Acquired Lease Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Acquired Lease Intangible Assets, Net

Note 4 – Acquired Lease Intangible Assets, net

Intangible assets, net is comprised of the following:

	As of December 31,			As of December 31,
	2023			2022
Acquired lease intangible assets	$	10,571,331		$	4,677,928
Accumulated amortization		(2,581,586	)		(1,522,570	)
Acquired lease intangible assets, net	$	7,989,745		$	3,155,358

The acquired lease intangible assets balance as of December 31, 2023 consists of $8,914,075 in-place leases and $1,657,256 above market leases. The acquired lease intangible assets balance as of December 31, 2022 consists of $4,677,928 in-place leases.

The amortization for in-place assets for the twelve months ended December 31, 2023 and 2022 was $1,181,837 and $527,713, respectively. The amortization for above market leases for the twelve months ended December 31, 2023 and 2022 was $169,784 and $0, respectively.

The future amortization for intangible assets is listed below:

	As of December 31,
	2023
2024	$	1,800,293
2025		1,695,766
2026		1,604,583
2027		969,931
2028		816,408
Thereafter		1,102,764
	$	7,989,745