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LEASES | 12 Months Ended
--- | ---
Mar. 29, 2012
LEASES |
LEASES |
NOTE 12—LEASES Beginning in fiscal 1998, the Company has completed numerous real estate lease agreements with Entertainment Properties Trust ("EPT") including transactions accounted for as sale and leaseback transactions in accordance with Accounting Standards Codification No. 840, Leases. The leases are triple net leases that require the Company to pay substantially all expenses associated with the operation of the theatres such as taxes and other charges, insurance, utilities, service, maintenance and any ground lease payments. As of March 29, 2012, the Company leased from EPT 40 theatres with 825 screens located in the United States and Canada. Following is a schedule, by year, of future minimum rental payments required under existing operating leases that have initial or remaining non-cancelable terms in excess of one year as of March 29, 2012:
(In thousands) |  | Minimum operating lease payments |
--- | --- | --- | ---
2013 |  | $ | 417,237 |
2014 |  |  | 417,556 |
2015 |  |  | 415,533 |
2016 |  |  | 404,061 |
2017 |  |  | 387,027 |
Thereafter |  |  | 1,909,774 |
Total minimum payments required |  | $ | 3,951,188 |
As of March 29, 2012, the Company has a lease agreement for one theatre with 12 screens which is under construction and is expected to open in fiscal 2014. Included above are digital projector equipment leases payable to DCIP. Included in other long-term liabilities as of March 29, 2012 and March 31, 2011 is $126,224,000 and $112,762,000, respectively, of deferred rent representing future minimum rental payments for leases with scheduled rent increases, and $125,772,000 and $143,426,000, respectively, for unfavorable lease liabilities. Rent expense is summarized as follows:
(In thousands) |  | 52 Weeks Ended March 29, 2012 |  | 52 Weeks Ended March 31, 2011 |  | 52 Weeks Ended April 1, 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Minimum rentals |  | $ | 415,677 |  | $ | 422,351 |  | $ | 391,493 |
Common area expenses |  |  | 43,480 |  |  | 46,208 |  |  | 41,189 |
Percentage rentals based on revenues |  |  | 9,666 |  |  | 7,251 |  |  | 7,982 |
Rent |  |  | 468,823 |  |  | 475,810 |  |  | 440,664 |
Operating expense |  |  | 6,969 |  |  | 2,975 |  |  | 45 |
General and administrative—other |  |  | 1,778 |  |  | 1,690 |  |  | 1,382 |
Total |  | $ | 477,570 |  | $ | 480,475 |  | $ | 442,091 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 16 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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