Hertz 2015 Annual Report Download - page 132
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Table of Contents
The Company has various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum,
and real estate leases under which the following amounts were expensed:
Rents $ 189
$ 185
$ 185
Concession fees:
Minimum fixed obligations 367
416
405
Additional amounts, based on revenues 344
301
295
Total 900
902
885
Sublease income (5)
(4)
(5)
Total $ 895
$ 898
$ 880
As of December 31, 2015, minimum net obligations under existing agreements referred to above approximate the following:
2016
$ 219
$ 291
2017
184
252
2018
149
199
2019
106
147
2020
69
106
After 2020
256
483
Total
$ 983
$ 1,478
Many of the Company's concession agreements and real estate leases require the Company to pay or reimburse operating expenses, such as
common area charges and real estate taxes, to pay concession fees above guaranteed minimums or additional rent based on a percentage of
revenues or sales (as defined in those agreements) arising at the relevant premises, or both. Such obligations are not reflected in the table of
minimum future obligations appearing immediately above. The Company operates from various leased premises under operating leases with terms
up to 50 years. A number of its operating leases contain renewal options. These renewal options vary, but the majority include clauses for renewal
for various term lengths at various rates, both fixed and market.
In addition to the rents mentioned above, the Company has various leases on revenue earning equipment and office, computer and other
equipment under which the following amounts were expensed:
Revenue earning equipment $ 72
$ 80
$ 81
Office, computer and other equipment 18
19
17
Total $ 90
$ 99
$ 98
124
℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.