Property Held for Lease and Rental Income

12 Months Ended

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