Acquired Lease Intangible Assets, Net

6 Months Ended

Jun. 30, 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 June 30,			As of December 31,
	2025			2024
In-place leases	$	9,482,910		$	8,847,484
Accumulated amortization		(3,662,353	)		(3,244,168	)
In-place leases, net	$	5,820,557		$	5,603,316

The amortization for in-place leases for the three and six months ended June 30, 2025 and 2024 was $370,998 and $735,182 and 346,403 and 743,731, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of June 30,
	2025
2025 (6 months remaining)		698,785
2026		1,313,035
2027		968,840
2028		780,889
2029		603,728
Thereafter		1,455,280
	$	5,820,557

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

	As of June 30,			As of December 31,
	2025			2024
Above-market leases	$	1,657,256		$	1,657,256
Accumulated amortization		(780,409	)		(576,867	)
Above-market leases, net	$	876,847		$	1,080,389

The amortization for above-market leases for the three and six months ended June 30, 2025 and 2024 was $101,771 and $203,542, and $101,771 and $203,542, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of June 30,
	2025
2025 (6 months remaining)		203,542
2026		380,037
2027		161,539
2028		104,334
2029		19,666
Thereafter		7,729
	$	876,847