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Property Held For Lease And Rental Income
 12 Months Ended
Sep. 27, 2014
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 27, 2014, 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 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. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

Rents earned on owned and subleased properties:

 

 

 

 

 

 

 

 

 

Base rentals including lease termination payments

 

$
7,875,101 

 

$
7,997,136 

 

$
8,352,748 

Contingent rentals

 

 
331,352 

 

 
257,598 

 

 
528,083 

Total

 

 
8,206,453 

 

 
8,254,734 

 

 
8,880,831 

Depreciation on owned properties leased to others

 

 
(5,363,637)

 

 
(5,220,102)

 

 
(5,478,307)

Other shopping center expenses

 

 
(1,982,212)

 

 
(1,936,250)

 

 
(1,958,178)

Total

 

$
860,604 

 

$
1,098,382 

 

$
1,444,346 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 27,

 

September 28,

 

 

2014

 

2013

 

 

 

 

 

 

 

Land

 

$
41,796,507 

 

$
39,487,058 

Buildings

 

 
168,884,878 

 

 
162,673,028 

Total

 

 
210,681,385 

 

 
202,160,086 

Less accumulated depreciation

 

 
(103,238,395)

 

 
(93,950,201)

Total

 

$
107,442,990 

 

$
108,209,885 

 

The above amounts are included on the Consolidated Balance Sheets in the caption “Property and equipment, net.” 

 

The following is a schedule of minimum future rental income on non-cancelable operating leases as of September 27,  2014:  

 

 

 

 

 

 

 

 

 

 

Fiscal Year

 

 

 

2015

 

$
4,941,290 

2016

 

 
3,891,919 

2017

 

 
2,639,172 

2018

 

 
1,454,504 

2019

 

 
1,045,880 

Thereafter

 

 
2,499,485 

Total minimum future rental income

 

$
16,472,250