Pier 1 2009 Annual Report Download - page 22

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Item 2. Properties.
The Company is headquartered in Fort Worth, Texas. In August 2004, the Company completed
construction of a corporate headquarters facility, which contains approximately 460,000 square feet of
office space. On June 9, 2008, the Company sold its headquarters building and accompanying land. As
part of the transaction, the Company entered into a lease agreement to rent approximately 250,000
square feet of office space in the building for a primary term of seven years beginning on the closing
date, with one three-year renewal option, and a right to terminate the lease at the end of the fifth lease
year.
The Company leases the majority of its retail stores, its warehouses and regional space. At
February 28, 2009, the present value of the Company’s minimum future operating lease commitments
discounted at 10% totaled approximately $736.4 million. The following table sets forth the distribution
of Pier 1 Imports’ U.S. and Canadian stores by state and province as of February 28, 2009:
United States
Alabama ............ 15 Louisiana ........... 15 Ohio .............. 31
Alaska ............. 1 Maine ............. 1 Oklahoma .......... 9
Arizona ............ 25 Maryland ........... 24 Oregon ............. 14
Arkansas ........... 8 Massachusetts ........ 24 Pennsylvania ......... 39
California ........... 114 Michigan ........... 33 Rhode Island ........ 3
Colorado ........... 19 Minnesota .......... 20 South Carolina ....... 17
Connecticut ......... 21 Mississippi .......... 6 South Dakota ........ 2
Delaware ........... 4 Missouri ............ 18 Tennessee ........... 18
Florida ............. 78 Montana ........... 6 Texas .............. 83
Georgia ............ 30 Nebraska ........... 3 Utah .............. 9
Hawaii ............. 4 Nevada ............. 8 Virginia ............ 35
Idaho .............. 6 New Hampshire ...... 6 Washington .......... 28
Illinois ............. 42 New Jersey .......... 35 West Virginia ........ 5
Indiana ............ 18 New Mexico ......... 5 Wisconsin ........... 19
Iowa .............. 8 New York ........... 45 Wyoming ........... 1
Kansas ............. 8 North Carolina ....... 34
Kentucky ........... 11 North Dakota ........ 3
Canada
Alberta ............. 11 New Brunswick ....... 2 Ontario ............ 34
British Columbia ...... 14 Newfoundland ....... 1 Quebec ............ 14
Manitoba ........... 2 Nova Scotia ......... 1 Saskatchewan ........ 2
The Company currently owns or leases distribution center space of approximately 4.5 million
square feet. The Company also acquires temporary distribution center space from time to time through
short-term leases. During fiscal 2009, the Company vacated approximately 350,000 square feet of leased
distribution center space near Baltimore. The lease on this space expires in July 2009. In February
2009, the Company announced plans to vacate a Company-owned distribution center near Chicago,
15