Property Held For Lease And Rental Income

12 Months Ended

Sep. 24, 2016

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 24, 2016, 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.



	2016		2015		2014

Rents earned on owned and subleased properties:
Base rentals including lease termination payments	$	8,280,790	$	7,639,725	$	7,875,101
Contingent rentals		312,822		273,133		331,352
Total		8,593,612		7,912,858		8,206,453
Depreciation on owned properties leased to others		(4,936,485)		(5,019,873)		(5,363,637)
Other shopping center expenses		(2,124,105)		(1,897,737)		(1,982,212)
Total	$	1,533,022	$	995,248	$	860,604

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



	September 24,		September 26,
	2016		2015

Land	$	44,899,234	$	41,424,958
Buildings		154,498,272		155,165,151
Total		199,397,506		196,590,109
Less accumulated depreciation		(101,573,490)		(99,766,077)
Total	$	97,824,016	$	96,824,032

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 24, 2016:



Fiscal Year
2017	$	5,488,315
2018		4,592,488
2019		4,071,742
2020		3,305,542
2021		2,280,867
Thereafter		7,313,154
Total minimum future rental income	$	27,052,108