Property Held For Lease And Rental Income

12 Months Ended

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