Big Lots 2015 Annual Report Download - page 131
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54
NOTE 5 – LEASES
Leased property consisted primarily of 1,394 of our retail stores and certain transportation, 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:
(In thousands) 2015 2014 2013
Minimum rents $ 314,605 $ 314,276 $ 309,935
Contingent rents 637 312 308
Total rent expense $ 315,242 $ 314,588 $ 310,243
Future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and property insurance,
at January 30, 2016, were as follows:
Fiscal Year (In thousands)
2016 $ 249,556
2017 208,306
2018 172,415
2019 127,254
2020 85,260
Thereafter 93,899
Total leases $ 936,690
We have obligations for capital leases primarily for store asset protection equipment and office equipment, included in accrued
operating expenses and other liabilities on our consolidated balance sheet. Scheduled payments for all capital leases at
January 30, 2016, were as follows:
Fiscal Year (In thousands)
2016 $ 5,956
2017 5,235
2018 4,532
2019 4,532
2020 4,532
Thereafter 3,886
Total lease payments $ 28,673
Less amount to discount to present value (3,293)
Capital lease obligation per balance sheet $ 25,380