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Property Held For Lease And Rental Income

12 Months Ended

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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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.

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