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Note 5 - Lease Intangibles

9 Months Ended

Sep. 30, 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:

	*September 30, 2021*							*December 31, 2020*
	*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*		*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*
In-place leases	$	2,515,264	$	(2,320,045	)	$	195,219	$	3,136,587	$	(2,757,530	)	$	379,057
Leasing costs		1,261,390		(1,146,572	)		114,818		1,730,656		(1,510,559	)		220,097
Above-market leases		333,485		(333,485	)		—		333,485		(291,421	)		42,064
	$	4,110,139	$	(3,800,102	)	$	310,037	$	5,200,728	$	(4,559,510	)	$	641,218

At September 30, 2021 and December 31, 2020, gross lease intangible assets of $0.0 and $1.1 million, respectively, were included in real estate assets held for sale. At September 30, 2021 and December 31, 2020, accumulated amortization related to the lease intangible assets of $0.0 and $1.1 million, respectively, were included in real estate assets held for sale.

The net value of acquired intangible liabilities was approximately $86,852 and $139,045 relating to below-market leases at September 30, 2021 and December 31, 2020, respectively.

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

2021	$	52,866
2022		202,342
2023		17,526
2024		17,526
2025		15,670
Thereafter		4,107
Total	$	310,037