8. LEASING ARRANGEMENTS

LESSEE

The Company has various operating leases which expire in 2016 and 2017. Total rental expense under operating leases was $43,000 in 2013 and $18,000 in 2012. Future minimum rental payments due under operating leases total $7,000 in 2014, $7,000 in 2015, $6,000 in 2016, and $1,000 in 2017.

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 some cases, licensing fees and 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:

	2013		2012

	(in thousands)
Minimum rentals	$	2,684	$	2,639
Percentage rentals		562		1,182
Licensing fees		637		667
Other (primarily common area recoveries)		979		1,318


	$	4,862	$	5,806

Property at December 31, 2013 and 2012 includes leased property of $45,165,000 and $46,778,000, respectively (before accumulated depreciation of $20,075,000 and $19,915,000, respectively).

Future minimum rental income receivable during the next five years and thereafter is as follows:

	(in thousands)

2014	$	2,585
2015		2,504
2016		1,990
2017		1,906
2018		1,479
Thereafter		8,186