URBN » Topics » Leases

This excerpt taken from the URBN 10-K filed Apr 1, 2009.

Leases

The Company leases its stores under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year:

 

Fiscal Year

    

2010

   $ 132,497

2011

     133,527

2012

     132,021

2013

     127,000

2014

     121,079

Thereafter

     440,062
      

Total minimum lease payments

   $ 1,086,186
      

Amounts noted above include commitments for 34 executed leases for stores not opened as of January 31, 2009. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

Rent expense consisted of the following:

 

     Fiscal Year Ended January 31,
     2009    2008    2007

Minimum and percentage rentals

   $ 112,907    $ 100,020    $ 73,058

Contingent rentals

     1,993      3,282      1,991
                    

Total

   $ 114,900    $ 103,302    $ 75,049
                    

The Company also has commitments for un-fulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are liquidated within 12 months, of $302,961. The majority of the Company’s merchandise commitments are cancellable with no or limited recourse available to the vendor until merchandise shipping date. The Company also has commitments related to contracts with store construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $1,684.

 

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Table of Contents

URBAN OUTFITTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the URBN 10-K filed Mar 28, 2008.

Leases

The Company leases its stores under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year:

 

Fiscal Year

    

2009

   $ 114,850

2010

     110,667

2011

     102,821

2012

     99,502

2013

     95,197

Thereafter

     394,708
      

Total minimum lease payments

   $ 917,745
      

Amounts noted above include commitments for 31 executed leases for stores not opened as of January 31, 2008. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

Rent expense consisted of the following:

 

     Fiscal Year Ended January 31,
     2008    2007    2006

Minimum and percentage rentals

   $ 100,020    $ 73,058    $ 61,603

Contingent rentals

     3,282      1,991      3,309
                    

Total

   $ 103,302    $ 75,049    $ 64,912
                    

The Company also has commitments for un-fulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are liquidated within 12 months, of $54,107 and contracts with store construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $9,665.

This excerpt taken from the URBN 10-K filed Mar 30, 2007.

Leases

The Company leases its stores under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year:

 

Fiscal Year

    

2008

   $ 92,280

2009

     95,008

2010

     89,598

2011

     77,963

2012

     74,234

Thereafter

     290,702
      

Total minimum lease payments

   $ 719,785
      

Amounts noted above include commitments for 27 executed leases for stores not opened as of January 31, 2007. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

Rent expense consisted of the following:

 

     Fiscal Year Ended January 31,
     2007    2006    2005

Minimum and percentage rentals

   $ 73,058    $ 61,603    $ 54,992

Contingent rentals

     1,991      3,309      2,329
                    

Total

   $ 75,049    $ 64,912    $ 57,321
                    

The Company also has commitments for un-fulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are liquidated within 12 months, of $26,769 and contracts with store construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $4,922.

This excerpt taken from the URBN 10-K filed Apr 12, 2006.

Leases

The Company leases its stores under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year:

 

Fiscal Year

    

2007

   $ 78,761

2008

     82,855

2009

     81,374

2010

     76,748

2011

     66,865

Thereafter

     287,176
      

Total minimum lease payments

   $ 673,779
      

Amounts noted above include commitments for twenty six executed leases for stores not opened as of January 31, 2006. The majority of our leases allow for renewal options between five and fifteen years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

 

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Table of Contents

URBAN OUTFITTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

Rent expense consisted of the following:

 

     Fiscal Year Ended January 31,
     2006    2005    2004

Minimum and percentage rentals

   $ 61,603    $ 54,992    $ 43,810

Contingent rentals

     3,309      2,329      786
                    

Total

   $ 64,912    $ 57,321    $ 44,596
                    

The Company also has commitments for un-fulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are liquidated within 12 months, of $151,137 and contracts with store construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $36,814. The Commitment for construction contracts also includes obligations in connection with the construction of our home office campus in the Philadelphia Navy Yard, which is expected to be complete by the end of the third quarter of fiscal 2007.

This excerpt taken from the URBN 10-K filed Apr 18, 2005.

Leases

 

The Company leases its stores under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year:

 

Fiscal Year


    

2006

   $ 62,064

2007

     63,444

2008

     62,536

2009

     61,513

2010

     56,779

Thereafter

     215,155
    

Total minimum lease payments

   $ 521,491
    

 

Amounts noted above include commitments for nineteen executed leases for stores not opened as of January 31, 2005. The majority of our leases allow for renewal options between five and fifteen years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

 

Rent expense consisted of the following:

 

     Fiscal Year Ended January 31,

     2005

   2004

   2003

Minimum and percentage rentals

   $ 54,992    $ 43,810    $ 36,975

Contingent rentals

     2,329      786      797
    

  

  

Total

   $ 57,321    $ 44,596    $ 37,772
    

  

  

 

The Company also leases certain office equipment under a non-cancelable capital lease, which expires in April 2005. Principal payments remaining under this capital lease for fiscal 2006 are $60.

 

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