| Schedule of intangible assets gross carrying amount and accumulated amortization |
As of June 30, 2026 and December 31, 2025, the gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Gross |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
In place tenant leases |
|
$ |
40,979,364 |
|
|
$ |
(14,693,472 |
) |
|
$ |
26,285,892 |
|
Leasing commissions |
|
|
12,117,589 |
|
|
|
(2,929,573 |
) |
|
|
9,188,016 |
|
Above-market leases |
|
|
3,063,561 |
|
|
|
(670,928 |
) |
|
|
2,392,633 |
|
Legal and marketing |
|
|
602,104 |
|
|
|
(149,452 |
) |
|
|
452,652 |
|
Total intangible assets |
|
$ |
56,762,618 |
|
|
$ |
(18,443,425 |
) |
|
$ |
38,319,193 |
|
Intangible liabilities: |
|
|
|
|
|
|
|
|
|
Below-market leases |
|
$ |
27,452,161 |
|
|
$ |
(3,989,287 |
) |
|
$ |
23,462,874 |
|
Total intangible liabilities |
|
$ |
27,452,161 |
|
|
$ |
(3,989,287 |
) |
|
$ |
23,462,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Gross |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
In place tenant leases |
|
$ |
31,521,566 |
|
|
$ |
(11,433,033 |
) |
|
$ |
20,088,533 |
|
Leasing commissions |
|
|
8,662,163 |
|
|
|
(2,223,512 |
) |
|
|
6,438,651 |
|
Above-market leases |
|
|
2,284,038 |
|
|
|
(464,524 |
) |
|
|
1,819,514 |
|
Legal and marketing |
|
|
363,644 |
|
|
|
(107,024 |
) |
|
|
256,620 |
|
Total intangible assets |
|
$ |
42,831,411 |
|
|
$ |
(14,228,093 |
) |
|
$ |
28,603,318 |
|
Intangible liabilities: |
|
|
|
|
|
|
|
|
|
Below-market leases |
|
$ |
22,262,649 |
|
|
$ |
(2,977,297 |
) |
|
$ |
19,285,352 |
|
Total intangible liabilities |
|
$ |
22,262,649 |
|
|
$ |
(2,977,297 |
) |
|
$ |
19,285,352 |
|
|
| Schedule of future amortization expense on intangible assets |
As of June 30, 2026, the estimated future amortization on the Company’s in place tenant leases, leasing commissions, above-market leases, and legal and marketing for each of the next five years and thereafter is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Place Tenant Leases |
|
|
Leasing Commissions |
|
|
Above-market Leases |
|
|
Legal and Marketing |
|
2026 (remaining) |
|
$ |
2,714,047 |
|
|
$ |
783,133 |
|
|
$ |
201,852 |
|
|
$ |
48,075 |
|
2027 |
|
|
4,351,258 |
|
|
|
1,381,490 |
|
|
|
356,940 |
|
|
|
82,045 |
|
2028 |
|
|
3,616,271 |
|
|
|
1,226,374 |
|
|
|
344,211 |
|
|
|
66,714 |
|
2029 |
|
|
2,859,854 |
|
|
|
1,021,164 |
|
|
|
321,376 |
|
|
|
50,531 |
|
2030 |
|
|
2,525,732 |
|
|
|
933,453 |
|
|
|
313,108 |
|
|
|
40,527 |
|
2031 |
|
|
2,189,320 |
|
|
|
781,502 |
|
|
|
205,104 |
|
|
|
36,608 |
|
Thereafter |
|
|
8,029,410 |
|
|
|
3,060,900 |
|
|
|
650,042 |
|
|
|
128,152 |
|
|
|
$ |
26,285,892 |
|
|
$ |
9,188,016 |
|
|
$ |
2,392,633 |
|
|
$ |
452,652 |
|
|
| Schedule Of Estimated Future Amortization on the Company's Below Market Leases |
As of June 30, 2026, the estimated future amortization on the Company’s below-market leases for each of the next five years and thereafter is as follows:
|
|
|
|
|
|
|
Below-market Leases |
|
2026 (remaining) |
|
$ |
(1,131,723 |
) |
2027 |
|
|
(2,023,985 |
) |
2028 |
|
|
(1,826,014 |
) |
2029 |
|
|
(1,621,454 |
) |
2030 |
|
|
(1,551,285 |
) |
2031 |
|
|
(1,530,458 |
) |
Thereafter |
|
|
(13,777,955 |
) |
|
|
$ |
(23,462,874 |
) |
|