Property Held for Lease and Rental Income

12 Months Ended

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