Acquired Lease Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Intangible Assets Net Excluding Goodwill [Abstract]

Acquired Lease Intangible Assets, Net

Note 3 – Acquired Lease Intangible Assets, net

In-place leases, net is comprised of the following:

	As of March 31,			As of December 31,
	2024			2023
In-place leases	$	8,269,790		$	8,914,075
Accumulated amortization		(2,164,845	)		(2,411,802	)
In-place leases, net	$	6,104,945		$	6,502,273

The amortization for in-place leases for the three months ended March 31, 2024 and 2023 was $397,328 and $135,563, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of March 31,
	2024
2024 (9 months remaining)	$	1,031,892
2025		1,320,791
2026		1,219,556
2027		834,926
2028		644,063
Thereafter		1,053,717
	$	6,104,945

Above-market leases, net is comprised of the following:

	As of March 31,			As of December 31,
	2024			2023
Above-market leases	$	1,657,256		$	1,657,256
Accumulated amortization		(271,555	)		(169,784	)
Above-market leases, net	$	1,385,701		$	1,487,472

The amortization for above-market leases for the three months ended March 31, 2024 and 2023 was $101,771 and $0, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of March 31,
	2024
2024 (9 months remaining)	$	305,349
2025		407,132
2026		380,084
2027		161,539
2028		104,443
Thereafter		27,262
	$	1,385,701