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Property Held for Lease and Rental Income

12 Months Ended

Sep. 29, 2012

Property Held for Lease and Rental Income [Abstract]

Property Held for Lease and Rental Income

4. Property Held for Lease and Rental Income

At September 29, 2012, the Company owned and operated 69 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:

		2012				2011				2010
Rents earned on owned and subleased properties:
Base rentals including lease termination payments		$	8,352,748			$	8,562,380			$	8,697,842
Contingent rentals			528,083				539,379				481,038
Total			8,880,831				9,101,759				9,178,880
Depreciation on owned properties leased to others			(5,478,307	)			(5,367,343	)			(5,393,939	)
Other shopping center expenses			(1,958,178	)			(1,880,318	)			(2,018,218	)
Total		$	1,444,346			$	1,854,098			$	1,766,723

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

		September 29, 2012				September 24, 2011
Land		$	42,751,350			$	43,373,166
Buildings			169,474,831				157,548,154
Total			212,226,181				200,921,320
Less accumulated depreciation			(92,833,568	)			(87,467,534	)
Total		$	119,392,613			$	113,453,786

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 29, 2012:

Fiscal Year
2013		$	5,001,525
2014			3,971,892
2015			3,174,624
2016			2,251,391
2017			1,255,845
Thereafter			1,298,217
Total minimum future rental income		$	16,953,494

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- 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.

+ References

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 4, 5, 37, 50, 59, 65, 95, 97

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Publisher FASB

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