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Property Held For Lease And Rental Income | 12 Months Ended
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Sep. 24, 2022
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 24, 2022, the Company owned and operated 85 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.
|  | 2022 |  | 2021 |  | 2020
Rents earned on owned and subleased properties: |  |  |  |  |  |  |  |  |
Base rentals |  | $ | 20,091,776 |  | $ | 19,146,124 |  | $ | 13,881,963
Variable rentals |  |  | 166,890 |  |  | 271,569 |  |  | 289,831
Total |  |  | 20,258,666 |  |  | 19,417,693 |  |  | 14,171,794
Depreciation on owned properties leased to others |  |  | (6,318,888) |  |  | (5,855,749) |  |  | (5,278,540)
Other shopping center expenses |  |  | (2,968,660) |  |  | (3,299,391) |  |  | (3,327,278)
Total |  | $ | 10,971,118 |  | $ | 10,262,553 |  | $ | 5,565,976
Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:
|  | September 24, |  | September 25,
|  | 2022 |  | 2021
Land |  | $ | 91,607,085 |  | $ | 82,896,124
Buildings |  |  | 241,280,289 |  |  | 217,732,283
Total |  |  | 332,887,374 |  |  | 300,628,407
Less accumulated depreciation |  |  | (112,986,048) |  |  | (103,975,838)
Total |  | $ | 219,901,326 |  | $ | 196,652,569
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 24, 2022:
Fiscal Year |  |  |
2023 |  | $ | 15,913,457
2024 |  |  | 14,554,813
2025 |  |  | 13,088,508
2026 |  |  | 10,090,779
2027 |  |  | 7,691,671
Thereafter |  |  | 29,954,629
Total minimum future rental income |  | $ | 91,293,857

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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