Acquired Lease Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

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,
	2025			2024
In-place leases	$	9,758,923		$	8,847,484
Accumulated amortization		(3,490,925	)		(3,244,168	)
In-place leases, net	$	6,267,998		$	5,603,316

The amortization for in-place leases for the three months ended March 31, 2025 and 2024 was $364,184 and $397,328, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of March 31,
	2025
2025 (9 months remaining)		1,126,479
2026		1,408,029
2027		1,016,058
2028		828,107
2029		650,946
Thereafter		1,238,379
	$	6,267,998

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

	As of March 31,			As of December 31,
	2025			2024
Above-market leases	$	1,657,256		$	1,657,256
Accumulated amortization		(678,638	)		(576,867	)
Above-market leases, net	$	978,618		$	1,080,389

The amortization for above-market leases for the three months ended March 31, 2025 and 2024 was $101,771 and $101,171, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of March 31,
	2025
2025 (9 months remaining)		305,312
2026		380,037
2027		161,539
2028		104,334
2029		19,666
Thereafter		7,730
	$	978,618