Intangibles

12 Months Ended

Dec. 31, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Note 4 - Intangibles

The amortization of acquired above-market and/or below-market leases is recorded as an adjustment to Rental revenue on the consolidated statements of operations. For the years ended December 31, 2021 and December 31, 2020, the net amount of such amortization was included as an increase to rental income of $790,901 and $817,595, respectively.

The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For the year ended December 31, 2021 and December 31, 2020, the net amount of such amortization was $6,571,803 and $2,203,322, respectively.

The amortization of tax abatement on property improvements is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For the year ended December 31, 2021 and December 31, 2020, the net amount of such amortization was $87,143 and $0, respectively.

As of December 31, 2021, and December 31, 2020, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:

	December 31, 2021			December 31, 2020
Intangible assets:
In-place lease intangibles	$	55,734,750		$	22,234,766
Above-market lease intangibles		2,112,734			451,899
Tax abatement on property improvements intangibles		14,640,000			—
Total intangible assets		72,487,484			22,686,665
Accumulated amortization:
In-place lease amortization		(10,577,580	)		(4,005,777	)
Above-market lease amortization		(238,867	)		(104,770	)
Tax abatement on property improvements amortization		(87,143	)		—
Total accumulated amortization		(10,903,590	)		(4,110,547	)
Intangible assets, net	$	61,583,894		$	18,576,118

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of December 31, 2021 is as follows:

Year	In-place Lease Intangibles		Above-market Lease Intangibles		Tax Abatement on Property Improvements		Total
2022		8,223,973		196,378		1,045,714		9,466,065
2023		4,781,868		196,378		1,045,714		6,023,960
2024		4,583,118		196,378		1,045,714		5,825,210
2025		4,583,118		196,378		1,045,714		5,825,210
2026		3,835,240		196,378		1,045,714		5,077,332
Thereafter		19,149,853		891,977		9,324,287		29,366,117
	$	45,157,170	$	1,873,867	$	14,552,857	$	61,583,894

As of December 31, 2021, and December 31, 2020, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:

	December 31, 2021			December 31, 2020
Intangible liabilities:
Below-market lease intangibles	$	11,487,001		$	9,065,316
Accumulated amortization:
Below-market lease amortization		(2,201,745	)		(1,264,464	)
Intangible liabilities, net	$	9,285,256		$	7,800,852

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of December 31, 2021 is as follows:

Year	Below-market Lease Intangibles
2022	$	882,036
2023	$	882,036
2024	$	882,036
2025	$	882,036
2026	$	790,908
Thereafter	$	4,966,204
	$	9,285,256