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Lease Intangibles
 9 Months Ended
Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Lease Intangibles

5. LEASE INTANGIBLES

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

 

 

 

September 30, 2015

 

 

December 31, 2014

 

 

 

Lease

 

 

Accumulated

 

 

Lease

 

 

Lease

 

 

Accumulated

 

 

Lease

 

 

 

intangibles

 

 

amortization

 

 

Intangibles, net

 

 

intangibles

 

 

amortization

 

 

Intangibles, net

 

In-place leases

 

$

5,458,643

 

 

$

(2,378,147

)

 

$

3,080,496

 

 

$

4,255,565

 

 

$

(1,842,782

)

 

$

2,412,783

 

Leasing costs

 

 

4,194,901

 

 

 

(1,578,737

)

 

$

2,616,164

 

 

 

3,228,415

 

 

 

(1,214,967

)

 

 

2,013,448

 

Above-market leases

 

 

2,124,360

 

 

 

(1,363,984

)

 

$

760,376

 

 

 

1,977,113

 

 

 

(1,202,821

)

 

 

774,292

 

Tenant relationships

 

 

-

 

 

 

-

 

 

 

-

 

 

 

332,721

 

 

 

(332,721

)

 

 

-

 

 

 

$

11,777,904

 

 

$

(5,320,868

)

 

$

6,457,036

 

 

$

9,793,814

 

 

$

(4,593,291

)

 

$

5,200,523

 

 

Aggregate approximate amortization expense for the Company's lease intangible assets is as follows: $ 509,000 (2015), $853,000 (2016), $1,607,000 (2017), $1,218,000 (2018), $848,000 (2019) and $1,422,000 (thereafter). The weighted average period for the intangible assets as of September 30, 2015 was 5.1 years.