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Property Held For Lease And Rental Income
 12 Months Ended
Sep. 30, 2017
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 30, 2017, the Company owned and operated 73 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. 





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

2017

 

2016

 

2015



 

 

 

 

 

 

 

 

 

Rents earned on owned and subleased properties:

 

 

 

 

 

 

 

 

 

Base rentals including lease termination payments

 

$

 8,847,035 

 

$

 8,280,790 

 

$

 7,639,725 

Contingent rentals

 

 

 334,204 

 

 

 312,822 

 

 

 273,133 

Total

 

 

 9,181,239 

 

 

 8,593,612 

 

 

 7,912,858 

Depreciation on owned properties leased to others

 

 

 (5,255,719)

 

 

 (4,936,485)

 

 

 (5,019,873)

Other shopping center expenses

 

 

 (2,654,976)

 

 

 (2,124,105)

 

 

 (1,897,737)

Total

 

$

 1,270,544 

 

$

 1,533,022 

 

$

 995,248 



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







 

 

 

 

 

 



 

 

 

 

 

 



 

September 30,

 

September 24,



 

2017

 

2016



 

 

 

 

 

 

Land

 

$

 45,528,897 

 

$

 44,899,234 

Buildings

 

 

 170,277,547 

 

 

 154,498,272 

Total

 

 

 215,806,444 

 

 

 199,397,506 

Less accumulated depreciation

 

 

 (114,072,360)

 

 

 (101,573,490)

Total

 

$

 101,734,084 

 

$

 97,824,016 



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 30, 2017:

 





 

 

 



 

 

 

Fiscal Year

 

 

 

2018

 

$

 5,625,623 

2019

 

 

 5,205,971 

2020

 

 

 4,311,122 

2021

 

 

 3,202,091 

2022

 

 

 2,510,863 

Thereafter

 

 

 8,407,914 

Total minimum future rental income

 

$

 29,263,584