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Leases | 3 Months Ended
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Dec. 26, 2020
Leases [Abstract] |
Leases | I. LEASES Leases as Lessee The Company conducts part of its retail operations from leased facilities. The initial terms of the leases are generally 20 years. The majority of the leases include one or more renewal options and provide that the Company pay property taxes, utilities, repairs and certain other costs incidental to occupation of the premises. Several leases contain clauses calling for percentage rentals based upon gross sales of the supermarket occupying the leased space. Step rent provisions, escalation clauses and lease incentives are taken into account in computing minimum lease payments. Operating lease cost for all operating leases totaled $2.7 million for the three months ended December 26, 2020. This amount includes short-term (less than one year) leases, common area expenses, and variable lease costs, all of which are insignificant. Cash paid for lease liabilities in operating activities approximates operating lease cost. Maturities of operating lease liabilities as of December 26, 2020 are as follows:
Fiscal Year |  |
Remainder of 2021 | $ | 7,438,683
2022 |  | 9,732,036
2023 |  | 8,041,690
2024 |  | 5,257,390
2025 |  | 4,456,683
Thereafter |  | 25,611,667
Total lease payments | $ | 60,538,149
Less amount representing interest |  | 12,957,293
Present value of lease liabilities | $ | 47,580,856
The weighted average remaining lease term for the Company’s operating leases is 12.9 years. The weighted average discount rate used to determine lease liability balances as of December 26, 2020 is 3.51%, based on recent Company financings collateralized by store properties. Leases as Lessor At December 26, 2020, 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.
|  | Three Months Ended
|  | December 26, 2020
Rents earned on owned and subleased properties: |  |
Base rentals | $ | 4,675,352
Variable rentals |  | 72,458
Total |  | 4,747,810
Depreciation on owned properties leased to others |  | (1,319,635)
Other shopping center expenses |  | (851,493)
Total | $ | 2,576,682
Future minimum operating lease receipts at December 26, 2020 are as follows:
Fiscal Year |  |
Remainder of 2021 | $ | 10,343,513
2022 |  | 12,969,906
2023 |  | 11,869,911
2024 |  | 10,918,920
2025 |  | 9,679,470
Thereafter |  | 36,937,146
Total minimum future rental income | $ | 92,718,866

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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