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LEASE INTANGIBLES

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Lease intangibles consist of the following:


	December 31, 2019										December 31, 2018
	Lease Intangibles		Accumulated Amortization		Lease Intangibles, net		Lease Intangibles		Accumulated Amortization		Lease Intangibles, net
In-place leases	$	4,360,027	$	(3,283,027)	$	1,077,000	$	4,958,477	$	(3,467,781)	$	1,490,696
Leasing costs	2,937,976		(2,002,711)		935,265		3,628,080		(2,405,514)		1,222,566
Above-market leases	333,485		(240,739)		92,746		439,878		(291,666)		148,212
	$	7,631,488	$	(5,526,477)	$	2,105,011	$	9,026,435	$	(6,164,961)	$	2,861,474

As of December 31, 2019 and 2018, gross lease intangible assets of $2.3 million and $2.5 million, respectively, were included in real estate assets held for sale. As of December 31, 2019 and 2018, accumulated amortization related to the lease intangible assets of $1.4 million and $1.5 million, respectively, were included in real estate assets held for sale.

The net value of acquired intangible liabilities was $310,000 and $496,000 relating to below-market leases as of December 31, 2019 and 2018, respectively.

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



Year ending December 31,
2020	$	687,974
2021	510,215
2022	360,116
2023	173,785
2024	118,989
Thereafter	253,932
Total	$	2,105,011

The weighted average amortization period for the intangible assets as of December 31, 2019 was approximately 2.6 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.