Buffalo Wild Wings 2005 Annual Report Download - page 26

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ITEM 2. PROPERTIES
We are headquartered in Minneapolis, Minnesota. Our home office has 17,198
square feet of office space. We occupy this facility under a lease that
terminates on November 1, 2007 with options to renew for two successive
five−year terms.
As of December 25, 2005, we owned and operated 122 restaurants. We lease
the land and building for nearly all of these sites. The majority of our
existing leases are for 10 or 15−year terms, generally including options to
extend the terms. We typically lease our restaurant facilities under "triple
net" leases that require us to pay minimum rent, real estate taxes, maintenance
costs and insurance premiums and, in some instances, percentage rent based on
sales in excess of specified amounts. In addition, most of our leases include
"exclusive use" provisions prohibiting our landlords from leasing space to other
restaurants that fall within certain specified criteria. Under our franchise
agreements, we have certain rights to gain control of a restaurant site in the
event of default under the lease or franchise agreement.
The following table sets forth the 35 states in which Buffalo Wild Wings
restaurants are located and the number of restaurants in each state as of
December 25, 2005:
NUMBER OF RESTAURANTS OPEN
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
COMPANY−OWNED FRANCHISED TOTAL
−−−−−−−−−−−−−− −−−−−−−−−− −−−−−−−−−
Alabama 1 5 6
Arkansas −− 2 2
Arizona −− 9 9
California −− 1 1
Colorado 7 1 8
Delaware −− 1 1
Florida −− 11 11
Georgia 7 −− 7
Illinois 1 18 19
Indiana 2 26 28
Iowa 3 −− 3
Kansas 6 −− 6
Kentucky 9 4 13
Louisiana −− 5 5
Maryland −− 2 2
Michigan −− 23 23
Minnesota 15 3 18
Mississippi 1 2 3
Missouri 3 8 11
Montana −− 1 1
Nebraska 5 2 7
Nevada −− 7 7
New York 4 1 5
North Carolina 8 3 11
North Dakota −− 4 4
Ohio 21 60 81
Oklahoma −− 4 4
Pennsylvania 3 −− 3
South Carolina −− 1 1
South Dakota −− 1 1
Tennessee 9 −− 9
Texas 12 24 36
Virginia −− 12 12
West Virginia −− 3 3
Wisconsin 5 4 9
−−−−−−−−−−−−−− −−−−−−−−−− −−−−−−−−−
Total 122 248 370
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