Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies

Schedule of net intangible assets and liabilities

	December 31,
	2019		2018
Intangible Assets
Leasing commissions	$	1,145,948	$	305,646
Legal and marketing costs		122,582		95,950
Above market leases		624,285		648,409
Net leasehold asset		2,565,256		1,535,829
	$	4,458,071	$	2,585,834
Intangible Liabilities
Below market leases, net	$	(1,277,960)	$	(439,726)

Schedule of adjustments to rental revenue related to the above and below market leases

	For the years ended December 31,
	2019		2018
Amortization of above market leases	$	(226,251)	$	(214,415)
Amortization of below market leases		140,481		78,045
	$	(85,770)	$	(136,370)

Schedule of amortization related to intangible assets

	For the years ended December 31,
	2019		2018
Leasing commissions	$	(121,150)	$	(82,306)
Legal and marketing costs		(32,944)		(31,660)
Net leasehold asset		(585,518)		(467,727)
	$	(739,612)	$	(581,693)

Schedule of future amortization of above and below market leases

	2020		2021		2022		2023		2024		2025-2039		Total
Intangible Assets
Leasing commissions	$	180,980	$	171,570	$	137,213	$	109,615	$	91,762	$	454,808	$	1,145,948
Legal and marketing costs		30,215		24,949		20,085		15,160		10,094		22,079		122,582
Above market leases		221,390		214,452		121,137		33,311		7,692		26,303		624,285
Net leasehold asset		687,399		582,861		354,284		207,919		156,036		576,757		2,565,256
	$	1,119,984	$	993,832	$	632,719	$	366,005	$	265,584	$	1,079,947	$	4,458,071
Intangible Liabilities
Below market leases, net	$	(219,714)	$	(207,700)	$	(185,252)	$	(138,780)	$	(96,971)	$	(429,543)	$	(1,277,960)

Summary of property and purpose of reserve

	December 31,
Property and Purpose of Reserve	2019		2018
Hampton Inn Property – improvements	$	82,693	$	1,601,809
Clemson Best Western Property - improvements		50,002		—
Clemson Best Western Property - furniture, fixtures and equipment		27,226		—
Franklin Square Property - leasing costs		307,438		400,953
Brookfield Center Property - maintenance reserve		7,388		—