Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Components of Gross Carrying Amount and Accumulated Amortization of Intangible Assets

As of June 30, 2024 and December 31, 2023, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:

	June 30, 2024			December 31, 2023
Intangible assets:
In-place lease intangibles	$	93,194,479		$	93,194,479
Above-market lease intangibles		2,112,734			2,112,734
Tax abatement on property improvements intangibles		14,640,000			14,640,000
Total intangible assets		109,947,213			109,947,213
Accumulated amortization:
In-place lease amortization		(36,347,004	)		(31,935,314	)
Above-market lease amortization		(729,813	)		(631,624	)
Tax abatement on property improvements amortization		(2,701,429	)		(2,178,572	)
Total accumulated amortization		(39,778,246	)		(34,745,510	)
Intangible assets, net	$	70,168,967		$	75,201,703

Schedule of Estimated Future Amortization on Intangible Assets

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2024 is as follows:

Year	In-place Lease Intangibles		Above-market Lease Intangibles		Tax Abatement on Property Improvements		Total
2024 (remaining)		3,637,327		98,189		522,857		4,258,373
2025		7,274,653		196,378		1,045,714		8,516,745
2026		6,526,776		196,378		1,045,714		7,768,868
2027		5,280,474		196,378		1,045,714		6,522,566
2028		4,841,466		196,378		1,045,714		6,083,558
Thereafter		29,286,779		499,220		7,232,858		37,018,857
	$	56,847,475	$	1,382,921	$	11,938,571	$	70,168,967

Components of Gross Carrying Amount and Accumulated Amortization of Intangible Liabilities

As of June 30, 2024 and December 31, 2023, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:

	June 30, 2024			December 31, 2023
Intangible liabilities:
Below-market lease intangibles	$	25,186,312		$	25,186,312
Accumulated amortization:
Below-market lease amortization		(6,888,617	)		(5,897,213	)
Intangible liabilities, net	$	18,297,695		$	19,289,099

Schedule of Estimated Future Amortization on Intangible Liabilities

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of June 30, 2024 is as follows:

Year	Below-market Lease Intangibles
2024 (remaining)		991,404
2025		1,982,809
2026		1,891,681
2027		1,556,636
2028		1,380,785

Thereafter		10,494,380
	$	18,297,695