Acquired Lease Intangible Assets, Net

9 Months Ended

Sep. 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 September 30,			As of December 31,
	2025			2024
In-place leases	$	8,518,021		$	8,847,484
Accumulated amortization		(3,474,913	)		(3,244,168	)
In-place leases, net	$	5,043,108		$	5,603,316

The amortization for in-place leases for the three and nine months ended September 30, 2025 and 2024 was $362,227 and $1,097,408 and $346,404 and $1,090,135, respectively. The future amortization for in-place leases, net for subsequent years ending December 31, is listed below:

	As of September 30,
	2025
2025 (3 months remaining)		299,145
2026		1,115,611
2027		933,927
2028		745,976
2029		568,815
Thereafter		1,379,634
	$	5,043,108

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

	As of September 30,			As of December 31,
	2025			2024
Above-market leases	$	926,381		$	1,657,256
Accumulated amortization		(407,076	)		(576,867	)
Above-market leases, net	$	519,305		$	1,080,389

The amortization for above-market leases for the three and nine months ended September 30, 2025 and 2024 was $101,771 and $305,311, and $101,770 and $305,312, respectively. The future amortization for above-market leases, net for subsequent years ending December 31, is listed below:

	As of September 30,
	2025
2025 (3 months remaining)		46,961
2026		179,075
2027		161,539
2028		104,334
2029		19,666
Thereafter		7,730
	$	519,305