Note G - Intangible Assets

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

Note G - Intangible Assets

A schedule of the Company’s intangible assets and related accumulated amortization and accretion as of June 30, 2022 and December 31, 2021 is as follows:

	As of June 30, 2022				As of December 31, 2021
	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Value of in-place leases	$	2,564,000	$	1,459,000	$	2,398,000	$	1,311,000
Value of lease commissions		165,000		93,000		152,000		82,000
Value of indefinite lived contract (1)		3,160,000		--		3,160,000		--
Value of technology		4,136,000		343,000		4,046,000		133,000
Total intangible assets	$	10,025,000	$	1,895,000	$	9,756,000	$	1,526,000

(1)  Indefinite-Lived in-place contract includes the 2nd Street, LLC property in Miami, FL acquired on November 3, 2021. Refer to Note D - Acquisitions and Dispositions of Investments in Real Estate.

Amortization of the acquired in-place leases and lease commissions are included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization expense associated with intangible assets totaled $370,000 and $148,000 for the six months ended June 30, 2022 and 2021, respectively, and $194,000 and $74,000 for the three months ended  June 30, 2022 and 2021, respectively.

A schedule of future amortization and accretion of acquired intangible assets for the six months ended June 30, 2022 and thereafter is as follows:

Six Months Ended June 30, 2022	Acquired in-place leases		Lease commissions		Technology
2022 (Remainder)	$	157,000	$	12,000	$	221,000
2023		320,000		24,000		427,000
2024		303,000		21,000		427,000
2025		189,000		10,000		427,000
2026		107,000		4,000		427,000
Thereafter		29,000		1,000		1,864,000
	$	1,105,000	$	72,000	$	3,793,000