Property Held For Lease And Rental Income

12 Months Ended

Sep. 24, 2011

Property Held For Lease And Rental Income [Abstract]

Property Held For Lease And Rental Income

3. Property Held for Lease and Rental Income

At September 24, 2011, the Company owned and operated 70 shopping centers in conjunction with its supermarket operations. The Company leases to others a portion of its shopping center properties. The leases are non-cancelable operating lease agreements for periods ranging up to 25 years.

Rental income, net consists of the following:


	2011			2010			2009
Rents earned on owned and subleased properties:
Base rentals including lease termination payments	$	8,562,380		$	8,697,842		$	9,978,252
Contingent rentals		539,379			481,038			520,345

Total		9,101,759			9,178,880			10,498,597
Depreciation on owned properties leased to others		(5,367,343	)		(5,393,939	)		(5,706,415	)
Other shopping center expenses		(1,880,318	)		(2,018,218	)		(2,360,278	)

Total	$	1,854,098		$	1,766,723		$	2,431,904

Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:


	September 24, 2011			September 25, 2010
Land	$	43,373,166		$	43,807,887
Buildings		157,548,154			160,106,650

Total		200,921,320			203,914,537
Less accumulated depreciation		(87,467,534	)		(84,817,850	)

Total	$	113,453,786		$	119,096,687

The above amounts are included on the Consolidated Balance Sheets in the caption "Property and equipment."

The following is a schedule of minimum future rental income on non-cancelable operating leases as of September 24, 2011:


Fiscal Year
2012	$	4,602,279
2013		3,505,773
2014		2,345,920
2015		1,527,377
2016		1,123,739
Thereafter		565,730

Total minimum future rental income	$	13,670,818

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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