Burger King 2012 Annual Report Download - page 98
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Table of Contents
Assets leased to franchisees and other third parties under operating leases that are included within our property and equipment, net was as follows (in
millions):
Land $399.5 $263.6
Buildings and improvements 361.3 158.7
Restaurant equipment 4.8 16.9
765.6 439.2
Accumulated depreciation (95.7) (38.6)
$669.9 $400.6
Our net investment in direct financing leases was as follows (in millions):
Future rents to be received
Future minimum lease receipts $213.0 $ 318.5
Contingent rents(1) 104.8 154.5
Estimated unguaranteed residual value 25.6 29.6
Unearned income (145.8) (244.9)
Allowance on direct financing leases (0.8) (1.1)
196.8 256.6
Current portion included within trade receivables (16.4) (14.4)
Net investment in property leased to franchisees $180.4 $242.2
(1) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting.
In addition, we lease land, building, equipment, office space and warehouse space, including 340 restaurant buildings under capital leases. Initial lease
terms are generally 10 to 20 years and most leases provide for fixed monthly payments. Many of these leases provide for future rent escalations and renewal
options and certain leases also include provisions for contingent rent, determined as a percentage of sales, generally when annual sales exceed specific levels.
Most leases also obligate us to pay the cost of maintenance, insurance and property taxes.
As of December 31, 2012, future minimum lease receipts and commitments were as follows (in millions):
2013 $25.2 $ 126.3 $(18.2) $(133.3)
2014 24.4 118.4 (17.7) (126.6)
2015 24.0 111.8 (16.4) (118.0)
2016 23.4 107.2 (15.0) (109.9)
2017 20.2 103.8 (13.3) (99.9)
Thereafter 95.8 1,060.4 (18.5) (600.3)
Total $213.0 $1,627.9 $(99.1) $(1,188.0)
97
Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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