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Note 5 - Lease Intangibles

12 Months Ended

Dec. 31, 2020

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.