Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Schedule of net intangible assets and liabilities

		September 30, 2024
		(unaudited)	December 31, 2023
Intangible Assets, net
Leasing commissions	$	843,627	$	912,040
Legal and marketing costs		79,358		104,791
Above market leases		71,502		106,907
Net leasehold asset		1,453,878		1,592,808
	$	2,448,365	$	2,716,546
Intangible Liabilities, net
Below market leases	$	(1,736,263)	$	(1,865,310)

Schedule of adjustments to rental revenue related to the above and below market leases

	For the three months ended				For the nine months ended
	September 30,				September 30,
		2024		2023		2024		2023
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Amortization of above market leases	$	(7,074)	$	(23,717)	$	(35,405)	$	(75,437)
Amortization of below market leases		71,241		88,586		228,803		287,341
	$	64,167	$	64,869	$	193,398	$	211,904

Schedule of amortization related to intangible assets

	For the three months ended				For the nine months ended
	September 30,				September 30,
		2024		2023		2024		2023
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Leasing commissions	$	(42,887)	$	(53,754)	$	(135,097)	$	(165,542)
Legal and marketing costs		(8,276)		(14,745)		(30,375)		(46,406)
Net leasehold asset		(94,735)		(147,788)		(313,141)		(478,345)
	$	(145,898)	$	(216,287)	$	(478,613)	$	(690,293)

Schedule of future amortization of above and below market leases

		For the
		remaining three
		months ending
		December 31,
	2024		2025		2026		2027		2028		2029-2041		Total
Intangible Assets
Leasing commissions	$	41,246	$	154,496	$	116,510	$	97,592	$	76,167	$	357,616	$	843,627
Legal and marketing costs		7,064		24,456		13,842		8,599		5,886		19,511		79,358
Above market leases		5,445		21,292		15,629		14,543		10,114		4,479		71,502
Net leasehold asset		89,357		318,667		223,495		177,171		128,963		516,225		1,453,878
	$	143,112	$	518,911	$	369,476	$	297,905	$	221,130	$	897,831	$	2,448,365
Intangible Liabilities
Below market leases	$	(67,407)	$	(227,108)	$	(192,535)	$	(175,625)	$	(153,615)	$	(919,973)	$	(1,736,263)

Schedule of property and purpose of reserve

	September 30, 2024		December 31,
Property and Purpose of Reserve	(unaudited)		2023
Ashley Plaza Property – maintenance and leasing cost reserve		514,547		439,404
Brookfield Center Property – maintenance and leasing cost reserve		124,737		91,491
Franklin Square Property – leasing costs		531,972		441,360
Hanover Square Property – operating reserve		—		150,710
Total	$	1,171,256	$	1,122,965