Total	$	45,957,168	$	(17,397,396)	$	28,559,772