Intangibles

3 Months Ended

Mar. 31, 2022

Intangible Assets Net Excluding Goodwill [Abstract]

Intangibles

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 three months ended March 31, 2022 and March 31, 2021, the net amount of such amortization was included as an increase to rental income of $198,653 and $204,398, 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 three months ended March 31, 2022 and March 31, 2021, the net amount of such amortization was $2,730,419 and $588,469, 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 three months ended March 31, 2022 and March 31, 2021, the net amount of such amortization was $261,429 and $0, respectively.

As of March 31, 2022 and December 31, 2021, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:

	March 31, 2022			December 31, 2021
Intangible assets:
In-place lease intangibles	$	61,110,157		$	55,734,750
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		77,862,891			72,487,484
Accumulated amortization:
In-place lease amortization		(13,307,999	)		(10,577,580	)
Above-market lease amortization		(287,962	)		(238,867	)
Tax abatement on property improvements amortization		(348,571	)		(87,143	)
Total accumulated amortization		(13,944,532	)		(10,903,590	)
Intangible assets, net	$	63,918,359		$	61,583,894

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of March 31, 2022 is as follows:

Year	In-place Lease Intangibles		Above-market Lease Intangibles		Tax Abatement on Property Improvements		Total
2022 (remaining)		6,354,998		147,284		784,286		7,286,568
2023		5,815,600		196,378		1,045,714		7,057,692
2024		5,616,850		196,378		1,045,714		6,858,942
2025		5,616,850		196,378		1,045,714		6,858,942
2026		4,868,972		196,378		1,045,714		6,111,064
Thereafter		19,528,888		891,976		9,324,287		29,745,151
	$	47,802,158	$	1,824,772	$	14,291,429	$	63,918,359

As of March 31, 2022 and December 31, 2021, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:

	March 31, 2022			December 31, 2021
Intangible liabilities:
Below-market lease intangibles	$	13,604,802		$	11,487,001
Accumulated amortization:
Below-market lease amortization		(2,456,193	)		(2,201,745	)
Intangible liabilities, net	$	11,148,609		$	9,285,256

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of March 31, 2022 is as follows:

Year	Below-market Lease Intangibles
2022 (remaining)		966,979
2023		1,289,305
2024		1,289,305
2025		1,289,305
2026		1,198,178
Thereafter		5,115,537
	$	11,148,609