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Note 5 - Lease Intangibles

12 Months Ended

Dec. 31, 2021

Intangible Assets Disclosure [Text Block]

5. LEASE INTANGIBLES

Lease intangibles consist of the following:

	December 31, 2021							December 31, 2020
	Lease		Accumulated			Lease		Lease		Accumulated			Lease
	Intangibles		Amortization			Intangibles, net		Intangibles		Amortization			Intangibles, net
In-place leases	$	2,515,264	$	(2,353,782	)	$	161,482	$	3,136,587	$	(2,757,530	)	$	379,057
Leasing costs		1,261,390		(1,165,701	)		95,689		1,730,656		(1,510,559	)		220,097
Above-market leases		333,485		(333,485	)		—		333,485		(291,421	)		42,064
	$	4,110,139	$	(3,852,968	)	$	257,171	$	5,200,728	$	(4,559,510	)	$	641,218

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

The net value of acquired intangible liabilities was approximately $73,000 and $139,000 relating to below-market leases as of December 31, 2021 and 2020, respectively.

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

2022	$	202,342
2023		17,526
2024		17,526
2025		15,670
2025		4,107
Thereafter		—
Total	$	257,171

The weighted average amortization period for the intangible assets as of December 31, 2021 was approximately 1.35 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.