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Property Held for Lease and Rental Income | 12 Months Ended
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Sep. 30, 2023
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 30, 2023, the Company owned and operated 93 shopping centers in conjunction with its supermarket operations. The Company leases a portion of its shopping center properties to third parties. 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.
|  | 2023 |  | 2022 |  | 2021
Rents earned on owned and subleased properties: |  |  |  |  |  |  |  |  |
Base rentals |  | $ | 24,964,305 |  | $ | 20,091,776 |  | $ | 19,146,124
Variable rentals |  |  | 203,823 |  |  | 166,890 |  |  | 271,569
Total |  |  | 25,168,128 |  |  | 20,258,666 |  |  | 19,417,693
Depreciation on owned properties leased to others |  |  | (7,788,344) |  |  | (6,318,888) |  |  | (5,855,749)
Other shopping center expenses |  |  | (3,752,407) |  |  | (2,968,660) |  |  | (3,299,391)
Total |  | $ | 13,627,377 |  | $ | 10,971,118 |  | $ | 10,262,553
Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:
|  | September 30, |  | September 24,
|  | 2023 |  | 2022
Land |  | $ | 111,407,692 |  | $ | 91,607,085
Buildings |  |  | 286,022,850 |  |  | 241,280,289
Total |  |  | 397,430,542 |  |  | 332,887,374
Less accumulated depreciation |  |  | (120,412,929) |  |  | (112,986,048)
Total |  | $ | 277,017,613 |  | $ | 219,901,326
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 30, 2023:
Fiscal Year |  |  |
2024 |  | $ | 17,423,525
2025 |  |  | 15,644,942
2026 |  |  | 12,295,836
2027 |  |  | 9,476,486
2028 |  |  | 6,968,550
Thereafter |  |  | 26,637,601
Total minimum future rental income |  | $ | 88,446,940

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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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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