Note 5 - Leasing Arrangements

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Leasing Arrangements Disclosure [Text Block]

5 . LEASING ARRANGEMENTS

The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2034. 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:

	2015		2014
	(in thousands)
Minimum rentals	$	3,161	$	2,711
Percentage rentals		862		790
Licensing fees		405		637
Other (primarily common area recoveries)		1,118		1,266
	$	5,546	$	5,404

Property at December 31, 2015 and 2014 includes leased property of $38.9 million and $45.1 million, respectively (before accumulated depreciation of $18.5 million and $21.7 million, respectively).

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

	(in thousands)
2016	$	2,498
2017		2,397
2018		1,974
2019		1,870
2020		1,701
Thereafter		7,637