Express 2010 Annual Report Download - page 87

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Minimum rent commitments, net of landlord allowances, under noncancelable leases are as follows (in
thousands):
2011 ............................................ $164,442
2012 ............................................ 139,272
2013 ............................................ 124,788
2014 ............................................ 98,919
2015 ............................................ 71,138
Thereafter ........................................ 161,867
Total ............................................ $760,426
The Company’s future sublease income under non-cancelable subleases was $0.4 million as of January 29, 2011.
The Company is party to a store leases agreement which provides for the sublease (with the Company as either
the subtenant or sublandlord party) of certain retail space shared by Limited Brands or one of its affiliates and the
Company, including the retail space for certain of its stores, as well as the retail space for certain stores operated
by Limited Brands or one of its affiliates. Depending on whether the Company or an affiliate of Limited Brands
is the tenant under the applicable lease agreement, either the Company or an affiliate of Limited Brands are
primarily responsible for the obligations under the applicable lease. As of January 29, 2011, the Company’s
receivable balance related to these subleases was $0.3 million.
On April 28, 2008, the Company issued an irrevocable stand-by letter of credit to Limited Brands (“Limited
Brands stand-by LC”) for $34.2 million, which related to certain pre-existing store leases guaranteed by Limited
Brands that could not be assigned to the Company at or subsequent to the Golden Gate Acquisition. Limited
Bands could draw from the Limited Brands stand-by LC if the Company were to default on any of the guaranteed
leases. The Limited Brands stand-by LC was reduced through the September 30, 2010 expiration date with the
overall reduction in guaranteed lease payments. The available balance of the Limited Brands stand-by LC was
$6.4 million as of January 30, 2010.
5. Intangible Assets
The following table provides the significant components of intangible assets:
January 29, 2011
Cost
Accumulated
Amortization
Ending Net
Balance
(in thousands)
Tradename ................................ $196,144 $ — $196,144
Internet domain name/other ................... 1,270 — 1,270
Net favorable lease obligations ................ 19,750 14,449 5,301
Credit card relationships & customer lists ........ 4,766 4,317 449
$221,930 $18,766 $203,164
January 30, 2010
Cost
Accumulated
Amortization
Ending Net
Balance
(in thousands)
Tradename ................................ $196,144 $ — $196,144
Internet domain name/other ................... 1,270 — 1,270
Net favorable lease obligations ................ 19,750 11,262 8,488
Credit card relationships & customer lists ........ 4,766 3,868 898
$221,930 $15,130 $206,800
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