Albertsons 2004 Annual Report Download - page 73

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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 28, 2004 are as
follows: Owned
Property
Leased
Property Total
(In thousands)
Fiscal Year
2005 $1,496 $ 22,971 $ 24,467
2006 1,450 19,388 20,838
2007 1,113 16,583 17,696
2008 1,069 13,026 14,095
2009 526 9,025 9,551
Later 470 38,039 38,509
Total future minimum receivables $6,124 $119,032 $125,156
Owned property leased to third parties is as follows:
February 28,
2004
February 22,
2003
(In thousands)
Land, buildings and equipment $16,839 $19,161
Less accumulated depreciation 8,056 7,171
Net land, buildings and equipment $ 8,783 $11,990
The company recognizes rent escalations on a straight-line basis over the term of the lease. Deferred rents
are included in other liabilities in the Consolidated Balance Sheets.
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 28, 2004, are as follows:
Direct
Financing
Lease
Receivables
Direct
Financing
Capital Lease
Obligations
(In thousands)
Fiscal Year
2005 $ 13,239 $ 12,473
2006 12,163 11,470
2007 11,523 10,935
2008 10,498 9,923
2009 9,742 9,223
Later 56,879 54,366
Total minimum lease payments 114,044 108,390
Less unearned income 38,223 —
Less interest — 35,831
Present value of net minimum lease payments 75,821 72,559
Less current portion 7,133 7,178
Long-term portion $ 68,688 $ 65,381
F-26