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Lease Intangibles
 12 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Lease Intangibles

5.  LEASE INTANGIBLES

Lease intangibles consist of the following:

 

 

 

As of December 31, 2015

 

 

As of December 31, 2014

 

 

 

Lease

 

 

Accumulated

 

 

Lease

Intangibles,

 

 

Lease

 

 

Accumulated

 

 

Lease

Intangibles,

 

 

 

Intangibles

 

 

Amortization

 

 

net

 

 

Intangibles

 

 

Amortization

 

 

net

 

In-place leases

 

$

6,903,882

 

 

$

(2,647,002

)

 

$

4,256,880

 

 

$

4,255,565

 

 

$

(1,842,782

)

 

$

2,412,783

 

Leasing costs

 

 

4,816,858

 

 

 

(1,766,578

)

 

 

3,050,280

 

 

 

3,228,415

 

 

 

(1,214,967

)

 

 

2,013,448

 

Above-market leases

 

 

2,124,360

 

 

 

(1,415,762

)

 

 

708,598

 

 

 

1,977,113

 

 

 

(1,202,821

)

 

 

774,292

 

Tenant relationships

 

 

—

 

 

 

—

 

 

 

—

 

 

 

332,721

 

 

 

(332,721

)

 

 

—

 

Total

 

$

13,845,100

 

 

$

(5,829,342

)

 

$

8,015,758

 

 

$

9,793,814

 

 

$

(4,593,291

)

 

$

5,200,523

 

 

Future aggregate amortization expense for the Company’s other intangible assets is as follows: $2,165,192 (2016), $1,652,832 (2017), $1,131,293 (2018), $913,181 (2019), $708,519 (2020) and $1,444,741 (thereafter). The weighted average amortization period for the intangible assets as of December 31, 2015 was approximately 4.5 years. Lease incentives are amortized over the term of the related lease and included as a reduction of rental income in the statement of income.