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Note 5 - Lease Intangibles

12 Months Ended

Dec. 31, 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:

	*December 31, 2022*							*December 31, 2021*
	*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*		*Lease Intangibles*		*Accumulated Amortization*			*Lease Intangibles, net*
In-place leases	$	2,515,264	$	(2,485,234	)	$	30,030	$	2,515,264	$	(2,353,782	)	$	161,482
Leasing costs		1,261,390		(1,236,591	)		24,799		1,261,390		(1,165,701	)		95,689
Above-market leases		333,485		(333,485	)		—		333,485		(333,485	)		—
	$	4,110,139	$	(4,055,310	)	$	54,829	$	4,110,139	$	(3,852,968	)	$	257,171

At December 31, 2022 and 2021, there were no gross lease intangible assets and accumulated amortization related to the lease intangible assets included in real estate assets held for sale.

The net value of acquired intangible liabilities was approximately $18,240 and $73,130 relating to below-market leases at December 31, 2022 and December 31, 2021, respectively.

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

2023	$	17,526
2024		17,526
2025		15,670
2026		4,107
2027		—
Thereafter		—
Total	$	54,829