LEASES (Tables)

9 Months Ended

Apr. 27, 2019

The Company leases certain of its distribution centers and leases most of its retail stores, and leases certain office facilities and equipment from third parties. Many of these leases include renewal options and, in certain instances, also include options to purchase. Rent expense, other operating lease expense and subtenant rentals all under operating leases included within Operating expenses, and subtenant rentals under operating leases with customers included within Net sales, consisted of the following:



	13-Week Period Ended						39-Week Period Ended
(in thousands)	April 27, 2019			April 28, 2018			April 27, 2019			April 28, 2018
Minimum rent	56,278			22,186			$	146,411		$	64,180
Contingent rent	6			—			41			—
Rent expense⁽¹⁾	56,284			22,186			146,452			64,180
Less subtenant rentals	(9,165		)	(412		)	(19,184		)	(1,237		)
Total net rent expense	$	47,119		$	21,774		$	127,268		$	62,943


(1)	Rent expense as presented here includes $11.6 million in the third quarter of fiscal 2019, and $24.3 million year-to-date in fiscal 2019, of operating lease rent expense related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as we expect to remain primarily obligated under these leases.

Future Minimum Lease and Subtenant Rentals Under Noncancellable Leases

Future minimum lease payments to be made by the Company or certain third parties in the case of assigned leases for noncancellable operating leases and capital leases have not been reduced for future minimum subtenant rentals under certain operating subleases, including assignments. As of April 27, 2019, these lease obligations consisted of following amounts (in thousands):



	Lease Obligations
Fiscal Year	Operating Leases		Capital Leases
Remaining fiscal 2019	$	52,497	$	15,049
2020	183,901		43,556
2021	160,734		35,259
2022	145,768		32,082
2023	124,538		28,895
Thereafter	1,021,406		74,433
Total future minimum obligations	$	1,688,844	229,274
Less interest			(79,944		)
Present value of net future minimum obligations			149,330
Less current capital lease obligations			(26,394		)
Long-term capital lease obligations			$	122,936

Noncancellable Operationg leases and Capital Leases

Future minimum lease and subtenant rentals to be received under lease assignments and noncancellable operating and deferred financing income leases, under which the Company is the lessor, as of April 27, 2019, consisted of the following (in thousands):



	Lease Receipts
Fiscal Year	Operating Leases		Direct Financing Leases
Remaining fiscal 2019	$	11,068	$	161
2020	33,824		281
2021	27,097		—
2022	23,416		—
2023	15,887		—
Thereafter	32,173		—
Total minimum lease receipts	$	143,465	$	442