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Note 5 - Lease Intangibles

3 Months Ended

Mar. 31, 2021

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:

	*March 31, 2021*							*December 31, 2020*
	*Lease*		*Accumulated*			*Lease*		*Lease*		*Accumulated*			*Lease*
	*Intangibles*		*Amortization*			*Intangibles, net*		*Intangibles*		*Amortization*			*Intangibles, net*
In-place leases	$	3,136,587	$	(2,826,071	)	$	310,516	$	3,136,587	$	(2,757,530	)	$	379,057
Leasing costs		1,730,656		(1,548,144	)		182,512		1,730,656		(1,510,559	)		220,097
Above-market leases		333,485		(309,449	)		24,036		333,485		(291,421	)		42,064
	$	5,200,728	$	(4,683,664	)	$	517,064	$	5,200,728	$	(4,559,510	)	$	641,218

At each of March 31, 2021 and December 31, 2020, gross lease intangible assets of $1.1 million were included in real estate assets held for sale. At each of March 31, 2021 and December 31, 2020, accumulated amortization related to the lease intangible assets of $1.1 million were included in real estate assets held for sale.

The net value of acquired intangible liabilities was $0.1 million relating to below-market leases at each of March 31, 2021 and December 31, 2020.

Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows:

2021	$	248,330
2022		202,479
2023		17,663
2024		17,663
2025		17,663
Thereafter		13,266
Total	$	517,064

The weighted average remaining amortization period of the intangible assets as of March 31, 2021 is 1.31 years.