Property Held For Lease And Rental Income

12 Months Ended

Sep. 28, 2019

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 28, 2019, the Company owned and operated 79 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.



	2019		2018		2017
Rents earned on owned and subleased properties:
Base rentals including lease termination payments	$	14,821,734	$	10,826,997	$	8,847,035
Contingent rentals		278,660		249,965		334,204
Total		15,100,394		11,076,962		9,181,239
Depreciation on owned properties leased to others		(5,183,712)		(5,132,805)		(5,255,719)
Other shopping center expenses		(3,640,110)		(2,967,860)		(2,654,976)
Total	$	6,276,572	$	2,976,297	$	1,270,544

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



	September 28,		September 29,
	2019		2018
Land	$	57,568,972	$	54,348,413
Buildings		179,723,671		170,700,496
Total		237,292,643		225,048,909
Less accumulated depreciation		(97,321,740)		(108,754,494)
Total	$	139,970,903	$	116,294,415

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 28, 2019:



Fiscal Year
2020	$	11,265,775
2021		8,855,781
2022		6,967,583
2023		5,862,260
2024		5,145,632
Thereafter		13,723,315
Total minimum future rental income	$	51,820,346