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This excerpt taken from the ELN 6-K filed Mar 30, 2009. Operating
Leases
We lease certain of our facilities under non-cancellable
operating lease agreements that expire at various dates through
2024. The major components of our operating leases that were in
effect at 31 December 2008 are as described below.
In August 1998, we entered into an agreement for the lease of
four buildings located in South San Francisco, California.
These buildings are utilised for R&D, administration and
other corporate functions. The leases expire between December
2012 and December 2014. Thereafter, we have an option to renew
for two additional five-year periods.
In August 1996 and August 2000, we entered into lease agreements
for our R&D facility located in King of Prussia,
Pennsylvania. The lease agreements expire in May 2012 and April
2011, respectively.
In September 2004, we entered into a lease agreement for our
corporate headquarters located in the Treasury Building, Dublin,
Ireland. This lease expires in July 2014, with an option to
renew for two additional
10-year
periods. In April 2008, we entered into another lease agreement
for an additional space at the Treasury Building. This lease
expires in July 2014, with an option to renew for two additional
10-year
periods. The agreement provides us with a
15-month
rent-free period commencing at the beginning of the lease.
Table of Contents
In June 2007, we entered into a lease agreement for a building
in South San Francisco, California. The building is under
construction and will be utilised for R&D, sales and
administrative functions. The lease term commenced in March
2009. The lease term is 15 years, with an option to renew
for one additional five-year period. The agreement provides us
with the option to cancel 10 years from the commencement
date. The cancellation will require a one-year written notice
and will include a penalty equal to nine months of rental
payments and any unamortised landlord costs for tenant
improvements. At 31 December 2008, we estimate the total
rental payments and leasehold improvement incentives to be
$99.9 million and $7.2 million, respectively. The
rental payments and leasehold improvement incentives will be
finalised upon completion of the building.
In July 2007, we entered into a lease agreement for a portion of
a building in South San Francisco, California. The leased
space is for our sales and administrative functions. The lease
period expires in August 2009. We have notified the landlord
that we will not renew the lease after the expiration of the
lease in August 2009.
In December 2007, we entered into a lease agreement for a
building in South San Francisco, California. The building
is under construction and will be utilised for R&D, sales
and administrative functions. We expect the lease term to
commence in the first quarter of 2010. The lease term is 15
years, with an option to renew for one additional five-year
period. The agreement provides us with the option to cancel
10 years from the commencement date. The cancellation will
require a one-year written notice and will include a penalty
equal to nine months of rental payments and any unamortised
landlord costs for tenant improvements. At 31 December
2008, we estimate the total rental payments and leasehold
improvement incentives to be $82.7 million and
$5.6 million, respectively. The rental payments and
leasehold improvement incentives will be finalised upon
completion of the building.
In December 2008, we announced the planned closure of the New
York office, which occurred in March 2009. The lease period
expires in February 2015. The future rental commitments relating
to this lease are included in the table below.
In addition, we also have various operating leases for equipment
and vehicles, with lease terms that range from three to five
years.
We recorded an expense under operating leases for premises and
plant and equipment of $19.4 million in 2008 (2007:
$22.7 million). We had no sublease income in any of these
periods. At 31 December, our future minimum rental
commitments for operating leases with non-cancellable terms in
excess of one year are as follows:
This excerpt taken from the ELN 20-F filed Feb 26, 2009. Operating
Leases
We lease certain of our facilities under non-cancelable
operating lease agreements that expire at various dates through
2024. The major components of our operating leases that were in
effect at December 31, 2008 are as described below.
In August 1998, we entered into an agreement for the lease of
four buildings located in South San Francisco, California.
These buildings are utilized for R&D, administration and
other corporate functions. The leases expire between December
2012 and December 2014. Thereafter, we have an option to renew
for two additional five-year periods.
In August 1996 and August 2000, we entered into lease agreements
for our R&D facility located in King of Prussia,
Pennsylvania. The lease agreements expire in May 2012 and April
2011, respectively.
In September 2004, we entered into a lease agreement for our
corporate headquarters located in the Treasury Building, Dublin,
Ireland. This lease expires in July 2014, with an option to
renew for two additional
10-year
periods. In April 2008, we entered into another lease agreement
for an additional space at the Treasury Building. This lease
expires in July 2014, with an option to renew for two additional
10-year
periods. The agreement provides us with a
15-month
rent-free period commencing at the beginning of the lease.
