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Note 5 - Lease Intangibles | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | 5. LEASE INTANGIBLES Lease intangibles consist of the following:
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Lease |  |  | Accumulated |  |  | Lease |  |  | Lease |  |  | Accumulated |  |  | Lease |
|  | Intangibles |  |  | Amortization |  |  | Intangibles, net |  |  | Intangibles |  |  | Amortization |  |  | Intangibles, net |
In-place leases |  | $ | 3,136,587 |  |  | $ | (2,757,530 | ) |  | $ | 379,057 |  |  | $ | 4,360,027 |  |  | $ | (3,283,027 | ) |  | $ | 1,077,000 |
Leasing costs |  |  | 1,730,656 |  |  |  | (1,510,559 | ) |  |  | 220,097 |  |  |  | 2,937,976 |  |  |  | (2,002,711 | ) |  |  | 935,265 |
Above-market leases |  |  | 333,485 |  |  |  | (291,421 | ) |  |  | 42,064 |  |  |  | 333,485 |  |  |  | (240,739 | ) |  |  | 92,746 |
|  | $ | 5,200,728 |  |  | $ | (4,559,510 | ) |  | $ | 641,218 |  |  | $ | 7,631,488 |  |  | $ | (5,526,477 | ) |  | $ | 2,105,011 |
As of December 31, 2020 and 2019, gross lease intangible assets of $1.1 million and $3.4 million, respectively, were included in real estate assets held for sale. As of December 31, 2020 and 2019, accumulated amortization related to the lease intangible assets of $1.1 million and $2.4 million, respectively, were included in real estate assets held for sale. The net value of acquired intangible liabilities was $0.1 million and $0.3 million relating to below-market leases as of December 31, 2020 and 2019, respectively. Aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
2021 |  | $ | 372,484 |
2022 |  |  | 202,479 |
2023 |  |  | 17,663 |
2024 |  |  | 17,663 |
2025 |  |  | 17,663 |
Thereafter |  |  | 13,266 |
Total |  | $ | 641,218 |
The weighted average amortization period for the intangible assets as of December 31, 2020 was approximately 1.6 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.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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