Property Held For Lease And Rental Income

12 Months Ended

Sep. 26, 2015

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 26, 2015, the Company owned and operated 74 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 Statements 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.



	2015		2014		2013

Rents earned on owned and subleased properties:
Base rentals including lease termination payments	$	7,639,725	$	7,875,101	$	7,997,136
Contingent rentals		273,133		331,352		257,598
Total		7,912,858		8,206,453		8,254,734
Depreciation on owned properties leased to others		(5,019,873)		(5,363,637)		(5,220,102)
Other shopping center expenses		(1,897,737)		(1,982,212)		(1,936,250)
Total	$	995,248	$	860,604	$	1,098,382

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



	September 26,		September 27,
	2015		2014

Land	$	41,424,958	$	41,796,507
Buildings		155,165,151		168,884,878
Total		196,590,109		210,681,385
Less accumulated depreciation		(99,766,077)		(103,238,395)
Total	$	96,824,032	$	107,442,990

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 26, 2015:



Fiscal Year
2016	$	5,404,661
2017		4,428,190
2018		3,219,448
2019		2,692,399
2020		1,938,806
Thereafter		3,268,829
Total minimum future rental income	$	20,952,333