Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of June 30, 2015 and December 31, 2014:

	As of
	June 30, 2015			December 31, 2014
Intangible Lease Assets:
Value of In-Place Leases, net	$	8,708,873		$	9,043,617
Value of Above Market In-Place Leases, net		271,844			330,424
Value of Intangible Leasing Costs, net		1,494,991			978,082
Sub-total Intangible Lease Assets		10,475,708			10,352,123
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases, net		(611,278	)		(669,693	)
Sub-total Intangible Lease Liabilities		(611,278	)		(669,693	)
Total Intangible Assets—Net	$	9,864,430		$	9,682,430

Summary of Estimated Amortization Expense

The estimated future amortization expense related to net intangible assets is as follows:

Year Ending December 31,	Amount
Remainder of 2015	$	610,812
2016		1,176,098
2017		1,089,183
2018		1,072,878
2019		1,056,927
2020		871,768
Thereafter		3,986,764
Total	$	9,864,430