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Note 10 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] |
10. | 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 Topic 842 for the years ended December 31, 2023, and 2022 were as follows:
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Minimum rentals |  | $ | 3,409 |  |  | $ | 3,272 |
Percentage rentals |  |  | 1,391 |  |  |  | 1,937 |
Licensing fees |  |  | 827 |  |  |  | 1,001 |
Other |  |  | 1,336 |  |  |  | 1,296 |
|  | $ | 6,963 |  |  | $ | 7,506 |
Leased property, net of accumulated depreciation, was $10.3 million and $10.1 million at December 31, 2023 and 2022, respectively. Future minimum rental income for the next five years and thereafter are as follows (in thousands):
Years ending December 31, |  |  |  |
2024 |  | $ | 2,460 |
2025 |  | $ | 2,361 |
2026 |  | $ | 2,338 |
2027 |  | $ | 2,268 |
2028 |  | $ | 1,675 |
Thereafter |  | $ | 8,685 |
The Company recognized rent expense from operating leases of $34,000 and $49,000 for the years ended December 31, 2023, and 2022, 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 related to operating leases were $23,000 and $53,000 at December 31, 2023 and 2022, respectively.

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