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Lease Intangibles

3 Months Ended

Mar. 31, 2015

Lease Intangible Assets [Abstract]

Lease Intangible Assets Disclosure [Text Block]

5. LEASE INTANGIBLES

The following table summarizes the net value of other intangible assets and the accumulated amortization for each class of intangible asset:

	March 31, 2015									December 31, 2014

	Lease			Accumulated			Lease			Lease			Accumulated			Lease
	intangibles			amortization			Intangibles, net			intangibles			amortization			Intangibles, net
In-place leases	$	4,255,565		$	(2,038,772)		$	2,216,793		$	4,255,565		$	(1,842,782)		$	2,412,783
Leasing costs		3,228,415			(1,335,466)			1,892,949			3,228,415			(1,214,967)			2,013,448
Above-market leases		1,977,113			(1,262,194)			714,919			1,977,113			(1,202,821)			774,292
Tenant relationships		332,721			(332,721)			-			332,721			(332,721)			-
	$	9,793,814		$	(4,969,153)		$	4,824,661		$	9,793,814		$	(4,593,291)		$	5,200,523

Aggregate approximate amortization expense for the Company's lease intangible assets is as follows: $ 934,000
(2015), 853,000 (2016), $853,000 (2017), $688,000 (2018), $485,000 (2019) and $1,865,000 (thereafter). The
weighted average period for the intangible assets as of March 31, 2015 was 5.9 years.