Shake Shack 2016 Annual Report Download - page 88

Table of Contents
there were no amounts outstanding under the Revolving Credit Facility. We had $19,920 of availability as of December 30, 2015 , after giving effect to $80 in
outstanding letters of credit.
The Revolving Credit Facility is secured by a first-priority security interest in substantially all of the assets of SSE Holdings and the guarantors. The obligations
under the Revolving Credit Facility are guaranteed by each of SSE Holdings' wholly-owned domestic subsidiaries (with certain exceptions).
The Revolving Credit Facility contains a number of covenants that, among other things, limit our ability to, subject to specified exceptions, incur additional debt;
incur additional liens and contingent liabilities; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve ourselves; pay dividends or
make distributions; engage in businesses that are not in a related line of business; make loans, advances or guarantees; engage in transactions with affiliates; and
make investments. In addition, the Revolving Credit Facility contains certain cross-default provisions. We are required to maintain a specified consolidated fixed-
charge coverage ratio and a specified funded net debt to adjusted EBITDA ratio, both as defined under the Revolving Credit Facility. As of December 30, 2015 ,
we were in compliance with all covenants.
In March 2013, we entered into a promissory note in the amount of $313 in connection with the purchase of a liquor license. Interest on the outstanding principal
balance of this note is due and payable on a monthly basis from the effective date at a rate of 5.0% per year. The entire principal balance and interest is due and
payable on the earlier of the maturity date, which is the expiration of the lease in June 2023 , or the date of the sale of the license. As of December 30, 2015 and
December 31, 2014 , the outstanding balance of the promissory note was $313 .
Total interest costs incurred were $440 , $365 and $56 in fiscal 2015 , 2014 and 2013 , respectively. During fiscal 2015 , $108 was capitalized into property and
equipment. No amounts were capitalized during fiscal 2014 and 2013 .
NOTE 9 : LEASES
A summary of rent expense under operating lease agreements is as follows:
2015
2014
2013
Minimum rent $ 10,796
$ 6,497
$ 4,507
Deferred rent 1,482
2,830
975
Contingent rent 2,959
1,883
1,626
Total rent expense $ 15,237
$ 11,210
$ 7,108
The rent expense above does not include common area maintenance costs, real estate taxes and other occupancy costs, which were $2,119 , $1,111 and $758 in
fiscal 2015, 2014 and 2013, respectively.
As of December 30, 2015 , future minimum lease payments under non-cancelable operating leases consisted of the following:
2016 $ 14,199
2017 15,664
2018 16,329
2019 16,507
2020 15,982
Thereafter 97,415
Total minimum lease payments $ 176,096
Shake Shack Inc. Form 10-K | 86