INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2016

INTANGIBLE ASSETS [Abstract]

INTANGIBLE ASSETS

(6) INTANGIBLE ASSETS

Intangible assets consist of Management Agreements:

	Amortization	December 31,
	Period	2015			2016
Management Agreements	25 years	$	21,800,123		$	21,800,123
Less - accumulated amortization			(14,234,475	)		(15,079,039	)
Intangible assets, net		$	7,565,648		$	6,721,084

The estimated aggregate amortization expense on the Management Agreements for each of the five succeeding fiscal years is as follows:

2017	$	844,564
2018		844,564
2019		836,055
2020		808,550
2021		699,186
Thereafter		2,688,165
	$	6,721,084