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Property Held For Lease And Rental Income | 12 Months Ended
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Sep. 25, 2021
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 25, 2021, the Company owned and operated 83 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.
|  | 2021 |  | 2020 |  | 2019
Rents earned on owned and subleased properties: |  |  |  |  |  |  |  |  |
Base rentals |  | $ | 19,146,124 |  | $ | 13,881,963 |  | $ | 14,821,734
Variable rentals |  |  | 271,569 |  |  | 289,831 |  |  | 278,660
Total |  |  | 19,417,693 |  |  | 14,171,794 |  |  | 15,100,394
Depreciation on owned properties leased to others |  |  | (5,855,749) |  |  | (5,278,540) |  |  | (5,183,712)
Other shopping center expenses |  |  | (3,299,391) |  |  | (3,327,278) |  |  | (3,640,110)
Total |  | $ | 10,262,553 |  | $ | 5,565,976 |  | $ | 6,276,572
Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:
|  | September 25, |  | September 26,
|  | 2021 |  | 2020
Land |  | $ | 82,896,124 |  | $ | 60,322,338
Buildings |  |  | 217,732,283 |  |  | 206,833,515
Total |  |  | 300,628,407 |  |  | 267,155,853
Less accumulated depreciation |  |  | (103,975,838) |  |  | (106,956,055)
Total |  | $ | 196,652,569 |  | $ | 160,199,798
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 25, 2021:
Fiscal Year |  |  |
2022 |  | $ | 15,066,619
2023 |  |  | 13,652,513
2024 |  |  | 12,427,012
2025 |  |  | 11,027,695
2026 |  |  | 8,012,832
Thereafter |  |  | 32,896,174
Total minimum future rental income |  | $ | 93,082,845

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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