Note M - Leases

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note M –Leases

The Company accounts for rental income and percentage rent income in accordance with ASC 842 - Leases. The majority of the Company’s leases are largely similar and the lease agreements generally contain similar provisions and features, without substantial variations. All leases are currently classified as operating leases. The following table summarizes the components of lease revenue recognized during the three and six months ended June 30, 2022 and 2021 included within the Company's Consolidated Statements of Operations:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
Lease revenue	2022			2021		2022			2021
Fixed contractual payments	$	1,766,000		$	2,275,000	$	3,514,000		$	4,673,000
Variable lease payments	$	5,203,000		$	658,000	$	9,839,000		$	1,147,000
Straight-line rental income	$	(9,000	)	$	34,000	$	(5,000	)	$	81,000

Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2022, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows:

For the year ended,	Future lease payments due
2022 (Remainder)	$	3,082,000
2023	$	5,010,000
2024	$	4,484,000
2025	$	3,504,000
2026	$	2,626,000
Thereafter	$	523,000