Acquired Lease Intangible Assets, Net

9 Months Ended

Sep. 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 September 30,			As of December 31,
	2024			2023
In-place leases	$	8,844,500		$	8,914,075
Accumulated amortization		(2,857,652	)		(2,411,802	)
In-place leases, net	$	5,986,848		$	6,502,273

The amortization for in-place leases for the three and nine months ended September 30, 2024 and 2023 was $346,404 and $359,010, and 1,090,135 and 630,312, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of September 30,
	2024
2024 (3 months remaining)	$	369,087
2025		1,430,164
2026		1,328,912
2027		936,941
2028		734,784
Thereafter		1,186,960
	$	5,986,848

The Company acquired in place lease intangible assets of $574,710 reflected in the tables above as of September 30, 2024.

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

	As of September 30,			As of December 31,
	2024			2023
Above-market leases	$	1,657,257		$	1,657,256
Accumulated amortization		(475,097	)		(169,784	)
Above-market leases, net	$	1,182,160		$	1,487,472

The amortization for above-market leases for the three and nine months ended September 30, 2024 and 2023 was $101,770 and $55,337, and $305,312 and $55,337, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of September 30,
	2024
2024 (3 months remaining)	$	101,771
2025		407,083
2026		380,037
2027		161,539
2028		104,334
Thereafter		27,396
	$	1,182,160