Note 9 - Leases - Lessors |
12 Months Ended | |||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||
| Notes | ||||||||||||||||||||||
| Note 9 - Leases - Lessors | NOTE 9. LEASES – LESSORS
The Company leases space to a Save-A-Lot grocery store at our Indianapolis location. Save-A-Lot corporate assumed the lease in March 2014 for seven years with three five-year options. Monthly rent charged to the tenant is $13,375 per month. Total rental income relating to this lease was $160,501 and $160,470 for the year ended December 31, 2017 and 2016, respectively. The following is a schedule of future minimum rentals under the lease:
The initial lease term ends September 30, 2021. Save-A-Lot reserves the right to exercise three five-year options, which would extend the maturity date to September 30, 2036. |
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