Pier 1 2011 Annual Report Download - page 20

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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, warehouses and regional spaces. As of February 26,
2011, the present value of the Company’s minimum future operating lease commitments discounted at 10%
totaled approximately $592.8 million. The following table sets forth the distribution of Pier 1 Imports’ U.S. and
Canadian stores by state and province as of February 26, 2011:
United States
Alabama 14 Louisiana 15 Ohio 29
Alaska 1 Maine 1 Oklahoma 8
Arizona 24 Maryland 22 Oregon 14
Arkansas 8 Massachusetts 24 Pennsylvania 37
California 109 Michigan 31 Rhode Island 3
Colorado 15 Minnesota 18 South Carolina 16
Connecticut 20 Mississippi 6 South Dakota 2
Delaware 4 Missouri 18 Tennessee 18
Florida 73 Montana 6 Texas 77
Georgia 27 Nebraska 3 Utah 9
Hawaii 4 Nevada 9 Virginia 34
Idaho 6 New Hampshire 6 Washington 28
Illinois 39 New Jersey 33 West Virginia 5
Indiana 17 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 33
British Columbia 14 Newfoundland 1 Quebec 13
Manitoba 2 Nova Scotia 1 Saskatchewan 2
The Company currently owns or leases distribution center space of approximately 3.6 million square feet.
The Company also acquires temporary distribution center space from time to time through short-term leases.
During fiscal 2011, the Company sold its distribution center near Chicago, Illinois. As of February 26, 2011, the
Company owned or leased under operating leases the following warehouse properties in or near the following
cities:
Location Approx. Sq. Ft.
Owned/Leased
Facility
Baltimore, Maryland 634,000 sq. ft. Leased
Columbus, Ohio 527,000 sq. ft. Leased
Fort Worth, Texas 460,000 sq. ft. Owned
Ontario, California 747,000 sq. ft. Leased
Savannah, Georgia 784,000 sq. ft. Leased
Tacoma, Washington 451,000 sq. ft. Leased
14