Ross 2011 Annual Report Download - page 49

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47
The synthetic lease facilities described above, as well as the Company’s revolving credit facility and senior notes, have covenant
restrictions requiring the Company to maintain certain interest coverage and other financial ratios. In addition, the interest rates
under the revolving credit facility may vary depending on the Company’s actual interest coverage ratios. As of January 28, 2012,
the Company was in compliance with these covenants.
The Company leases three warehouses. Two of the warehouses are in Carlisle, Pennsylvania with leases expiring in 2013
and 2014. The third warehouse is in Fort Mill, South Carolina, with a lease expiring in 2013. The leases for all three of these
warehouses contain renewal provisions. The Company also owns a 423,000 square foot warehouse in Fort Mill, South Carolina
and a 449,000 square foot warehouse in Riverside, California. All five of these warehouses are used to store the Company’s
packaway inventory. The Company also leases a 10-acre parcel that has been developed for trailer parking adjacent to its Perris,
California distribution center.
The Company leases approximately 181,000 square feet of office space for its corporate headquarters in Pleasanton, California,
under several facility leases. The terms for these leases expire between 2014 and 2015 and contain renewal provisions.
The Company leases approximately 201,000 and 26,000 square feet of office space for its New York City and Los Angeles buying
offices, respectively. The lease terms for these facilities expire in 2021 and 2014, respectively, and contain renewal provisions.
The aggregate future minimum annual lease payments under leases in effect at January 28, 2012 are as follows:
Residual
Operating Synthetic value Total
($000) leases leases guarantees leases
2012 $ 364,788 $ 5,223 $ 989 $ 371,000
2013 380,695 1,714 56,183 438,592
2014 330,310 — — 330,310
2015 275,470 — — 275,470
2016 217,011 — — 217,011
Thereafter 444,571 — — 444,571
Total minimum lease payments $ 2,012,845 $ 6,937 $ 57,172 $ 2,076,954
Total rent expense for all leases was $380.0 million in 2011, $360.4 million in 2010, and $336.5 million in 2009.