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Long-Term Lease Obligations | 12 Months Ended
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Dec. 31, 2016
Leases [Abstract] |
Long-Term Lease Obligations | LONG-TERM LEASE OBLIGATIONS During 2016, the Company purchased the land underlying Beacon Center and Southdale - See Note 3. As a result, at December 31, 2016, one remaining property is subject to a noncancelable long-term lease which applies to land underlying the Shopping Center. The lease provides for periodic adjustments of the base annual rent and requires the payment of real estate taxes on the underlying land. The lease expires in 2068. Reflected in the accompanying consolidated financial statements is minimum ground rent expense of $159,000, $176,000, and $176,000, for the years ended December 31, 2016, 2015, and 2014, respectively. The future minimum rental commitments under this ground lease are as follows:
(in thousands) |
2017 | $ | 56 |
2018 | 56 |
2019 | 57 |
2020 | 62 |
2021 | 62 |
Thereafter | 3,636 |
| $ | 3,929 |
In addition to the above, Flagship Center consists of two developed out parcels that are part of a larger adjacent community shopping center formerly owned by the Saul Organization and sold to an affiliate of a tenant in 1991. The Company has a 90-year ground leasehold interest which commenced in September 1991 with a minimum rent of one dollar per year. Countryside shopping center was acquired in February 2004. Because of certain land use considerations, approximately 3.4% of the underlying land is held under a 99-year ground lease. The lease requires the Company to pay minimum rent of one dollar per year as well as its pro-rata share of the real estate taxes. The Company’s corporate headquarters space is leased by a member of the Saul Organization. The lease commenced in March 2002, and was extended to March 2017. A lease extension is being finalized which will extend the term for March 2022. The Company and the Saul Organization entered into a Shared Services Agreement whereby each party pays an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for the years ended December 31, 2016, 2015, and 2014 was $843,300, $904,900, and $840,800, respectively. Expenses arising from the lease are included in general and administrative expense (see Note 9 – Related Party Transactions).

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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