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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

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Aug 1 5:00 PM EST

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To: bankbuyer who wrote (930)

5/1/2012 6:31:22 PM

From: bankbuyer

2 Recommendations of 1876

Re RSH, doesnt reealy seem to be rent commitnments either

NOTE 13 – COMMITMENTS AND CONTINGENCIES

Lease Commitments: We lease rather than own most of our facilities. Our lease agreements expire at various dates through 2025. Some of these leases are subject to renewal options and provide for the payment of taxes, insurance and maintenance. Our retail locations comprise the largest portion of our leased facilities. These locations are primarily in major shopping malls and shopping centers owned by other companies. Some leases are based on a minimum rental plus a percentage of the store's sales in excess of a stipulated base figure (contingent rent). Certain leases contain escalation clauses. We also lease a distribution center in Mexico and our corporate headquarters. Additionally, we lease automobiles and information systems equipment.

Future minimum rent commitments at December 31, 2010, under non-cancelable operating leases (net of immaterial amounts of sublease rent income), are included in the following table.

(In millions)	Operating Leases
2011	$	196.7
2012		140.1
2013		93.7
2014		60.1
2015		39.1
2016 and thereafter		33.2
Total minimum lease payments	$	562.9

Rent Expense:

	Year Ended December 31,
(In millions)	2010		2009		2008
Minimum rents	$	229.0	$	228.7	$	228.8
Occupancy cost		37.6		39.4		38.2
Contingent rents		23.6		23.7		27.8
Total rent expense	$	290.2	$	291.8	$	294.8

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