Hertz 2013 Annual Report Download - page 125
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Table of Contents
As of December 31, 2013, minimum obligations under existing agreements referred to above are approximately as follows (in millions of
dollars):
2014
$141.3
$407.9
2015
116.9
310.3
2016
88.9
249.1
2017
66.8
188.9
2018
46.5
152.0
Years after 2018
195.7
685.6
The future minimum rent payments in the above table have been reduced by minimum future sublease rental inflows in aggreg ate of $20.4
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 rents mentioned 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):
Revenue earning equipment
$80.5
$79.8
$96.1
Office and computer equipment
13.9
9.5
7.5
Total
$94.4
$89.3
$103.6
As of December 31, 2013, minimum obligations under existing agreements referred to above that have a maturity of more than one year are
as follows (in millions of dollars):
2014
$52.6
2015
$16.0
2016
$8.0
2017
$1.2
2018
$ —
Years after 2018
$ —
Commitments under capital leases within our vehicle rental programs have been reflected in Note 5—Debt.
121
Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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