Lease Intangibles

3 Months Ended

Mar. 31, 2018

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:

	March 31, 2018							December 31, 2017
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	5,592,418	$	(3,708,267	)	$	1,884,151	$	5,592,418	$	(3,531,441	)	$	2,060,977
Leasing costs		3,727,331		(2,210,592	)		1,516,739		3,727,332		(2,088,799	)		1,638,533
Above-market leases		743,550		(327,844	)		415,706		784,404		(347,218	)		437,186
	$	10,063,299	$	(6,246,703	)	$	3,816,596	$	10,104,154	$	(5,967,458	)	$	4,136,696

As of March 31, 2018 and December 31, 2017, $1,007,360 and $1,007,360, respectively, of lease intangible assets were included in real estate assets held for sale.

The net value of acquired intangible liabilities was $1,326,780 and $1,390,372 relating to below-market leases as of March 31, 2018 and December 31, 2017, respectively.

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

Nine months remaining in 2018	$	1,103,918
Years ending December 31:
2019		885,806
2020		696,573
2021		497,459
2022		369,255
Thereafter		263,585
Total	$	3,816,596

The weighted average remaining amortization period of the intangible assets as of March 31, 2018 is 3.3 years.