Burger King 2011 Annual Report Download - page 99

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
As of December 31, 2011, future minimum lease receipts and commitments were as follows (in millions):
Successor
Lease Receipts Lease Commitments(a)
Direct
Financing
Leaes
Operating
Leases
Capital
Leases
Operating
Leases
2012 $ 30.7 $ 66.8 $ (17.5) $ (146.8)
2013 30.1 62.7 (17.6) (136.8)
2014 29.4 56.5 (17.0) (125.6)
2015 29.2 53.0 (15.8) (115.9)
2016 28.5 48.6 (14.4) (107.7)
Thereafter 170.6 333.9 (75.3) (613.2)
Total $ 318.5 $ 621.5 $ (157.6) $ (1,246.0)
(a) Lease commitments under operating leases have not been reduced by minimum sublease rentals of $318.0 million due in the future under noncancelable
subleases.
Our total minimum obligations under capital leases are $157.6 million as of December 31, 2011, $175.1 million as of December 31, 2010 and
$134.1 million as of June 30, 2010. Of these amounts, $52.9 million was interest as of December 31, 2011, $62.0 million as of December 31, 2010 and
$63.2 million as of June 30, 2010. The remaining balance was capital lease obligations of $104.7 million as of December 31, 2011, $113.1 million as of
December 31, 2010 and $70.9 million as of June 30, 2010 which are all recorded on our consolidated balance sheet. Of these balances, $9.3 million was
classified as current portion of long-term debt and capital leases as of December 31, 2011, $9.2 million as of December 31, 2010 and $5.6 million as of June 30,
2010.
Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows
(in millions):
Successor Predecessor
2011
October 19, 2010 to
December 31, 2010
July 1, 2010 to
October 18, 2010
Fiscal 2010 Fiscal 2009
Rental income:
Minimum $ 72.9 $ 16.0 $ 21.9 $ 73.1 $ 69.9
Contingent 0.3 — 4.9 17.9 20.6
Amortization of favorable and unfavorable
income lease contracts, net 6.6 1.3 — — —
Total rental income 79.8 17.3 26.8 91.0 90.5
Earned income on direct
financing leases 31.4 6.2 7.2 22.7 23.0
Total property revenues $ 111.2 $ 23.5 $ 34.0 $ 113.7 $ 113.5
98
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