INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2019

INTANGIBLE LEASE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	As of
	March 31, 2019		December 31, 2018
Intangible Lease Assets:
Value of In-Place Leases	$	39,189,008	$	39,189,008
Value of Above Market In-Place Leases		4,114,715		4,114,715
Value of Intangible Leasing Costs		14,791,111		14,791,111
Sub-total Intangible Lease Assets		58,094,834		58,094,834
Accumulated Amortization		(15,778,840)		(14,539,389)
Sub-total Intangible Lease Assets—Net		42,315,994		43,555,445
Intangible Lease Liabilities (included in accrued and other liabilities):
Value of Below Market In-Place Leases		(35,321,234)		(35,321,234)
Sub-total Intangible Lease Liabilities		(35,321,234)		(35,321,234)
Accumulated Amortization		8,624,160		7,930,884
Sub-total Intangible Lease Liabilities—Net		(26,697,074)		(27,390,350)
Total Intangible Assets and Liabilities—Net	$	15,618,920	$	16,165,095

Schedule of amortization of intangible assets and liabilities

	Three Months Ended
	March 31, 2019		March 31, 2018
	($000's)		($000's)
Depreciation and Amortization Expense	$	1,127	$	1,353
Increase to Income Properties Revenue		(581)		(580)
Net Amortization of Intangible Assets and Liabilities	$	546	$	773

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 2019	$	3,977,373	$	(1,735,645)	$	2,241,728
2020		4,882,863		(2,244,638)		2,638,225
2021		3,492,913		(2,307,905)		1,185,008
2022		3,177,980		(2,379,065)		798,915
2023		3,085,976		(2,353,003)		732,973
2024		3,054,016		(2,339,950)		714,066
Thereafter		17,369,649		(10,061,644)		7,308,005
Total	$	39,040,770	$	(23,421,850)	$	15,618,920