XML 20 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Lease Intangibles

6 Months Ended

Jun. 30, 2022

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:

	*June 30, 2022*							*December 31, 2021*
	*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*		*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*
In-place leases	$	2,515,264	$	(2,420,078	)	$	95,186	$	2,515,264	$	(2,353,782	)	$	161,482
Leasing costs		1,261,390		(1,201,566	)		59,824		1,261,390		(1,165,701	)		95,689
Above-market leases		333,485		(333,485	)		—		333,485		(333,485	)		—
	$	4,110,139	$	(3,955,129	)	$	155,010	$	4,110,139	$	(3,852,968	)	$	257,171

At June 30, 2022 and December 31, 2021, gross lease intangible assets of $0.0 and $1.1 million, respectively, were included in real estate assets held for sale. At June 30, 2022 and December 31, 2021, 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 $45,685 and $73,130 relating to below-market leases at June 30, 2022 and December 31, 2021, respectively.

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

2022	$	100,181
2023		17,526
2024		17,526
2025		15,670
2026		4,107
Thereafter		—
Total	$	155,010