LEASES

12 Months Ended

Dec. 31, 2011

LEASES

11. LEASES

The Company is a lessor of certain property pursuant to various commercial lease agreements having terms ranging up to 60 years. The cost and accumulated depreciation of buildings and improvements subject to such leases were $6,047,000 and $3,656,000, respectively, at December 31, 2011. Income from commercial rents included in real estate revenue, excluding percentage rents based on sales revenues, was $4,620,000 in 2011, $4,494,000 in 2010, and $4,648,000 in 2009. Contingent commercial payments were $310,000, $443,000, and $628,000, for 2011, 2010, and 2009, respectively. Future minimum rental income on non-cancelable operating leases as of December 31, 2011 is $4,053,000 in 2012, $3,761,000 in 2013, $3,710,000 in 2014, $3,693,000 in 2015, $3,568,000 in 2016, and $27,011,000 for years thereafter.