Hertz 2012 Annual Report Download - page 167

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of December 31, 2012, minimum obligations under existing agreements referred to above are
approximately as follows (in millions of dollars):
Rents Concessions
2013 ..................................................... $157.3 $390.3
2014 ..................................................... 128.7 279.4
2015 ..................................................... 99.3 192.8
2016 ..................................................... 74.7 141.4
2017 ..................................................... 50.4 91.3
Years after 2017 ............................................. 194.1 509.7
The future minimum rent payments in the above table have been reduced by minimum future sublease
rental inflows in aggregate of $21.2 million.
Many of our concession agreements and real estate leases require us to pay or reimburse operating
expenses, such as common area charges and real estate taxes, to pay concession fees above
guaranteed minimums or additional rent based on a percentage of revenues or sales (as defined in
those agreements) arising at the relevant premises, or both. Such obligations are not reflected in the
table of minimum future obligations appearing immediately above. We operate from various leased
premises under operating leases with terms up to 25 years. A number of our operating leases contain
renewal options. These renewal options vary, but the majority include clauses for renewal for various
term lengths at various rates, both fixed and market.
In addition to the above, we have various leases on revenue earning equipment and office and computer
equipment under which the following amounts were expensed (in millions of dollars):
Years ended December 31,
2012 2011 2010
Revenue earning equipment .................................. $79.8 $ 96.1 $78.2
Office and computer equipment ............................... 12.2 10.1 10.4
Total ................................................. $92.0 $106.2 $88.6
As of December 31, 2012, minimum obligations under existing agreements referred to above that have a
maturity of more than one year are as follows (in millions of dollars):
2013 ................................................... $56.6
2014 ................................................... $25.2
2015 ................................................... $ 6.7
2016 ................................................... $ 2.1
2017 ................................................... $ —
After 2017 ............................................... $ —
Commitments under capital leases within our vehicle rental programs have been reflected in Note 5—
Debt.
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