Lease Intangibles

3 Months Ended

Mar. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

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, 2017							December 31, 2016
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	6,718,928	$	(3,947,687	)	$	2,771,241	$	6,872,980	$	(3,840,670	)	$	3,032,310
Leasing costs		4,758,792		(2,625,251	)		2,133,541		4,813,951		(2,517,759	)		2,296,192
Above-market leases		2,124,360		(1,617,169	)		507,191		2,124,360		(1,586,328	)		538,032
	$	13,602,080	$	(8,190,107	)	$	5,411,973	$	13,811,291	$	(7,944,757	)	$	5,866,534

The net value of acquired intangible liabilities was $1,612,631 and $1,698,086 relating to below-market leases as of March 31, 2017 and December 31, 2016, respectively.

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

Nine months remaining in 2017	$	1,198,271
Years ending December 31:
2018		1,380,667
2019		1,127,224
2020		895,185
2021		585,710
Thereafter		224,916
Total	$	5,411,973

The weighted average amortization of the intangible assets as of March 31, 2017 is 3.9 years.