INTANGIBLES

12 Months Ended

Dec. 31, 2025

5.	INTANGIBLES

The following tables detail the gross carrying amount and accumulated amortization of intangible assets and liabilities, not considered discontinued operations, as of December 31, 2025 and December 31, 2024:


		December 31, 2025			December 31, 2024
Intangible assets
Contract rights and tenant relationships		$	6,167,497		$	6,167,498
Above-market leases			806,494			806,494
Total intangible assets			6,973,991			6,973,992
Less accumulated amortization			(1,641,156)			(1,055,798)
Total intangible assets - net		$	5,332,835		$	5,918,194

Intangible liabilities
Below-market leases		$	1,321,686		$	1,321,686
Less accumulated amortization			(692,312)			(440,562)
Total intangible liabilities - net		$	629,374		$	881,124

Amortization expense, which was included in depreciation expense was $522,515 each for the years ended December 31, 2025 and 2024, respectively. The Company recognized an increase in rental revenue of $188,906 for the years ended December 31, 2025 and 2024, respectively, for the amortization of the aggregate below-market leases in excess of above-market leases.

The following table represents the weighted average remaining useful lives of the intangible assets and liabilities as of December 31, 2025:


Weighted-Average Remaining Life (Years)
Contract rights and tenant relationships		9
Above market leases		10
Below market leases		3

The following sets forth future annual amortization for acquisition-related intangibles for each of the next five years ended December 31 and thereafter:


Years ending December 31:	Intangible Assets		Intangible Liabilities
2026	$	585,359	$	251,750
2027		585,359		251,750
2028		585,359		125,874
2029		585,359		—
2030		585,359		—
Thereafter		2,406,040		—
Total	$	5,332,835	$	629,374