Jack In The Box 2013 Annual Report Download - page 60
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The following table presents as of September 29, 2013, future minimum lease payments under capital and operating leases including leases recorded as
divestment obligations relating to continuing and discontinued operations ( in thousands):
2014
$1,384
$229,287
2015
1,260
216,983
2016
1,198
217,778
2017
1,072
182,361
2018
792
150,904
Thereafter
1,315
723,884
Total minimum lease payments
7,021
$ 1,721,197
Less amount representing interest, 9.96% weighted average interest rate
(1,739)
Present value of obligations under capital leases
5,282
Less current portion
(903)
Long-term capital lease obligations
$4,379
Total future minimum lease payments of $1.1 billion included in the table above are expected to be recovered under our non-cancellable operating subleases.
Assets recorded under capital leases are included in property and equipment, and consisted of the following at each year-end ( in thousands):
Buildings
$19,105
$19,431
Less accumulated amortization
(14,808)
(14,499)
$4,297
$4,932
Amortization of assets under capital leases is included in depreciation and amortization expense.
As lessor — We lease or sublease restaurants to certain franchisees and others under agreements that generally provide for the payment of percentage rentals in
excess of stipulated minimum rentals, usually for a period of 20 years. Most of our leases have rent escalation clauses and renewal clauses of 5 to 20 years.
The following details rents received under these agreements in each fiscal year ( in thousands):
Total rental income (1)
$213,009
$200,760
$166,937
Contingent rentals
$16,966
$16,341
$10,364
____________________________
(1) Includes contingent rentals.
The minimum rents receivable expected to be received under these non-cancelable operating leases and subleases, excluding contingent rentals, as of
September 29, 2013 are as follows (in thousands):
2014 $199,481
2015 197,936
2016 213,205
2017 194,754
2018 175,720
Thereafter 1,672,315
Total minimum future rentals $2,653,411
F-18