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Ruby Tuesday, Inc. Message Board

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  • kajewifcr1 kajewifcr1 Jan 11, 2013 1:17 PM Flag

    Were all 12 Marlin & Rays losing money ?


    Dunno...let us discuss the land value of RT & determine the correct valuation of the company.....

    Approximately 54% of our 741 restaurants are located on leased properties. Of these, approximately 65% are land leases only; the other 35% are for both land and building. The initial terms of these leases expire at various dates over the next 24 years. These leases may also contain required increases in minimum rent at varying times during the lease term and have options to extend the terms of the leases at a rate that is included in the original lease agreement. Most of our leases require the payment of additional (contingent) rent that is based upon a percentage of restaurant sales above agreed upon sales levels for the year. These sales levels vary for each restaurant and are established in the lease agreements. We recognize contingent rental expense (in annual as well as interim periods) prior to the achievement of the specified target that triggers the contingent rental expense, provided that achievement of that target is considered probable.

    So they own 340 properties.....that are worth....

    During the 13 weeks ended September 4, 2012, we completed sale-leaseback transactions of the land and building for nine Company-owned Ruby Tuesday concept restaurants for gross cash proceeds of $20.2 million, exclusive of transaction costs of approximately $1.0 million. Equipment was not included. The carrying value of the properties sold was $14.2 million. The leases have been classified as operating leases and have initial terms of 15 years, with renewal options of up to 20 years. Net proceeds from the sale-leaseback transactions were used for general corporate purposes, including the repurchase of shares of our common stock, and debt payments.

    2.24 million each?

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