Wendy's 2014 Annual Report Download - page 109

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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
The following table illustrates the Company’s future minimum rental payments and rental receipts for
non-cancelable leases and subleases, including rental receipts for direct financing leases as of December 28, 2014.
Rental receipts below are presented separately for owned properties and for leased properties based on the
classification of the underlying lease.
Rental Payments Rental Receipts
Fiscal Year
Capital
Leases
Operating
Leases
Capital
Leases
Operating
Leases
Owned
Properties
2015 ....................................... $ 7,617 $ 70,119 $ 7,658 $ 32,501 $ 20,105
2016 ....................................... 7,110 64,537 7,783 32,285 20,010
2017 ....................................... 6,512 63,376 8,032 32,074 19,923
2018 ....................................... 7,585 61,290 7,750 31,187 20,096
2019 ....................................... 7,734 59,587 7,723 30,879 21,096
Thereafter ................................... 107,085 787,283 134,337 434,426 382,366
Total minimum payments ...................... $143,643 $1,106,192 $173,283 $593,352 $483,596
Less interest ................................. (82,844)
Present value of minimum capital lease payments (a) . . $ 60,799
(a) The present value of minimum capital lease payments of $821 and $59,978 are included in “Current portion of
long- term debt” and “Long-term debt,” respectively.
Properties owned by the Company and leased to franchisees and other third parties under operating leases
include:
Year End
2014 2013
Land ......................................................... $371,174 $ 69,500
Buildings and improvements ....................................... 399,541 194,246
Office, restaurant and transportation equipment ........................ 160,514 6,715
931,229 270,461
Accumulated depreciation and amortization ........................... (162,731) (79,536)
$ 768,498 $190,925
Our net investment in direct financing leases is as follows:
Year Ended
2014 2013
Future minimum rental receipts ..................................... $109,674 $ 74,625
Unearned income ................................................ (74,102) (53,654)
Net investment in direct financing leases ............................... 35,572 20,971
Net current investment in direct financing leases (a) ...................... (193) (226)
Net non-current investment in direct financing leases (b) .................. $ 35,379 $ 20,745
(a) Included in “Accounts and notes receivable.”
(b) Included in “Other assets.”
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