Albertsons 2011 Annual Report Download - page 53

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NOTE 7—LEASES
The Company leases certain retail stores, distribution centers, office facilities and equipment from third
parties. Many of these leases include renewal options and, to a limited extent, include options to purchase.
Future minimum lease payments to be made by the Company for noncancellable operating leases and capital
leases as of February 26, 2011 consist of the following:
Fiscal Year
Operating
Leases
Capital
Leases
Lease Obligations
2012 $ 382 $ 151
2013 354 149
2014 320 146
2015 288 143
2016 254 139
Thereafter 1,513 1,186
Total future minimum obligations $ 3,111 1,914
Less interest (760)
Present value of net future minimum obligations 1,154
Less current obligations (66)
Long-term obligations $ 1,088
Total future minimum obligations have not been reduced for future minimum subtenant rentals of $295 under
certain operating subleases.
Rent expense and subtenant rentals under operating leases consisted of the following:
2011 2010 2009
Minimum rent $ 435 $ 455 $ 460
Contingent rent 5 6 8
440 461 468
Subtenant rentals (66) (66) (67)
$ 374 $ 395 $ 401
The Company leases certain property to third parties under both operating and direct financing leases. Under
the direct financing leases, the Company leases buildings to independent retail customers with terms ranging
49