Intangible Lease Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Lease Assets and Liabilities

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	)

Summary of Estimated Amortization and Accretion of Intangible Lease Assets and Liabilities

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	)