Visa 2008 Annual Report Download - page 46

Table of Contents
relevant. Furthermore, no dividend may be declared or paid on any class or series of common stock unless an equivalent dividend is contemporaneously
declared and paid on each other class and series of common stock. If, as a consequence of these various factors, we are unable to generate sufficient earnings
and cash flows from our business, we may not be able to make payments of dividends on our common stock.
ITEM 1B. Unresolved Staff Comments
Not applicable.
ITEM 2. Properties
At September 30, 2008, we owned and leased approximately 2.2 million square feet of office and processing center space in 30 countries around the
world, of which approximately 1.4 million square feet are owned and the remaining 800,000 square feet are leased. Our corporate headquarters is located in
the San Francisco Bay Area and consists of four buildings that we own, totaling 940,000 square feet. We also own a 167,000 square foot office building in
Miami, which serves as our LAC regional headquarters.
In addition, we operate three processing centers: a processing center and an office facility in Colorado totaling 268,000 square feet, which we own, a
processing center and office facility in Virginia, totaling 144,000 square feet, which we lease, and an 13,000 square foot leased facility in Japan. In July 2006,
we approved a plan to replace our leased processing center in Virginia by building a new 366,000 square foot processing center and a new 116,000 square
foot office building in the eastern United States. Construction of these buildings is expected to continue through fiscal 2009 with the data center becoming
fully operational in fiscal 2010 after the migration from our current east coast processing center.
We believe that these facilities are suitable and adequate to support our business needs.
ITEM 3. Legal Proceedings
Refer to Note 23 to the consolidated financial statements included in Item 8 of this report.
ITEM 4. Submission of Matters to a Vote of Security Holders
Not Applicable.
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