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LEASES - LESSORS
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12 Months Ended | ||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| LEASES - LESSORS | NOTE 7 - LEASES – LESSORS
The Company leases space to Lofino’s Indiana Foods, LLC for a Save-A-Lot grocery store. The space is leased over a 20 year period. Monthly rent charged to the tenant is $11,395. Beginning in 2015, monthly rent charged to the tenant will increase to $13,280 per month. Total rental income relating to this lease was $136,740 for each of the years ended December 31, 2013 and 2012. The following is a schedule for the next five years of future minimum rentals under the lease:
The term of this lease ends on September 30, 2021. |