INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	As of
	September 30, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	44,808,735	$	42,584,264
Value of Above Market In-Place Leases		10,603,647		7,119,316
Value of Intangible Leasing Costs		13,469,844		14,645,780
Sub-total Intangible Lease Assets		68,882,226		64,349,360
Accumulated Amortization		(16,135,790)		(15,327,182)
Sub-total Intangible Lease Assets—Net		52,746,436		49,022,178
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(36,816,543)		(36,507,336)
Sub-total Intangible Lease Liabilities		(36,816,543)		(36,507,336)
Accumulated Amortization		11,905,622		10,309,088
Sub-total Intangible Lease Liabilities—Net		(24,910,921)		(26,198,248)
Total Intangible Assets and Liabilities—Net	$	27,835,515	$	22,823,930

Schedule of amortization of intangible assets and liabilities

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Depreciation and Amortization Expense	$	1,875	$	1,590	$	5,892	$	4,276
Increase to Income Properties Revenue		(434)		(607)		(1,352)		(1,810)
Net Amortization of Intangible Assets and Liabilities	$	1,441	$	983	$	4,540	$	2,466

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	$	1,945,990	$	(397,857)	$	1,548,133
2021		7,292,037		(1,683,643)		5,608,394
2022		6,884,720		(1,754,803)		5,129,917
2023		6,761,361		(1,752,426)		5,008,935
2024		6,725,808		(1,667,747)		5,058,061
2025 and thereafter		14,692,622		(9,210,547)		5,482,075
Total	$	44,302,538	$	(16,467,023)	$	27,835,515