Note 5 - Leasing Arrangements

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessor, Operating Leases [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 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 agreement. There are no leases allowing a lessee an option to purchase the underlying asset. Total leasing income subject to ASC 842 for the years ended December 31, 2021 and 2020 were as follows:

	2021		2020
	(in thousands)
Minimum rentals	$	3,029	$	2,719
Percentage rentals		1,503		427
Licensing fees		732		456
Other		1,659		1,236
	$	6,923	$	4,838

Leased property, net of accumulated depreciation, was $11.2 and $12.7 million at December 31, 2021 and 2020, respectively.

Future minimum rental income for the next five years and thereafter are as follows (in thousands):

Years ending December 31,
2022	$	2,346
2023	$	1,436
2024	$	911
2025	$	886
2026	$	832
Thereafter	$	8,535