Note 5 - Leasing Arrangements

12 Months Ended

Dec. 31, 2016

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:

	2016		2015
	(in thousands)
Minimum rentals	$	2,458	$	3,161
Percentage rentals		1,172		862
Licensing fees		814		405
Other (primarily common area recoveries)		880		1,118
Total	$	5,324	$	5,546

Property at

December

 

31,

2016

and

2015

includes leased property of

$29.3

million and

$38.9

million, respectively (before accumulated depreciation of

$15.0

million and

$18.5

million, respectively).

Future minimum rental income receivable during the next

five

years and thereafter is as follows:

	(in thousands)
2017	$	1,421
2018		1,157
2019		928
2020		933
2021		944
Thereafter		2,578