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Note 5 - Lease Intangibles
 6 Months Ended
Jun. 30, 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:

 

  

June 30, 2024

  

December 31, 2023

 
  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

 

In-place leases

 $2,515,264  $(2,499,908) $15,356  $2,515,264  $(2,495,016) $20,248 

Leasing costs

  1,261,390   (1,248,207)  13,183   1,261,390   (1,244,335)  17,055 

Above-market leases

  —   —   —   333,485   (333,485)  — 
  $3,776,654  $(3,748,115) $28,539  $4,110,139  $(4,072,836) $37,303 

 

At  June 30, 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 $10,779 and $13,266 relating to below-market leases at  June 30, 2024 and  December 31, 2023, respectively.

 

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

 

2024

 $8,763 

2025

  15,669 

2026

  4,107 

Total

 $28,539