In June 2007, we entered into a lease agreement for a building
in South San Francisco, California. The building is under
construction and will be utilized for R&D, sales and
administrative functions. We expect the lease term to commence
in March 2009. The lease term is 15 years, with an option
to renew for one additional five-year period. The agreement
provides us with the option to cancel 10 years from the
commencement date. The cancellation will require a one-year
written notice and will include a penalty equal to nine months
of rental payments and any unamortized landlord costs for tenant
improvements. At December 31, 2008, we estimate the total
rental payments and leasehold improvement incentives to be
$99.9 million and $7.2 million, respectively. The
rental payments and leasehold improvement incentives will be
finalized upon completion of the building.
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
In July 2007, we entered into a lease agreement for a portion of
a building in South San Francisco, California. The leased
space is for our sales and administrative functions. The lease
period expires in August 2009. We have notified the landlord
that we will not renew the lease after the expiration of the
lease in August 2009.
In December 2007, we entered into a lease agreement for a
building in South San Francisco, California. The building
is under construction and will be utilized for R&D, sales
and administrative functions. We expect the lease term to
commence in the first quarter of 2010. The lease term is
15 years, with an option to renew for one additional
five-year period. The agreement provides us with the option to
cancel 10 years from the commencement date. The
cancellation will require a one-year written notice and will
include a penalty equal to nine months of rental payments and
any unamortized landlord costs for tenant improvements. At
December 31, 2008, we estimate the total rental payments and
leasehold improvement incentives to be $82.7 million and
$5.6 million, respectively. The rental payments and
leasehold improvement incentives will be finalized upon
completion of the building.
In December 2008, we announced the planned closure of the New
York office, to occur in the first half of 2009. The lease
period expires in February 2015. The future rental commitments
relating to this lease are included in the table below.
In addition, we also have various operating leases for equipment
and vehicles, with lease terms that range from three to five
years.
We recorded expense under operating leases of $19.4 million
in 2008 (2007: $22.7 million; 2006: $23.2 million). We
had no sublease income in any of these periods. As of
December 31, 2008, our future minimum rental commitments
for operating leases with non-cancelable terms in excess of one
year are as follows (in millions):
This excerpt taken from the ELN 6-K filed Mar 31, 2008. Operating
Leases
We lease certain of our facilities under non-cancellable
operating lease agreements that expire at various dates through
2024. The major components of our operating leases are as
described below.
In August 1998, we entered into an agreement for the lease of
four buildings located in South San Francisco, California.
These buildings are utilised for R&D, administration and
other corporate functions. The lease period expires in December
2012. Thereafter, we have an option to renew for two additional
five-year periods.
In August 1996 and August 2000, we entered into lease agreements
for our R&D facility located in King of Prussia,
Pennsylvania. During 2006, the lease agreements were extended,
with expiration dates of May 2009 and April 2011, respectively.
The lease agreement that expires in May 2009 includes an option
to renew for an additional three-year period.
In January 2004, we entered into a lease agreement for our sales
and administrative facility at Lusk Campus, San Diego,
California. In January 2006, we extended the lease on part of
this campus through January 2012. The lease on the remaining
part of the facility expired in January 2007 and was not
renewed. In November 2007, we terminated our Lusk Campus lease
as part of the consolidation of our U.S. West Coast
locations. We received a lease termination payment of
$0.9 million, which was recorded net of other net charges.
In September 2004, we entered into a lease agreement for our new
corporate headquarters located in the Treasury Building, Dublin,
Ireland. This lease expires in July 2014, with an option to
renew for two additional
10-year
periods. The agreement provides us with an option to cancel five
years from the commencement date. The cancellation will require
a nine-month written notice and will include a penalty equal to
six months of rental payments.
126 Elan
Corporation, plc 2007 Annual Report
Table of Contents
Notes to the
Consolidated Financial Statements
In June 2007, we entered into a lease agreement for a building
in South San Francisco, California. The building is under
construction and will be utilised for R&D, sales and
administrative functions. We expect the lease term to commence
in the first quarter of 2009. The lease term is 15 years,
with an option to renew for one additional five-year period. The
agreement provides us with the option to cancel 10 years
from the commencement date. The cancellation will require a
one-year written notice and will include a penalty equal to nine
months of rental payments and any unamortised landlord costs for
tenant improvements. At 31 December 2007, we estimate the
total rental payments and leasehold improvement incentives to be
$100.8 million and $7.2 million, respectively. The
rental payments and leasehold improvement incentives will be
finalised upon completion of the building.
In July 2007, we entered into a lease agreement for a portion of
a building in South San Francisco, California. The leased
space is for our sales and administrative functions. The lease
period expires in August 2009. Thereafter, we have an option to
renew for two additional one-year periods.
