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Property Held for Lease and Rental Income | 12 Months Ended
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Sep. 28, 2024
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 28, 2024, the Company owned and operated 101 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.
|  | 2024 |  | 2023 |  | 2022
Rents earned on owned and subleased properties: |  |  |  |  |  |  |  |  |
Base rentals |  | $ | 26,658,958 |  | $ | 24,964,305 |  | $ | 20,091,776
Variable rentals |  |  | 314,009 |  |  | 203,823 |  |  | 166,890
Total |  |  | 26,972,967 |  |  | 25,168,128 |  |  | 20,258,666
Depreciation on owned properties leased to others |  |  | (8,620,836) |  |  | (7,788,344) |  |  | (6,318,888)
Other shopping center expenses |  |  | (3,819,139) |  |  | (3,752,407) |  |  | (2,968,660)
Total |  | $ | 14,532,992 |  | $ | 13,627,377 |  | $ | 10,971,118
Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:
|  | September 28, |  | September 30,
|  | 2024 |  | 2023
Land |  | $ | 112,871,892 |  | $ | 111,407,692
Buildings |  |  | 305,862,582 |  |  | 286,022,850
Total |  |  | 418,734,474 |  |  | 397,430,542
Less accumulated depreciation |  |  | (127,936,997) |  |  | (120,412,929)
Total |  | $ | 290,797,477 |  | $ | 277,017,613
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 28, 2024:
Fiscal Year |  |  |
2025 |  | $ | 19,707,170
2026 |  |  | 16,017,822
2027 |  |  | 12,574,738
2028 |  |  | 10,052,200
2029 |  |  | 6,919,482
Thereafter |  |  | 33,084,759
Total minimum future rental income |  | $ | 98,356,171

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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