Property Held for Lease and Rental Income

12 Months Ended

Sep. 27, 2025

Property Held for Lease and Rental Income [Abstract]

Property Held for Lease and Rental Income

4. Property Held for Lease and Rental Income

At September 27, 2025, the Company owned and operated 101 shopping centers in conjunction with its supermarket operations, which includes one of the three stores that remains temporarily closed due to its location in a shopping center that remains closed as a result of damage sustained during Hurricane Helene which is located in a shopping center. The Company leases a portion of its shopping center properties to third parties. The leases are non-cancelable operating lease agreements for periods ranging up to 20 years.

Rental income is included in the line item “Net sales” on the Consolidated Statements of Income. Depreciation on owned properties leased to others and other shopping center expenses are included in the line item “Cost of goods sold” on the Consolidated Statements of Income.

	2025		2024		2023
Rents earned on owned and subleased properties:
Base rentals	$	30,559,595	$	26,658,958	$	24,964,305
Variable rentals		141,049		314,009		203,823
Total		30,700,644		26,972,967		25,168,128
Depreciation on owned properties leased to others		(9,262,235)		(8,620,836)		(7,788,344)
Direct shopping center expenses, excluding overhead allocations		(3,981,962)		(3,819,139)		(3,752,407)
Total	$	17,456,447	$	14,532,992	$	13,627,377

Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows:

	September 27,		September 28,
	2025		2024
Land	$	114,417,119	$	112,871,892
Buildings		309,855,505		305,862,582
Total		424,272,624		418,734,474
Less accumulated depreciation		(137,362,918)		(127,936,997)
Total	$	286,909,706	$	290,797,477

The above amounts are included on the Consolidated Balance Sheets in the caption “Property and equipment, net.”

The following is a schedule of minimum future rental income on non-cancelable operating leases as of September 27, 2025:

Fiscal Year
2026	$	21,645,537
2027		18,688,120
2028		16,028,346
2029		12,631,080
2030		9,976,273
Thereafter		49,332,572
Total minimum future rental income	$	128,301,928