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Property Held For Lease And Rental Income
 12 Months Ended
Sep. 28, 2013
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 28, 2013, the Company owned and operated 68 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 is included in the line item “Net sales” on the Consolidated Statement of Income.  Depreciation on owned properties leased to others and other shopping center expenses are included in the line item “Cost of goods sold” on the Consolidated Statements of Income. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

Rents earned on owned and subleased properties:

 

 

 

 

 

 

 

 

 

Base rentals including lease termination payments

 

$
7,997,136 

 

$
8,352,748 

 

$
8,562,380 

Contingent rentals

 

 
257,598 

 

 
528,083 

 

 
539,379 

Total

 

 
8,254,734 

 

 
8,880,831 

 

 
9,101,759 

Depreciation on owned properties leased to others

 

 
(5,220,102)

 

 
(5,478,307)

 

 
(5,367,343)

Other shopping center expenses

 

 
(1,936,250)

 

 
(1,958,178)

 

 
(1,880,318)

Total

 

$
1,098,382 

 

$
1,444,346 

 

$
1,854,098 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 28,

 

September 29,

 

 

2013

 

2012

 

 

 

 

 

 

 

Land

 

$
39,487,058 

 

$
42,751,350 

Buildings

 

 
162,673,028 

 

 
169,474,831 

Total

 

 
202,160,086 

 

 
212,226,181 

Less accumulated depreciation

 

 
(93,950,201)

 

 
(92,833,568)

Total

 

$
108,209,885 

 

$
119,392,613 

 

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 28,  2013:  

 

 

 

 

 

 

 

 

 

 

Fiscal Year

 

 

 

2014

 

$
4,647,256 

2015

 

 
3,822,046 

2016

 

 
2,779,382 

2017

 

 
1,729,098 

2018

 

 
690,192 

Thereafter

 

 
1,260,389 

Total minimum future rental income

 

$
14,928,363