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 six months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was included as an increase to rental income of $725,445 and $868,261, respectively. For the three months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was included as an increase to rental income of $325,278 and $434,118, 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 six months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was $3,688,406 and $4,055,237, respectively. For the three months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was $1,718,991 and $2,036,539, 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 six months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was $522,857. For both the three months ended June 30, 2026 and June 30, 2025, the net amount of such amortization was $261,428.

As of June 30, 2026 and December 31, 2025, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following:


	June 30, 2026			December 31, 2025
Intangible assets:
In-place lease intangibles	$	98,218,836		$	104,596,244
Above-market lease intangibles		2,394,093			2,394,092
Tax abatement on property improvements intangibles		14,640,000			14,640,000
Total intangible assets		115,252,929			121,630,336
Accumulated amortization:
In-place lease amortization		(46,897,499	)		(48,346,022	)
Above-market lease amortization		(1,163,112	)		(1,053,318	)
Tax abatement on property improvements amortization		(4,792,858	)		(4,270,000	)
Total accumulated amortization		(52,853,469	)		(53,669,340	)
Intangible assets, net	$	62,399,460		$	67,960,996

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2026 is as follows:


Year	In-place Lease Intangibles		Above-market Lease Intangibles		Tax Abatement on Property Improvements		Total
2026 (remaining)		2,924,512		109,794		522,857		3,557,163
2027		5,849,024		219,589		1,045,714		7,114,327
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		26,259,626		242,830		5,141,430		31,643,886
	$	51,321,337	$	1,230,980	$	9,847,143	$	62,399,460

As of June 30, 2026 and December 31, 2025, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following:


	June 30, 2026			December 31, 2025
Intangible liabilities:
Below-market lease intangibles	$	22,706,511		$	25,186,313
Accumulated amortization:
Below-market lease amortization		(8,720,391	)		(9,862,831	)
Intangible liabilities, net	$	13,986,120		$	15,323,482

The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of June 30, 2026 is as follows:


Year	Below-market Lease Intangibles
2026 (remaining)		703,652
2027		1,407,303
2028		1,380,785
2029		1,358,346
2030		1,358,346
Thereafter		7,777,688
	$	13,986,120