Acquired Lease Intangible Assets, net

12 Months Ended

Dec. 31, 2025

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,
	2025			2024
Acquired lease intangible assets	$	9,444,402		$	10,504,740
Accumulated amortization		(4,228,094	)		(3,821,035	)
Acquired lease intangible assets, net	$	5,216,308		$	6,683,705

The acquired lease intangible assets balance as of December 31, 2025 consists of $8,518,021 in-place leases and $926,381 above-market leases. 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 amortization for in-place assets for the twelve months ended December 31, 2025 and 2024 was $1,396,553 and $1,476,650, respectively, and is included in Depreciation and amortization on the accompanying Consolidated Statements of Operations. The amortization for above-market leases for the twelve months ended December 31, 2025 and 2024 was $353,273 and $407,083, respectively, and is included as an adjustment to Rental income on the accompanying Consolidated Statements of Operations.

The future amortization for intangible assets is listed below:

	As of December 31,
	2025
2026	$	1,294,686
2027		1,095,466
2028		850,310
2029		588,481
2030		197,939
Thereafter		1,189,426
	$	5,216,308