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Note 9 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] |
9. | LEASING ARRANGEMENTS
The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2048. These operating leases generally provide for minimum rents, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the lease agreement. There are no agreements allowing a lessee an option to purchase the underlying asset. Total leasing income subject to ASC 842 for the years ended December 31, 2022 and 2021 were as follows:
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Minimum rentals |  | $ | 3,272 |  |  | $ | 3,029 |
Percentage rentals |  |  | 1,937 |  |  |  | 1,503 |
Licensing fees |  |  | 1,001 |  |  |  | 732 |
Other |  |  | 1,296 |  |  |  | 1,659 |
|  | $ | 7,506 |  |  | $ | 6,923 |
Leased property, net of accumulated depreciation, was $10.1 and $11.2 million at December 31, 2022 and 2021, respectively. Future minimum rental income for the next five years and thereafter are as follows (in thousands):
Years ending December 31, |  |  |  |
2023 |  | $ | 2,644 |
2024 |  | $ | 2,449 |
2025 |  | $ | 2,360 |
2026 |  | $ | 2,334 |
2027 |  | $ | 2,275 |
Thereafter |  | $ | 10,429 |
The Company recognized rent expense from operating leases of $49,000 and $41,000 for the years ended December 31, 2022 and 2021, respectively. A right-of-use asset was recorded in Other current assets and the related lease liability in Other current liabilities. The present value of remaining contractual payments under these office and equipment leases were $53,000 and $87,000 at December 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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