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Note 5 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Leasing Arrangements Disclosure [Text Block] |
5 . | LEASING ARRANGEMENTS
The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2034. 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:
|  | 2015 |  |  | 2014 |
|  | (in thousands) |
Minimum rentals |  | $ | 3,161 |  |  | $ | 2,711 |
Percentage rentals |  |  | 862 |  |  |  | 790 |
Licensing fees |  |  | 405 |  |  |  | 637 |
Other (primarily common area recoveries) |  |  | 1,118 |  |  |  | 1,266 |
|  | $ | 5,546 |  |  | $ | 5,404 |
Property at December 31, 2015 and 2014 includes leased property of $38.9 million and $45.1 million, respectively (before accumulated depreciation of $18.5 million and $21.7 million, respectively). Future minimum rental income receivable during the next five years and thereafter is as follows:
|  | (in thousands) |
2016 |  | $ | 2,498 |
2017 |  |  | 2,397 |
2018 |  |  | 1,974 |
2019 |  |  | 1,870 |
2020 |  |  | 1,701 |
Thereafter |  |  | 7,637 |

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