Note 8 - Leasing Arrangements

12 Months Ended

Dec. 31, 2014

Leasing Arrangements Disclosure [Abstract]

Leasing Arrangements Disclosure [Text Block]

8. LEASING ARRANGEMENTS

The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants. These operating leases generally provide for minimum rents and, in some cases, licensing fees and percentage rentals based on tenant revenues. In addition, the leases generally provide for reimbursement of common area maintenance and other expenses. Total rental income under these operating leases was as follows:

	2014		2013
	(in thousands)
Minimum rentals	$	2,711	$	2,684
Percentage rentals		790		562
Licensing fees		637		637
Other (primarily common area recoveries)		1,009		979
	$	5,147	$	4,862

Property at December 31, 2014 and 2013 includes leased property of $45.1 million and $45.2 million, respectively (before accumulated depreciation of $21.7 million and $20.1 million, respectively).

Future minimum rental income receivable during the next five years and thereafter is as follows:

	(in thousands)
2015	$	2,635
2016		2,077
2017		1,978
2018		1,552
2019		1,473
Thereafter		7,859