NOTE 7. 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, 2016 and December 31, 2015:

	As of
	March 31, 2016			December 31, 2015
Intangible Lease Assets:
Value of In-Place Leases	$	16,896,630		$	19,588,642
Value of Above Market In-Place Leases		1,178,878			1,469,143
Value of Intangible Leasing Costs		3,719,078			3,835,158
Sub-total Intangible Lease Assets		21,794,586			24,892,943
Accumulated Amortization		(4,566,676	)		(4,805,792	)
Sub-total Intangible Lease Assets—Net		17,227,910			20,087,151
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(32,483,281	)		(32,315,741	)
Sub-total Intangible Lease Liabilities		(32,483,281	)		(32,315,741	)
Accumulated Amortization		1,006,616			336,182
Sub-total Intangible Lease Liabilities—Net		(31,476,665	)		(31,979,559	)
Total Intangible Assets and Liabilities—Net	$	(14,248,755	)	$	(11,892,408	)

NOTE 7. INTANGIBLE LEASE ASSETS AND LIABILITIES (continued)

Total amortization related to intangible lease assets during the three months ended March 31, 2016 was approximately $583,000 and was included in depreciation and amortization in the consolidated statements of operations. Total amortization related to intangible lease liabilities during the three months ended March 31, 2016 was approximately $607,000 and was included as an increase to income properties revenue in the consolidated statements of operations. Total amortization of intangible assets and liabilities was approximately $422,000 during the three months ended March 31, 2015, which was included in depreciation and amortization expense in the consolidated statements of operations.

The estimated future amortization and accretion of intangible lease assets and liabilities is as follows:

Year Ending December 31,	Future Amortization Expense		Future Accretion to Income Property Revenue			Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2016	$	1,521,601	$	(1,667,404	)	$	(145,803	)
2017		1,941,511		(2,189,685	)		(248,174	)
2018		1,937,911		(2,191,717	)		(253,806	)
2019		1,935,341		(2,192,911	)		(257,570	)
2020		1,886,208		(2,192,911	)		(306,703	)
2021		1,369,584		(2,279,897	)		(910,313	)
Thereafter		5,609,190		(17,735,576	)		(12,126,386	)
Total	$	16,201,346	$	(30,450,101	)	$	(14,248,755	)