Albertsons 2003 Annual Report Download - page 61

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Future minimum receivables under operating leases and subleases in effect at February 22, 2003 are as
follows:
Owned
Property
Leased
Property Total
(In thousands)
Fiscal Year
2004 $ 1,690 $ 23,240 $ 24,930
2005 1,683 19,967 21,650
2006 1,605 15,729 17,334
2007 1,414 12,747 14,161
2008 1,392 9,443 10,835
Later 6,627 28,686 35,313
Total future minimum receivables $14,411 $109,812 $124,223
Owned property leased to third parties is as follows:
February 22,
2003
February 23,
2002
(In thousands)
Land, buildings and equipment $19,161 $42,343
Less accumulated depreciation 7,171 19,435
Net land, buildings and equipment $11,990 $22,908
Direct financing leases:
Under direct financing capital leases, the company leases buildings on behalf of independent retailers with
terms ranging from 5 to 20 years. Future minimum rentals to be received under direct financing leases and
related future minimum obligations under capital leases in effect at February 22, 2003 are as follows:
Direct
Financing
Lease
Receivables
Direct
Financing
Capital Lease
Obligations
(In thousands)
Fiscal Year
2004 $12,149 $11,436
2005 11,178 10,547
2006 10,348 9,768
2007 9,697 9,224
2008 8,646 8,185
Later 39,491 37,816
Total minimum lease payments 91,509 86,976
Less unearned income 30,173 —
Less interest — 26,776
Present value of net minimum lease payments 61,336 60,200
Less current portion 6,818 6,841
Long-term portion $54,518 $53,359
F-26