Lease Intangibles

6 Months Ended

12 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

5. LEASE INTANGIBLES

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


	June 30, 2017							December 31, 2016
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	6,635,928	$	(4,150,414	)	$	2,485,514	$	6,872,980	$	(3,840,670	)	$	3,032,310
Leasing costs		4,622,792		(2,709,250	)		1,913,542		4,813,951		(2,517,759	)		2,296,192
Above-market leases		2,124,360		(1,641,992	)		482,368		2,124,360		(1,586,328	)		538,032

	$	13,383,080	$	(8,501,656	)	$	4,881,424	$	13,811,291	$	(7,944,757	)	$	5,866,534

The net value of acquired intangible liabilities was $1,530,323 and $1,698,086 relating to below-market leases as of June 30, 2017 and December 31, 2016, respectively.

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


Six months remaining in 2017	$	749,854
Years ending December 31:
2018		1,320,270
2019		1,066,827
2020		850,757
2021		554,344
Thereafter		339,372

Total	$	4,881,424

The weighted average amortization of the intangible assets as of June 30, 2017 is 3.6 years.

5. LEASE INTANGIBLES

Lease intangibles consist of the following:


	December 31, 2016							December 31, 2015
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	6,872,980	$	(3,840,670	)	$	3,032,310	$	6,903,882	$	(2,647,002	)	$	4,256,880
Leasing costs		4,813,951		(2,517,759	)		2,296,192		4,816,858		(1,766,578	)		3,050,280
Above-market leases		2,124,360		(1,586,328	)		538,032		2,124,360		(1,415,762	)		708,598

	$	13,811,291	$	(7,944,757	)	$	5,866,534	$	13,845,100	$	(5,829,342	)	$	8,015,758

The net value of acquired intangible liabilities was $1,698,086 and $2,154,479 relating to below-market leases as of December 31, 2016 and December 31, 2015, respectively.

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


Years ending December 31:
2017	$	1,652,832
2018		1,380,667
2019		1,127,224
2020		895,185
2021		585,710
Thereafter		224,916

Total	$	5,866,534

The weighted average amortization period for the intangible assets as of December 31, 2016 was approximately 3.8 years. Lease intangible assets are amortized over the term of the related lease and included as a reduction of rental income in the statement of income.