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Note 5 - Lease Intangibles
 6 Months Ended
Jun. 30, 2025
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, 2025

  

December 31, 2024

 
  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

 

In-place leases

 $2,377,414  $(2,371,840) $5,574  $2,515,264  $(2,504,799) $10,465 

Leasing costs

  1,098,117   (1,092,677)  5,440   1,261,390   (1,252,078)  9,312 

Above-market leases

  —   —   —   333,485   (333,485)  — 
  $3,475,531  $(3,464,517) $11,014  $4,110,139  $(4,090,362) $19,777 

 

At  June 30, 2025 and  December 31, 2024, 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 $5,803 and $8,625 relating to below-market leases at  June 30, 2025 and  December 31, 2024, respectively.

 

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

 

Years ending December 31:

    

2025

 $6,910 

2026

  4,104 

Total

 $11,014