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Note 10 - Leasing Arrangements
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Lessor, Operating Leases [Text Block]

10.

LEASING ARRANGEMENTS

 

The Company leases land primarily to agriculture operators and leases space in commercial buildings primarily to restaurant and retail tenants with terms continuing through 2048. These operating leases generally provide for minimum rents and, in some cases, 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 agreement. There are no leases allowing a lessee an option to purchase the underlying asset. Leasing income subject to Accounting Standards Codification Topic 842 for the three and six months ended June 30, 2024 and 2023 were as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

(unaudited)

  

(unaudited)

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

  

(in thousands)

 
                 

Minimum rentals

 $1,058  $837  $2,022  $1,644 

Percentage rentals

  444   536   1,049   1,031 

Licensing fees

  36   295   69   518 

Other

  184   238   351   443 

Total

 $1,722  $1,906  $3,491  $3,636