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Note 5 - Lease Intangibles

6 Months Ended

Jun. 30, 2023

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, 2023							December 31, 2022
	Lease Intangibles		Accumulated Amortization			Lease Intangibles, net		Lease Intangibles		Accumulated Amortization			Lease Intangibles, net
In-place leases	$	2,515,264	$	(2,490,125	)	$	25,139	$	2,515,264	$	(2,485,234	)	$	30,030
Leasing costs		1,261,390		(1,240,463	)		20,927		1,261,390		(1,236,591	)		24,799
Above-market leases		333,485		(333,485	)		—		333,485		(333,485	)		—
	$	4,110,139	$	(4,064,073	)	$	46,066	$	4,110,139	$	(4,055,310	)	$	54,829

At June 30, 2023, and December 31, 2022, 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 $15,753 and $18,240 relating to below-market leases at June 30, 2023 and December 31, 2022, respectively.

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

2023	$	8,763
2024		17,526
2025		15,670
2026		4,107
Total	$	46,066