Intangible assets and liabilities

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and liabilities

NOTE 8 – INTANGIBLE ASSETS AND LIABILITIES

Intangible assets as of December 31, 2023 and December 31, 2022 consisted of the following:

		Cost		Accumulated Amortization		Net Book Value
Favorable lease terms December 31, 2020	$	83,716	$	(81,716)	$	2,000
Additions/ (Amortization)		112,138		(13,716)		98,422
Favorable lease terms December 31, 2021	$	195,854	$	(95,432)	$	100,422
Additions/ (Amortization)		15,790		(37,496)		(21,706)
Favorable lease terms December 31, 2022	$	211,644	$	(132,928)	$	78,716
Amortization		—		(18,285)		(18,285)
Favorable lease terms December 31, 2023	$	211,644	$	(151,213)	$	60,431

The aggregate amortization of the intangibles for the years ending December 31 is estimated to be as follows:

Year	Amount
2024	$	18,120
2025		14,251
2026		8,215
2027		4,982
2028		4,982
2029 and thereafter		9,881
Total	$	60,431

Intangible assets subject to amortization are amortized using straight line method over their estimated useful lives to their estimated residual value of zero. As of December 31, 2023, the weighted average useful life of the remaining favorable lease terms was 4.9 years.

Intangible liabilities as of December 31, 2023 and December 31, 2022 consisted of the following:

	Cost		Accumulated Amortization		Net Book Value
Unfavorable lease terms December 31, 2021	$	231,019	$	(108,538)	$	122,481
Additions/ (Amortization)		388		(74,963)		(74,575)
Unfavorable lease terms December 31, 2022	$	231,407	$	(183,501)	$	47,906
Amortization		—		(19,922)		(19,922)
Unfavorable lease terms December 31, 2023	$	231,407	$	(203,423)	$	27,984

The aggregate amortization of the intangible liabilities for the years ending December 31 is estimated to be as follows:

Year	Amount
2024	$	12,718
2025		11,680
2026		3,586
2027		—
2028		—
2029 and thereafter		—
Total	$	27,984

Intangible liabilities subject to amortization are amortized using straight line method over their estimated useful lives to their estimated residual value of zero. As of December 31, 2023, the weighted average useful life of the remaining unfavorable lease terms was 2.3 years.