FINANCIAL RESULTS
Albanese Cormier Holdings, LLC and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2025 and 2024
16.
Commitments and Contingencies, continued
The company is involved in various matters of litigation arising in the normal course of business. While the company is unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any will be covered by insurance or will not have a material effect on the financial statements. 17. Property Leased to Others The Company owns certain real estate and leases spaces to tenants under long-term operating leases. The terms of the leases provide for fixed or minimum payments plus, in some cases, a provision for additional rents based on sales in excess of a specified minimum amount. Certain leases require additional payments by the lessee for real estate taxes, insurance and/or other operating expenses. Lease terms range from month-to-month to 20 years with renewal options for additional periods. Management expects that in the normal course of business, leases that expire will be renewed or replaced by other leases. The following is a detail of property which is leased to others under long-term operating leases. The property described is included in total property and equipment detailed in Note 7.
2025
2024
Buildings
$ 581,469,081 80,127,513 (1,601,650) 80,577,969 740,572,913 (114,823,346) $ 625,749,567
$ 430,786,346
Building Improvements Furniture and fixtures
76,069,740 1,733,803 63,248,875 571,838,764
Land
Accumulated depreciation and amortization
(103,184,627) $ 468,654,137
Lease income generated by the aforementioned operating leases was $56,179,777 and $55,741,082 for the years ended December 31, 2025 and 2024, respectively.
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95 AlbaneseCormier® | 2025 Annual Report
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