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LEASE INTANGIBLES
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
LEASE INTANGIBLES

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:

 

   September 30, 2021   December 31, 2020 
   Lease Intangibles   Accumulated Amortization   Lease Intangibles, net   Lease Intangibles   Accumulated Amortization   Lease Intangibles, net 
In-place leases  $2,515,264   $(2,320,045)  $195,219   $3,136,587   $(2,757,530)  $379,057 
Leasing costs   1,261,390    (1,146,572)   114,818    1,730,656    (1,510,559)   220,097 
Above-market leases   333,485    (333,485)   —    333,485    (291,421)   42,064 
   $4,110,139   $(3,800,102)  $310,037   $5,200,728   $(4,559,510)  $641,218 

 

At September 30, 2021 and December 31, 2020, gross lease intangible assets of $0.0 and $1.1 million, respectively, were included in real estate assets held for sale. At September 30, 2021 and December 31, 2020, accumulated amortization related to the lease intangible assets of $0.0 and $1.1 million, respectively, were included in real estate assets held for sale.

 

The net value of acquired intangible liabilities was approximately $86,852 and $139,045 relating to below-market leases at September 30, 2021 and December 31, 2020, respectively.

 

Future aggregate approximate amortization expense for the Company’s lease intangible assets is as follows:

 

      
2021  $52,866 
2022   202,342 
2023   17,526 
2024   17,526 
2025   15,670 
Thereafter   4,107 
Total  $310,037 

 

5. LEASE INTANGIBLES

 

Lease intangibles consist of the following:

 

   December 31, 2020   December 31, 2019 
   Lease   Accumulated   Lease   Lease   Accumulated   Lease 
   Intangibles   Amortization   Intangibles, net   Intangibles   Amortization   Intangibles, net 
In-place leases  $3,136,587   $(2,757,530)  $              379,057   $4,360,027   $(3,283,027)  $            1,077,000 
Leasing costs   1,730,656    (1,510,559)   220,097    2,937,976    (2,002,711)   935,265 
Above-market leases   333,485    (291,421)   42,064    333,485    (240,739)   92,746 
   $5,200,728   $(4,559,510)  $641,218   $7,631,488   $(5,526,477)  $2,105,011 

 

As of December 31, 2020 and 2019, gross lease intangible assets of $1.1 million and $3.4 million, respectively, were included in real estate assets held for sale. As of December 31, 2020 and 2019, accumulated amortization related to the lease intangible assets of $1.1 million and $2.4 million, respectively, were included in real estate assets held for sale.

 

The net value of acquired intangible liabilities was $0.1 million and $0.3 million relating to below-market leases as of December 31, 2020 and 2019, respectively.

 

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

       
2021   $372,484 
2022    202,479 
2023    17,663 
2024    17,663 
2025    17,663 
Thereafter    13,266 
Total   $641,218 

 

The weighted average amortization period for the intangible assets as of December 31, 2020 was approximately 1.6 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.