Property Held For Lease And Rental Income

12 Months Ended

Sep. 29, 2018

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 29, 2018, the Company owned and operated 77 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 20 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.


	2018		2017		2016
Rents earned on owned and subleased properties:
Base rentals including lease termination payments	$	10,826,997	$	8,847,035	$	8,280,790
Contingent rentals		249,965		334,204		312,822
Total		11,076,962		9,181,239		8,593,612
Depreciation on owned properties leased to others		(5,132,805)		(5,255,719)		(4,936,485)
Other shopping center expenses		(2,967,860)		(2,654,976)		(2,124,105)
Total	$	2,976,297	$	1,270,544	$	1,533,022

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



	September 29,		September 30,
	2018		2017
Land	$	54,348,413	$	45,528,897
Buildings		170,700,496		170,277,547
Total		225,048,909		215,806,444
Less accumulated depreciation		(108,754,494)		(114,072,360)
Total	$	116,294,415	$	101,734,084

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 29, 2018:


Fiscal Year
2019	$	8,288,913
2020		7,263,659
2021		5,525,165
2022		4,703,291
2023		3,887,179
Thereafter		12,119,918
Total minimum future rental income	$	41,788,125