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Note 10 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 were as follows:
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Minimum rentals |  | $ | 4,315 |  |  | $ | 3,409 |
Percentage rentals |  |  | 2,166 |  |  |  | 1,391 |
Licensing fees |  |  | 169 |  |  |  | 827 |
Other |  |  | 1,082 |  |  |  | 1,336 |
Total |  | $ | 7,732 |  |  | $ | 6,963 |
Leased property, net of accumulated depreciation, was $9.6 million and $10.3 million at December 31, 2024 and 2023, respectively. Future minimum rental income for the next five years and thereafter are as follows (in thousands):
Years ending December 31, |
2025 |  | $ | 4,017 |
2026 |  |  | 4,065 |
2027 |  |  | 3,954 |
2028 |  |  | 3,606 |
2029 |  |  | 3,269 |
Thereafter |  |  | 16,246 |

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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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