Albertsons 2005 Annual Report Download - page 71

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The company is party to a synthetic leasing program for one of its major warehouses. The lease qualifies for
operating lease accounting treatment under SFAS No. 13, “Accounting for Leases.” For additional information
on the synthetic lease, refer to the Commitments, Contingencies and Off-Balance Sheet Arrangements note in the
Notes to Consolidated Financial Statements.
Total rent expense, net of sublease income, relating to all operating leases with terms greater than one year
was $115.6 million, $119.7 million and $113.7 million in fiscal 2005, 2004 and 2003, respectively.
Future minimum receivables under operating leases and subleases in effect at February 26, 2005 are as
follows:
Owned
Property
Leased
Property Total
(In thousands)
Fiscal Year
2006 $1,686 $ 23,398 $ 25,084
2007 1,297 19,854 21,151
2008 1,248 16,617 17,865
2009 704 13,366 14,070
2010 344 10,124 10,468
Later 225 33,058 33,283
Total future minimum receivables $5,504 $116,417 $121,921
Owned property leased to third parties is as follows:
February 26,
2005
February 28,
2004
(In thousands)
Land, buildings and equipment $10,055 $16,839
Less accumulated depreciation 5,566 8,056
Net land, buildings and equipment $ 4,489 $ 8,783
F-25