XML 30 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Note 5 - Lease Intangibles
 12 Months Ended
Dec. 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:

 

  

December 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  $(2,504,799) $10,465  $2,515,264  $(2,495,016) $20,248 

Leasing costs

  1,261,390   (1,252,078)  9,312   1,261,390   (1,244,335)  17,055 

Above-market leases

  —   —   —   333,485   (333,485)  — 
  $3,776,654  $(3,756,877) $19,777  $4,110,139  $(4,072,836) $37,303 

 

At  December 31, 2024 and 2023, there were no net 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 $8,625 and $13,266 relating to below-market leases at  December 31, 2024 and  December 31, 2023, respectively.  Amortization of below-market rent totaled approximately $4,641 and $4,974 for the years ended December 31, 2024 and 2023.

 

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

 

2025

  15,670 

2026

  4,107 

Thereafter

  — 

Total

 $19,777