Big Lots 2009 Annual Report Download - page 173
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57
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 5 — Leases
Leased property consisted primarily of 1,307 of our retail stores, 0.7 million square feet of warehouse space,
and certain transportation equipment, and information technology and other office equipment. Many of the
store leases obligate us to pay for our applicable portion of real estate taxes, CAM, and property insurance.
Certain store leases provide for contingent rents, have rent escalations, and have tenant allowances or other lease
incentives. Many of our leases contain provisions for options to renew or extend the original term for additional
periods.
Total rent expense, including real estate taxes, CAM, and property insurance, charged to continuing operations
for operating leases consisted of the following:
2009 2008 2007
(In thousands)
Minimum leases .............................................. $254,054 $236,865 $234,891
Contingent leases ............................................. 313 491 409
Total rent expense .......................................... $254,367 $237,356 $235,300
Future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and
property insurance, at January 30, 2010, were as follows:
Fiscal Year
(In thousands)
2010 ....................................... $195,739
2011 ....................................... 163,908
2012 ....................................... 128,004
2013 ....................................... 96,643
2014 ....................................... 57,861
Thereafter .................................. 45,449
Total leases.............................. $687,604
We have obligations for capital leases for office equipment, included in accrued operating expenses and other
liabilities on our consolidated balance sheet. Scheduled payments for all capital leases at January 30, 2010, were
as follows:
Fiscal Year
(In thousands)
2010 ....................................... $2,352
2011 ....................................... 984
2012 ....................................... 236
2013 ....................................... 135
2014 ....................................... —
Thereafter .................................. —
Total lease payments ...................... $3,707
Less amount to discount to present value....... (223)
Capital lease obligation per balance sheet ...... $3,484