Stein Mart 2009 Annual Report Download - page 10

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ITEM 2. PROPERTIES
At January 30, 2010, we operated 267 stores in the following 30 states and the District of Columbia:
State Number of Stores State Number of Stores
Alabama 10 Missouri 3
Arizona 9 Nevada 4
Arkansas 2 New Jersey 5
California 19 New York 4
Colorado 2 North Carolina 20
Florida 44 Ohio 11
Georgia 13 Oklahoma 4
Illinois 5 Pennsylvania 4
Indiana 7 South Carolina 11
Iowa 1 Tennessee 13
Kansas 2 Texas 43
Kentucky 2 Utah 1
Louisiana 8 Virginia 11
Massachusetts 1 Washington DC 1
Michigan 1 Wisconsin 1
Mississippi 5
We lease all of our store locations and we believe that we have a reputation as an “anchor tenant.” Most of our leases provide for
minimum rents, as well as percentage rents that are based on sales in excess of predetermined levels. We also lease our 107,342
square foot corporate headquarters and a 92,437 square foot distribution/warehouse facility used to process a limited amount of
merchandise purchases (approximately three percent of our merchandise on a dollar basis), both in Jacksonville, FL.
The table below reflects (i) the number of leases (as of January 30, 2010) that will expire each year if we do not exercise any of our
renewal options, and (ii) the number of leases that will expire each year if we exercise all of our renewal options (assuming the lease
is not otherwise terminated by either party pursuant to any other provision). The table includes leases for the 267 store locations
operated at January 30, 2010, seven leases for previously closed store locations which we have subleased or are actively seeking to
sublease and five leases for stores being relocated in 2010.
Number of Leases
Expiring Each Year
if no Renewals
Exercised
Number of Leases
Expiring Each Year
if all Renewals
Exercised
2010 23 2
2011 50 3
2012 40 6
2013 40 6
2014 38 2
2015-2019 80 17
2020-2024 8 61
2025-2041 - 182
ITEM 3. LEGAL PROCEEDINGS
We are involved in various routine legal proceedings incidental to the conduct of our business. Management, based upon the advice
of outside legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on our financial
condition, results of operations or cash flows.
ITEM 4. RESERVED
8