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Lease Intangibles | 12 Months Ended
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Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract] |
Lease Intangibles | 5. LEASE INTANGIBLES Lease intangibles consist of the following:
|  | December 31, 2017 |  |  | December 31, 2016 |
|  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |  |  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |
In-place leases |  | $ | 4,958,477 |  |  | $ | (2,899,042 | ) |  | $ | 2,059,435 |  |  | $ | 6,180,817 |  |  | $ | (3,156,194 | ) |  | $ | 3,024,623 |
Leasing costs |  |  | 3,628,080 |  |  |  | (1,990,154 | ) |  |  | 1,637,926 |  |  | $ | 4,632,619 |  |  | $ | (2,339,434 | ) |  |  | 2,293,185 |
Above-market leases |  |  | 510,237 |  |  |  | (293,146 | ) |  |  | 217,091 |  |  |  | 1,850,193 |  |  |  | (1,538,348 | ) |  |  | 311,845 |
|  | $ | 9,096,794 |  |  | $ | (5,182,342 | ) |  | $ | 3,914,452 |  |  | $ | 12,663,629 |  |  | $ | (7,033,976 | ) |  | $ | 5,629,653 |
The net value of acquired intangible liabilities was $1,390,372 and $1,698,086 relating to below-market leases as of December 31, 2017 and December 31, 2016, respectively. Aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
Years ending December 31: |  |  |  |
2018 |  | $ | 1,103,919 |
2019 |  |  | 885,806 |
2020 |  |  | 697,113 |
2021 |  |  | 497,459 |
2022 |  |  | 369,255 |
Thereafter |  |  | 360,900 |
Total |  | $ | 3,914,452 |
The weighted average amortization period for the intangible assets as of December 31, 2017 was approximately 3.1 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.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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