Sonic 2009 Annual Report Download - page 39

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Notes to Consolidated Financial Statements
August 31, 2009, 2008 and 2007 (In thousands, except per share data)
Future minimum rental payments receivable as of August 31, 2009, are as follows:
Operating Direct Financing
Year ending August 31:
2010 $ 10,028 $ 727
2011 9,995 524
2012 10,002 394
2013 9,963 308
2014 9,966 226
Thereafter 93,086 628
143,040 2,807
Less unearned income – 747
$ 143,040 $ 2,060
Capital Leases
Components of obligations under capital leases are as follows at August 31, 2009 and 2008:
2009 2008
Total minimum lease payments $ 55,375 $ 52,988
Less amount representing interest averaging 6.5% in 2009 and 7.1% in 2008 15,914 15,603
Present value of net minimum lease payments 39,461 37,385
Less amount due within one year 2,945 2,882
Amount due after one year $ 36,516 $ 34,503
Maturities of these obligations under capital leases and future minimum rental payments required under operating leases that
have initial or remaining noncancelable lease terms in excess of one year as of August 31, 2009, are as follows:
Operating Capital
Year ending August 31:
2010 $ 11,909 $ 5,861
2011 11,690 5,704
2012 11,508 5,470
2013 11,232 5,459
2014 10,974 5,390
Thereafter 132,022 27,491
189,335 55,375
Less amount representing interest – 15,914
$ 189,335 $ 39,461
Total rent expense for all operating leases and capital leases consists of the following for the years ended August 31:
2009 2008 2007
Operating leases:
Minimum rentals $ 14,690 $ 14,438 $ 13,644
Contingent rentals 199 163 229
Sublease rentals (1,330) (527) (553)
Capital leases:
Contingent rentals 945 1,326 1,300
$ 14,504 $ 15,400 $ 14,620
The aggregate future minimum rentals receivable under noncancelable subleases of operating leases as of August 31, 2009,
was $29,345.
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