Safeway 2013 Annual Report Download - page 69
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Table of Contents
At year-end 2013, Safeway leased approximately 54% of its stores. Most leases have renewal options, typically with increased rental rates
during the option period. Certain of these leases contain options to purchase the property at amounts that approximate fair market value.
As of year-end 2013, future minimum rental payments applicable to non-cancelable capital and operating leases with remaining terms in
excess of one year were as follows (in millions):
Capital
leases
Operating
leases
2014 $83.7
$470.3
2015 80.8
430.3
2016 73.7
397.3
2017 64.3
351.1
2018 55.1
299.5
Thereafter 298.4
1,781.5
Total minimum lease payments 656.0
$3,730.0
Less amounts representing interest (231.2)
Present value of net minimum lease payments 424.8
Less current obligations (49.3)
Long-term obligations $375.5
Future minimum lease payments under non-cancelable capital and operating lease agreements have not been reduced by future minimum
sublease rental income of $173.6 million.
Amortization expense for property under capital leases was $46.1 million in 2013, $26.3 million in 2012 and $24.6 million in 2011.
Accumulated amortization of property under capital leases was $251.9 million at year-end 2013 and $223.1 million at year-end 2012.
The following schedule shows the composition of total rental expense for all operating leases (in millions):
2012 2011
Property leases:
Minimum rentals $371.0 $366.6
Contingent rentals (1) 7.7 7.6
Less rentals from subleases (9.4)(8.0)
369.3 366.2
Equipment leases 20.4 20.1
$389.7 $386.3
(1) In general, contingent rentals are based on individual store sales.
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