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LEASING ARRANGEMENTS

12 Months Ended

Dec. 31, 2011

8. LEASING ARRANGEMENTS

LESSEE

The Company does not have any capital lease obligations at December 31, 2011. At December 31, 2010, property included capital leases of $436,000 (before accumulated amortization of $201,000).

The Company has various operating leases which expire in 2012 and 2013. Total rental expense under operating leases was $286,000 in 2011 and $1,716,000 in 2010. Future minimum rental payments due under operating leases total $47,000 in 2012 and $21,000 in 2013.

LESSOR

The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to retail tenants. These operating leases generally provide for minimum rents and, in most cases, percentage rentals based on tenant revenues. In addition, the leases generally provide for reimbursement of common area maintenance and other expenses. Total rental income under these operating leases was as follows:

	2011		2010

	(in thousands)
Minimum rentals	$	2,397	$	2,209
Percentage rentals		1,603		1,635
Other (primarily common area recoveries)		1,144		1,150

	$	5,144	$	4,994

Property at December 31, 2011 and 2010 includes leased property of $29,273,000 and $28,456,000, respectively (before accumulated depreciation of $10,299,000 and $10,023,000, respectively).

Future minimum rental income aggregates $18,382,000 and is receivable during the next five years (2012 to 2016) as follows: $2,052,000, $2,015,000, $2,079,000, $1,739,000 and $1,432,000, respectively, and $9,065,000 thereafter.