XML 49 R17.htm IDEA: XBRL DOCUMENT

Note 9 - Leasing Arrangements

12 Months Ended

Dec. 31, 2022

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.