Acquired Lease Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Intangible Assets Net Excluding Goodwill [Abstract]

Acquired Lease Intangible Assets, Net

Note 4 – Acquired Lease Intangible Assets, net

In-place leases, net is comprised of the following:

	As of March 31,			As of December 31,
	2026			2025
In-place leases	$	8,291,754		$	8,518,021
Accumulated amortization		(3,839,549	)		(3,774,057	)
In-place leases, net	$	4,452,205		$	4,743,964

The amortization for in-place leases for the three months ended March 31, 2026 and 2025 was $291,759 and $364,184, respectively. The future amortization for in-place leases, net for subsequent years ending March 31, is listed below:

	As of March 31,
	2026
2026 (9 months remaining)		823,852
2027		933,927
2028		745,976
2029		568,815
2030		190,209
Thereafter		1,189,427
	$	4,452,205

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

	As of March 31,			As of December 31,
	2026			2025
Above-market leases	$	926,381		$	926,381
Accumulated amortization		(500,998	)		(454,037	)
Above-market leases, net	$	425,383		$	472,344

The amortization for above-market leases for the three months ended March 31, 2026 and 2025 was $46,961 and $101,771, respectively. The future amortization for above-market leases, net for subsequent years ending March 31, is listed below:

	As of March 31,
	2026
2026 (9 months remaining)		132,114
2027		161,539
2028		104,334
2029		19,666
2030		7,730
Thereafter		-
	$	425,383