The amortization of acquired above-market and/or below-market leases is recorded as an adjustment to Rental revenue on the consolidated statements of operations. For the years ended December 31, 2025 and December 31, 2024, the net amount of such amortization was included as an increase to rental income of $1,736,446 and $1,753,880, respectively.

The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For the year ended December 31, 2025 and December 31, 2024, the net amount of such amortization was $8,204,396 and $8,206,312, respectively.

The amortization of tax abatement on property improvements is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For both the year ended December 31, 2025 and December 31, 2024, the net amount of such amortization was $1,045,714.

As of December 31, 2025 and December 31, 2024, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:


	December 31, 2025			December 31, 2024
Intangible assets:
In-place lease intangibles	$	104,596,244		$	98,951,471
Above-market lease intangibles		2,394,092			2,323,246
Tax abatement on property improvements intangibles		14,640,000			14,640,000
Total intangible assets		121,630,336			115,914,717
Accumulated amortization:
In-place lease amortization		(48,346,022	)		(40,141,626	)
Above-market lease amortization		(1,053,318	)		(833,754	)
Tax abatement on property improvements amortization		(4,270,000	)		(3,224,286	)
Total accumulated amortization		(53,669,340	)		(44,199,666	)
Intangible assets, net	$	67,960,996		$	71,715,051

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of December 31, 2025 is as follows:


Year	In-place Lease Intangibles		Above-market Lease Intangibles		Tax Abatement on Property Improvements		Total
2026		7,474,361		219,589		1,045,714		8,739,664
2027		6,228,059		219,589		1,045,714		7,493,362
2028		5,789,051		219,589		1,045,714		7,054,354
2029		5,249,562		219,589		1,045,714		6,514,865
2030		5,249,562		219,589		1,045,714		6,514,865
Thereafter		26,259,627		242,829		5,141,430		31,643,886
	$	56,250,222	$	1,340,774	$	10,370,000	$	67,960,996

As of December 31, 2025 and December 31, 2024, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:


	December 31, 2025			December 31, 2024
Intangible liabilities:
Below-market lease intangibles	$	25,186,313		$	25,186,312
Accumulated amortization:
Below-market lease amortization		(9,862,831	)		(7,880,021	)
Intangible liabilities, net	$	15,323,482		$	17,306,291

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of December 31, 2025 is as follows:


Year	Below-market Lease Intangibles
2026		1,891,681
2027		1,556,636
2028		1,380,785
2029		1,358,346
2030		1,358,346
Thereafter		7,777,688
	$	15,323,482