In December 2007, we entered into a lease agreement for a
building in South San Francisco, California. The building
is under construction and will be utilised for R&D, sales
and administrative functions. We expect the lease term to
commence in the first quarter of 2010. The lease term is
15 years, with an option to renew for one additional
five-year period. The agreement provides us with the option to
cancel 10 years from the commencement date. The
cancellation will require a one-year written notice and will
include a penalty equal to nine months of rental payments and
any unamortised landlord costs for tenant improvements. At
31 December 2007, we estimate the total rental payments and
leasehold improvement incentives to be $81.0 million and
$5.6 million, respectively. The rental payments and
leasehold improvement incentives will be finalised upon
completion of the building.
In addition, we also have various operating leases for equipment
and vehicles, with lease terms that range from three to five
years.
We recorded an expense under operating leases for premises and
plant and equipment of $22.7 million in 2007 (2006:
$23.2 million), net of sublease income of $Nil in 2007
(2006: $Nil). As of 31 December, our future minimum rental
commitments for operating leases with non-cancellable terms in
excess of one year are as follows:
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Operating
Leases
We lease certain of our facilities under non-cancelable
operating lease agreements that expire at various dates through
2024. The major components of our operating leases are as
described below.
In August 1998, we entered into an agreement for the lease of
four buildings located in South San Francisco, California.
These buildings are utilized for R&D, administration and
other corporate functions. The lease period expires in December
2012. Thereafter, we have an option to renew for two additional
five-year periods.
In August 1996 and August 2000, we entered into lease agreements
for our R&D facility located in King of Prussia,
Pennsylvania. During 2006, the lease agreements were extended,
with expiration dates of May 2009 and April 2011, respectively.
The lease agreement that expires in May 2009 includes an option
to renew for an additional three-year period.
In January 2004, we entered into a lease agreement for our sales
and administrative facility at Lusk Campus, San Diego,
California. In January 2006, we extended the lease on part of
this campus through January 2012. The lease on the remaining
part of the facility expired in January 2007 and was not
renewed. In November 2007, we
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
terminated our Lusk Campus lease as part of the consolidation of
our U.S. West Coast locations. We received a lease
termination payment of $0.9 million, which was recorded net
of other net charges.
In September 2004, we entered into a lease agreement for our
corporate headquarters located in the Treasury Building, Dublin,
Ireland. This lease expires in July 2014, with an option to
renew for two additional
10-year
periods. The agreement provides us with an option to cancel five
years from the commencement date. The cancellation will require
a nine-month written notice and will include a penalty equal to
six months of rental payments.
In June 2007, we entered into a lease agreement for a building
in South San Francisco, California. The building is under
construction and will be utilized for R&D, sales and
administrative functions. We expect the lease term to commence
in the first quarter of 2009. The lease term is 15 years,
with an option to renew for one additional five-year period. The
agreement provides us with the option to cancel 10 years
from the commencement date. The cancellation will require a
one-year written notice and will include a penalty equal to nine
months of rental payments and any unamortized landlord costs for
tenant improvements. At December 31, 2007, we estimate the
total rental payments and leasehold improvement incentives to be
$100.8 million and $7.2 million, respectively. The
rental payments and leasehold improvement incentives will be
finalized upon completion of the building.
In July 2007, we entered into a lease agreement for a portion of
a building in South San Francisco, California. The leased
space is for our sales and administrative functions. The lease
period expires in August 2009. Thereafter, we have an option to
renew for two additional one-year periods.
In December 2007, we entered into a lease agreement for a
building in South San Francisco, California. The building
is under construction and will be utilized for R&D, sales
and administrative functions. We expect the lease term to
commence in the first quarter of 2010. The lease term is
15 years, with an option to renew for one additional
five-year period. The agreement provides us with the option to
cancel 10 years from the commencement date. The
cancellation will require a one-year written notice and will
include a penalty equal to nine months of rental payments and
any unamortized landlord costs for tenant improvements. At
December 31, 2007, we estimate the total rental payments
and leasehold improvement incentives to be $81.0 million
and $5.6 million, respectively. The rental payments and
leasehold improvement incentives will be finalized upon
completion of the building.
In addition, we also have various operating leases for equipment
and vehicles, with lease terms that range from three to five
years.
We recorded expense under operating leases of $22.7 million
in 2007 (2006: $23.2 million; 2005: $25.5 million),
net of sublease income of $Nil in 2007 (2006: $Nil; 2005:
$0.1 million). As of December 31, 2007, our future
minimum rental commitments for operating leases with
non-cancelable terms in excess of one year are as follows (in
millions):
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
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