Acquired Lease Intangible Assets, Net

6 Months Ended

Jun. 30, 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 June 30,			As of December 31,
	2024			2023
In-place leases	$	8,269,790		$	8,914,075
Accumulated amortization		(2,511,249	)		(2,411,802	)
In-place leases, net	$	5,758,541		$	6,502,273

The amortization for in-place leases for the three and six months ended June 30, 2024 and 2023 was $346,403 and $135,739, and 743,731 and 271,302, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of June 30,
	2024
2024 (6 months remaining)	$	689,796
2025		1,327,537
2026		1,226,285
2027		834,314
2028		632,157
Thereafter		1,048,453
	$	5,758,542

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

	As of June 30,			As of December 31,
	2024			2023
Above-market leases	$	1,657,256		$	1,657,256
Accumulated amortization		(373,326	)		(169,784	)
Above-market leases, net	$	1,283,931		$	1,487,472

The amortization for above-market leases for the three and six months ended June 30, 2024 and 2023 was $101,771 and $0, and $203,542 and $0, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of June 30,
	2024
2024 (6 months remaining)	$	203,542
2025		407,083
2026		380,037
2027		161,539
2028		104,334
Thereafter		27,396
	$	1,283,931