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Lease Intangibles
 9 Months Ended
Sep. 30, 2016
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, 2016

 

 

December 31, 2015

 

 

 

Lease Intangibles

 

 

Accumulated Amortization

 

 

Lease Intangibles, net

 

 

Lease Intangibles

 

 

Accumulated Amortization

 

 

Lease Intangibles, net

 

In-place leases

 

$

6,872,980

 

 

$

(3,557,650

)

 

$

3,315,330

 

 

$

6,903,882

 

 

$

(2,647,002

)

 

$

4,256,880

 

Leasing costs

 

 

4,813,951

 

 

 

(2,346,219

)

 

 

2,467,732

 

 

 

4,816,858

 

 

 

(1,766,578

)

 

 

3,050,280

 

Above-market leases

 

 

2,124,360

 

 

 

(1,555,179

)

 

 

569,181

 

 

 

2,124,360

 

 

 

(1,415,762

)

 

 

708,598

 

 

 

$

13,811,291

 

 

$

(7,459,048

)

 

$

6,352,243

 

 

$

13,845,100

 

 

$

(5,829,342

)

 

$

8,015,758

 

 

The net value of acquired intangible liabilities was $1,808,531 and $2,154,479 relating to below-market leases as of September 30, 2016 and December 31, 2015, respectively.

Aggregate approximate amortization expense for the Company's lease intangible assets is as follows:

 

 

 

 

 

 

 

 

 

 

 

Three months remaining in 2016

 

$

490,377

 

Years ending December 31:

 

 

 

 

2017

 

 

1,652,598

 

2018

 

 

1,132,151

 

2019

 

 

913,421

 

2020

 

 

708,769

 

Thereafter

 

 

1,454,927

 

Total

 

$

6,352,243

 

 

The weighted average amortization of the intangible assets as of September 30, 2016 is 4.0 years.