v3.8.0.1
NOTE 6. LEASES - LESSORS
3 Months Ended
Mar. 31, 2018
Notes  
NOTE 6. LEASES - LESSORS

NOTE 6. 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 $13,373 per month. Total rental income relating to this lease was $40,118 and $40,119 for the three months ended March 31, 2018 and 2017, respectively.

 

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.