Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (29048)	11/20/2007 10:24:40 PM
From: Mark Marcellus	Respond to of 78666

Of its 2,147 retail stores, approximately 87 percent are owned (including those owned subject to a ground lease) "Subject to a ground lease" means it's an operating lease, at least the way I understand it. They own the improvements, someone else owns the land and has leased it to them long term - which is why (pace to the upstream poster who disagrees) I think that "sorta kinda owning it" is as good a term as any for describing the arrangement. FWIW, I'm not disagreeing that there's plenty there for Lampert to rip off from existing shareholders.