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Note 5 - Lease Intangibles
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Notes to Financial Statements    
Intangible Assets Disclosure [Text Block]
5.
LEASE INTANGIBLES
 
The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset: 
 
   
June 30, 2020
    
December 31, 2019
  
   
Lease
Intangibles
    
Accumulated
Amortization
    
Lease
Intangibles, net
    
Lease
Intangibles
    
Accumulated
Amortization
    
Lease
Intangibles, net
  
In-place leases
   $
3,186,889
     $
(2,667,835
)
   $
519,054
     $
4,360,027
     $
(3,283,027
)
   $
1,077,000
  
Leasing costs
    
1,800,922
      
(1,500,149
)
    
300,773
      
2,937,976
      
(2,002,711
)
    
935,265
  
Above-market leases
    
333,485
      
(266,080
)
    
67,405
      
333,485
      
(240,739
)
    
92,746
  
    $
5,321,296
     $
(4,434,064
)
   $
887,232
     $
7,631,488
     $
(5,526,477
)
   $
2,105,011
  
 
As of
June 30, 2020
there were
no
gross lease intangible assets included in real estate assets held for sale. As of
December 
31,
2019,
there was
$2.3
 million gross lease intangible assets included in real estate assets held for sale, with
$1.4
 million of accumulated amortization related to the lease intangible assets netted against real estate assets held for sale.
 
The net value of acquired intangible liabilities was
$226,000
and
$310,000
relating to below-market leases as of
June 30, 2020
and
December 
31,
2019,
respectively.
 
Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
 
Nine months remaining in 2020
   $
265,169
  
Years ending December 31:
        
2021
    
372,484
  
2022
    
202,479
  
2023
    
17,663
  
2024
    
17,663
  
Thereafter
    
11,774
  
Total
   $
887,232
  
 
The weighted average remaining amortization period of the intangible assets as of
June 30, 2020
is
1.7
years.
5.
LEASE INTANGIBLES
 
Lease intangibles consist of the following:
 
   
December 31, 2019
    
December 31, 2018
  
   
Lease
Intangibles
    
Accumulated
Amortization
    
Lease
Intangibles,
net
    
Lease
Intangibles
    
Accumulated
Amortization
    
Lease
Intangibles,
net
  
In-place leases
   $
4,360,027
     $
(3,283,027
)
   $
1,077,000
     $
4,958,477
     $
(3,467,781
)
   $
1,490,696
  
Leasing costs
    
2,937,976
      
(2,002,711
)
    
935,265
      
3,628,080
      
(2,405,514
)
    
1,222,566
  
Above-market leases
    
333,485
      
(240,739
)
    
92,746
      
439,878
      
(291,666
)
    
148,212
  
    $
7,631,488
     $
(5,526,477
)
   $
2,105,011
     $
9,026,435
     $
(6,164,961
)
   $
2,861,474
  
 
As of
December 
31,
2019
and
2018,
gross lease intangible assets of
$2.3
 million and
$2.5
 million, respectively, were included in real estate assets held for sale. As of
December 
31,
2019
and
2018,
accumulated amortization related to the lease intangible assets of
$1.4
 million and
$1.5
 million, respectively, were included in real estate assets held for sale.
 
The net value of acquired intangible liabilities was
$310,000
and
$496,000
relating to below-market leases as of
December 
31,
2019
and
2018,
respectively.
 
Aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
 
Year ending December 31,
        
2020
   $
687,974
  
2021
    
510,215
  
2022
    
360,116
  
2023
    
173,785
  
2024
    
118,989
  
Thereafter
    
253,932
  
Total
   $
2,105,011
  
 
The weighted average amortization period for the intangible assets as of
December 
31,
2019
was approximately
2.6
years. Lease intangible assets are amortized over the term of the related lease and included as a reduction of rental income in the Statement of Operations.