Intangibles (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract] |
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| Components of Gross Carrying Amount and Accumulated Amortization of Intangible Assets |
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:
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June 30, 2026 |
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December 31, 2025 |
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Intangible assets: |
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In-place lease intangibles |
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$ |
98,218,836 |
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$ |
104,596,244 |
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Above-market lease intangibles |
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2,394,093 |
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2,394,092 |
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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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115,252,929 |
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121,630,336 |
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Accumulated amortization: |
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In-place lease amortization |
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(46,897,499 |
) |
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(48,346,022 |
) |
Above-market lease amortization |
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(1,163,112 |
) |
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(1,053,318 |
) |
Tax abatement on property improvements amortization |
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(4,792,858 |
) |
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(4,270,000 |
) |
Total accumulated amortization |
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(52,853,469 |
) |
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(53,669,340 |
) |
Intangible assets, net |
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$ |
62,399,460 |
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$ |
67,960,996 |
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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 June 30, 2026 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 (remaining) |
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2,924,512 |
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|
|
109,794 |
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|
|
522,857 |
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|
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3,557,163 |
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2027 |
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5,849,024 |
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|
|
219,589 |
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|
|
1,045,714 |
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|
|
7,114,327 |
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2028 |
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5,789,051 |
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219,589 |
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|
|
1,045,714 |
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7,054,354 |
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2029 |
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5,249,562 |
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|
219,589 |
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|
1,045,714 |
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|
6,514,865 |
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2030 |
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5,249,562 |
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|
219,589 |
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|
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1,045,714 |
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|
|
6,514,865 |
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Thereafter |
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26,259,626 |
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|
|
242,830 |
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|
|
5,141,430 |
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|
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31,643,886 |
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$ |
51,321,337 |
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$ |
1,230,980 |
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$ |
9,847,143 |
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$ |
62,399,460 |
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| Components of Gross Carrying Amount and Accumulated Amortization of Intangible Liabilities |
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:
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June 30, 2026 |
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December 31, 2025 |
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Intangible liabilities: |
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Below-market lease intangibles |
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$ |
22,706,511 |
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$ |
25,186,313 |
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Accumulated amortization: |
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|
|
|
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Below-market lease amortization |
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(8,720,391 |
) |
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(9,862,831 |
) |
Intangible liabilities, net |
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$ |
13,986,120 |
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$ |
15,323,482 |
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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 June 30, 2026 is as follows:
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|
Year |
Below-market
Lease Intangibles |
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2026 (remaining) |
|
703,652 |
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2027 |
|
1,407,303 |
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2028 |
|
1,380,785 |
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2029 |
|
1,358,346 |
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2030 |
|
1,358,346 |
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Thereafter |
|
7,777,688 |
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$ |
13,986,120 |
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