Intangibles (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Intangible Assets, Net (Excluding Goodwill) [Abstract] |
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| Components of Gross Carrying Amount and Accumulated Amortization of Intangible Assets |
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:
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December 31, 2025 |
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December 31, 2024 |
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Intangible assets: |
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In-place lease intangibles |
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$ |
104,596,244 |
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|
$ |
98,951,471 |
|
Above-market lease intangibles |
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|
2,394,092 |
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|
|
2,323,246 |
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Tax abatement on property improvements intangibles |
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|
14,640,000 |
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|
|
14,640,000 |
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Total intangible assets |
|
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121,630,336 |
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|
|
115,914,717 |
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Accumulated amortization: |
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|
|
|
|
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In-place lease amortization |
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|
(48,346,022 |
) |
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(40,141,626 |
) |
Above-market lease amortization |
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|
(1,053,318 |
) |
|
|
(833,754 |
) |
Tax abatement on property improvements amortization |
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(4,270,000 |
) |
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(3,224,286 |
) |
Total accumulated amortization |
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(53,669,340 |
) |
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(44,199,666 |
) |
Intangible assets, net |
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$ |
67,960,996 |
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|
$ |
71,715,051 |
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| Schedule of Estimated Future Amortization on Intangible Assets |
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:
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Year |
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In-place Lease
Intangibles |
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Above-market
Lease Intangibles |
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Tax Abatement on Property Improvements |
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Total |
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2026 |
|
|
7,474,361 |
|
|
|
219,589 |
|
|
|
1,045,714 |
|
|
|
8,739,664 |
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2027 |
|
|
6,228,059 |
|
|
|
219,589 |
|
|
|
1,045,714 |
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|
|
7,493,362 |
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2028 |
|
|
5,789,051 |
|
|
|
219,589 |
|
|
|
1,045,714 |
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|
|
7,054,354 |
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2029 |
|
|
5,249,562 |
|
|
|
219,589 |
|
|
|
1,045,714 |
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|
|
6,514,865 |
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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 |
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|
$ |
10,370,000 |
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|
$ |
67,960,996 |
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| Components of Gross Carrying Amount and Accumulated Amortization of Intangible Liabilities |
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:
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December 31, 2025 |
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|
December 31, 2024 |
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Intangible liabilities: |
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Below-market lease intangibles |
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$ |
25,186,313 |
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$ |
25,186,312 |
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Accumulated amortization: |
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|
|
|
|
|
Below-market lease amortization |
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|
(9,862,831 |
) |
|
|
(7,880,021 |
) |
Intangible liabilities, net |
|
$ |
15,323,482 |
|
|
$ |
17,306,291 |
|
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| Schedule of Estimated Future Amortization on Intangible Liabilities |
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:
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|
|
|
Year |
Below-market
Lease Intangibles |
|
2026 |
|
1,891,681 |
|
2027 |
|
1,556,636 |
|
2028 |
|
1,380,785 |
|
2029 |
|
1,358,346 |
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2030 |
|
1,358,346 |
|
Thereafter |
|
7,777,688 |
|
|
$ |
15,323,482 |
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