Note 10 - Leasing Arrangements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

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, 2023 and 2022 were as follows:

	2023		2022
	(in thousands)
Minimum rentals	$	3,409	$	3,272
Percentage rentals		1,391		1,937
Licensing fees		827		1,001
Other		1,336		1,296
	$	6,963	$	7,506

Leased property, net of accumulated depreciation, was $10.3 million and $10.1 million at December 31, 2023 and 2022, respectively.

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

Years ending December 31,
2024	$	2,460
2025	$	2,361
2026	$	2,338
2027	$	2,268
2028	$	1,675
Thereafter	$	8,685

The Company recognized rent expense from operating leases of $34,000 and $49,000 for the years ended December 31, 2023 and 2022, respectively. A right-of-use asset was recorded in Other current assets and the related lease liability in Other current liabilities. The present value of remaining contractual payments related to operating leases were $23,000 and $53,000 at December 31, 2023 and 2022, respectively.