Lease Intangibles

12 Months Ended

Dec. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

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.