v3.26.1
Note 5 - Lease Intangibles
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Intangible Asset [Text Block] 5. LEASE INTANGIBLES

 

The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

 

  

June 30, 2026

  

December 31, 2025

 
  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

  

Lease Intangibles

  

Accumulated Amortization

  

Lease Intangibles, net

 

In-place leases

 $932,175  $(931,717) $459  $2,377,414  $(2,375,580) $1,834 

Leasing costs

  468,427   (467,859)  568   1,090,384   (1,088,114)  2,270 
  $1,400,602  $(1,399,575) $1,027  $3,467,798  $(3,463,694) $4,104 

 

 

At  June 30, 2026 and  December 31, 2025, there were gross lease intangible assets and accumulated amortization related to the lease intangible assets included in real estate assets held for sale as of June 30, 2026.  The following table below summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset related to Shea Center II.

 

  

June 30, 2026

  

December 31, 2025

 
  

Lease
Intangibles

  

Accumulated
Amortization

  

Lease
Intangibles, net

  

Lease
Intangibles

  

Accumulated
Amortization

  

Lease
Intangibles, net

 

In-place leases

 $1,445,239  $(1,445,239) $  $  $  $ 

Leasing costs

  621,957   (621,957)            
  $2,067,196  $(2,067,196) $  $  $  $ 

 

The net value of acquired intangible liabilities was approximately $829 and $3,316 relating to below-market leases at  June 30, 2026 and  December 31, 2025, respectively.

 

Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows:

 

Years ending December 31:

    

2026

 $1,027 

2027

   

Total

 $1,027