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Note 10 - Leasing Arrangements

12 Months Ended

Dec. 31, 2024

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