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Note 5 - Lease Intangibles
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
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:

 

  

March 31, 2024

  

December 31, 2023

 
  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

 

In-place leases

 $2,515,264  $(2,497,462) $17,802  $2,515,264  $(2,495,016) $20,248 

Leasing costs

  1,261,390   (1,246,271)  15,119   1,261,390   (1,244,335)  17,055 

Above-market leases

  -   -   —   333,485   (333,485)  — 
  $3,776,654  $(3,743,733) $32,921  $4,110,139  $(4,072,836) $37,303 

 

At  March 31, 2024, and  December 31, 2023, 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 $12,022 and $13,266 relating to below-market leases at  March 31, 2024 and  December 31, 2023, respectively.

 

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

 

2024

 $13,145 

2025

  15,669 

2026

  4,107 

Total

 $32,921