Lease Intangibles

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

5. LEASE INTANGIBLES

Lease intangibles consist of the following:

	December 31, 2018							December 31, 2017
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	4,958,477	$	(3,467,781	)	$	1,490,696	$	4,958,477	$	(2,899,042	)	$	2,059,435
Leasing costs		3,628,080		(2,405,514	)		1,222,566		3,628,080		(1,990,154	)		1,637,926
Above-market leases		439,878		(291,666	)		148,212		510,237		(293,146	)		217,091
	$	9,026,435	$	(6,164,961	)	$	2,861,474	$	9,096,794	$	(5,182,342	)	$	3,914,452

The net value of acquired intangible liabilities was $495,927 and $1,390,372 relating to below-market leases as of December 31, 2018 and December 31, 2017, respectively.

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



Years ending December 31:
2019	$	876,667
2020		687,974
2021		488,320
2022		360,116
2023		173,785
Thereafter		274,612
Total	$	2,861,474

The weighted average amortization period for the intangible assets as of December 31, 2018 was approximately 3.6 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 Operations.