Acquired Lease Intangible Assets, net

12 Months Ended

Dec. 31, 2024

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,
	2024			2023
Acquired lease intangible assets	$	10,504,740		$	10,571,331
Accumulated amortization		(3,821,035	)		(2,581,586	)
Acquired lease intangible assets, net	$	6,683,705		$	7,989,745

The acquired lease intangible assets balance as of December 31, 2024 consists of $8,847,484 in-place leases and $1,657,256 above market leases. 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 amortization for in-place assets for the twelve months ended December 31, 2024 and 2023 was $1,476,650 and $1,181,837, respectively. The amortization for above market leases for the twelve months ended December 31, 2024 and 2023 was $407,083 and $169,784, respectively.

The future amortization for intangible assets is listed below:

	As of December 31,
	2024
2025	$	1,841,891
2026		1,713,593
2027		1,103,124
2028		843,763
2029		579,092
Thereafter		602,242
	$	6,683,705